Insha Allahu Investment’s Boss Disappears With Investors’ Funds

Forum 2 years ago

Insha Allahu Investment’s Boss Disappears With Investors’ Funds

Phony companies continue to take advantage of the harsh economic situation in the country to scam people looking to make extra income.

Investors in Insha Allahu Asset Management and Investment Limited have been left stranded as the management of the company has closed shop while company CEO Abdulakeem Morendayo is on the run, Peoples Gazette can report.

Insha Allahu is one of the now ubiquitous investment companies springing up across Nigeria and currying investors funds. They show up claiming to be stockbrokers or offer financial or investment advice.

They claim their investment offers are low-risk and will provide quick and high returns, with opportunities to invest in overseas companies or businesses.

The offers sound legitimate, with resources and testimonials to back up their claims.

The investments offered in these types of schemes are usually shares, real estate high-return schemes, foreign exchange trading, or exportation of goods.

Peoples Gazette spoke with several individuals who had invested in Insha Allahu Asset Management & Investment Company Limited, an Abuja based firm, which presents itself as a business exporting coconut shell charcoal and other agricultural products.

The business offered a 20 per cent return to its investors after bi-monthly. However, after some of these individuals paid in their hard-earned monies, and in one case, their inheritance, the company stopped paying monthly returns to the investors, claiming an issue with the Security and Exchanges Commission.

Abdulkabir Shazili told the Gazette that he invested N500,000 in August 2020 and the company paid him the first return in October but since then, no returns have been paid. Mr Shazili said the company assured them that payments would be made in March.