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Ovaioza And Chinmark Lied With SEC Is This The Latest Scam?

Published by Official_lite on April 19th, 2022.

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Ovaioza And Chinmark Scam Scandal

Ovaioza and Chinmark in recent days have pulled up a major con which Nigerians alleged to be an Investment scam or Ponzi scheme.

The most shocking aspect is how this two self acclaimed business mogul has con it’s investors with Securities and Exchange Commission (SEC). This two released statements online, notifying it’s investors of how SEC has frozen there accounts.

According to Ovaioza:

However, I must admit my ignorance as to the extent of corporate compliance that is necessary for my buying and selling business, especially as the business grew, owing to funds sought from the public.

“I asked my lawyer to reach out to SEC to ensure the needful was done. I did this to ensure that my interest and the collective interest of my partners are protected by law.

“My lawyer duly reached out to SEC and reported back to me (I was not the one who went to SEC) that SEC said they don’t regulate buying and selling.

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“I must also admit that maybe we should have made a written application requesting for SEC to register my business, but unfortunately we did not do so.

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“This huge mistake on our part is particularly why are here battling to wriggle out of the SEC conundrum and not necessarily whether a petition was written against OFPSB or not.

“I say so because, without registration with SEC, it was only a matter of time before they come for us if we had carried on the business without registration,” she wrote.

According to Chinmark:

Dear Partners,

Thank you for being here with us, for staying stronger and believing in us.

“These early months of 2022 has been very challenging for our organization, against this background, our company doubled down on its efforts to grow sustainable value for our customers, our employees and you, in the other sectors that we currently serve (Hospitality, Transport, Food and Logistics), and hence, most of our financial performance indicators improved.

Now taking a critical look at this whole situation both Ovaioza and Chinmark has refused to pay investors the agreed interest and also refuse to return back there investment capital.

This whole issue of Securities and Exchange Commission (SEC) is it the new Scam in Nigeria or are we all fooling ourselves?