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    Investors Lose Over N10 Billion As CEO Of Chinmark Group Absconds To Dubai

    Investors in Chinmark Group have called for the immediate arrest of the founder, Marksman Chinedu Ijiomah, the brand ambassador Amanda Chisom who influenced and lured a huge number of investors into the scheme and other principal officers of the failed investment firm.

    Since December 2021, the company has been unable to pay a Return On Investment, ROI, to their large number of investors, prompting calls for the arrest of the operators.

    According to financial experts, investors stand to lose over N10 billion in the purported investment, which they describe as a ponzi scheme.

    Besides that, Ijiomah is alleged to have restructured ownership of physical assets belonging to the company, removing both his name and that of his wife as directors.

    For example, a CAC check of Chinmark’s group firms revealed that Mr Ijiomah had changed the name of the hotel in Enugu from Chinmark Suites to Bridge Suites.

    CHI 1 e1647432395300

    He removed his name and his wife’s from the hotel’s board of directors and replaced them with different persons.

    CHI 2 e1647432477382

    According to a lawyer, Collins Ogonnaya Arikor, because of the restructuring, investors will be unable to attach the hotel in order to recover their investment if they do not receive payment because the current fact presupposes that Marksman Ijiomah does not own the hotel.

    “So while people are busy thinking there is an asset on ground – the hotel, there’s basically nothing.

    “The other companies – i.e. the mall, logistics, food, real estate etc – are merely existing on paper. What we call “shell companies” in law. There are no verifiable businesses that can be linked to the companies. There are no assets linked to the companies,” Arikor said.

    On FinAfrica, the company peddled as the investment arm of their group, the lawyer explained that the object of the company, as registered by the CAC, is “general merchandise”.

    He added, “There is absolutely nothing remotely like investment in the business of FinAfrica. In any event, the company’s accounts are allegedly frozen by the law enforcement agencies, so how and where will the money to repay investors come from?

    “Well, I shouldn’t be surprised, but I am. Honestly. If this isn’t a premeditated, calculated plan to defraud people of their hard-earned monies then I don’t know what else to call it.”

    On 25 December 2021, the Security and Exchange Commission, SEC, warned Nigerians against investing in FinAfrica.

    The government regulatory agency in a statement said, “The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an Illegal Operator (FINAFRICA INVESTMENT LIMITED).

    “The Company claimed to be an Investment Company that engages in Business Development in Commercial sectors of the economy and uses the funds in entities under Chinmark Group.

    “The Commission hereby notifies the investing public that neither FINAFRICA INVESTMENT LIMITED nor Chimark Group is registered by the SEC and the Investment Scheme promoted by these entities are also not authorized by the SEC.

    “In view of the above, the general public is hereby WARNED that any person dealing with the within named Company in any capital market-related business is doing so at his/her own risk”.

    According to reports, the Red King as he is fondly called who has a Vanuatu passport has quietly relocated to Dubai.

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