Businesswoman, Ovaioza, arrested by Police for N500million scam
When the cops detained her in Abuja, she was allegedly planning to flee the country with her husband, David.
Imu Ovaioza Yunusa, the CEO of the Ovaioza Group of Companies, has been detained for allegedly running a Ponzi scheme.
The suspect is the (co)owner of Ovaioza Farm Produce Storage Business, which is well-known on Facebook (OFPSB).
Farm commodities such as garri and plantain are processed, stored, distributed, and sold by the enterprise.
Ovaioza, who married earlier this year, has been accused of defrauding hundreds of people out of billions of Naira.
Yunusa, who was arrested and taken to police headquarters on Monday, April 18, is being investigated by the Force Criminal Investigations Department (FCID)
She was accused of “criminal breach of trust and cheating.” Yunusa is currently in police custody, and on Tuesday, April 19, 2022, he will be handed to the State Police Command.
Trouble began when she ran the Ovaioza Farm Produce Storage Business in Nigeria, where she allegedly created a partnership plan that guaranteed investors a 70-80% return on investment while keeping them up to date on their investments on her verified Facebook page, gaining attention and trust from potential investors.
Yunusa was accused of living a lavish lifestyle quickly after the investment program took off after the company expanded into new sectors last year.
After the company went bankrupt in March 2022, Yunusa was accused of mismanaging investors’ funds, resulting in her inability to pay investors a return on their investments.
She promised investors that their money would be refunded in a Facebook post on Saturday, April 16, 2022.
When detectives caught her in Abuja on Monday, she was allegedly planning to flee the country with her husband, David.
She stated that she had registered OFPSB with the Corporate Affairs Commission (CAC), but that she was not aware that she was also required to register with the Securities and Exchange Commission (SEC) (SEC).
Ovaioza promised investors a high rate of return. She once claimed to have spent more than N500 million on a plaza in the nation’s capital.
After it expired, the identical property was put up for sale on a trading website for N500 million.
Ovaioza Skills Acquisition Center (OSAC) and Relax & Chill are both co-owned by Ovaioza.
She was born on December 30, 1993, in the Okene Local Government Area of Kogi State, and she studied Arabic and Islamic Studies at the College of Arabic and Islamic Studies in Okene.
Ovaioza is also said to have attended Nasarawa State’s School of Nursing and Midwifery and Kano State’s Bayero University.