The chief executive of Ovaioza Group of Companies Ovaioza Yunusa, who is currently in police custody for alleged ponzi scheme, last Saturday responded to concerns over Ovaioza Farm Produce Storage Business (OFPSB).
The farm business has been facing challenges since March as investors raised fears over their investments.
Ovaioza calmed nerves in a lengthy post on Facebook just before her arrest. She had in March responded to the concerns.
Her Facebook post reads, “It is rather unfortunate that we are at this point in what had been a seamless partnership, built on mutual trust, cooperation,and collective best interests. However, this is also one time we must, as partners and stakeholders in this business, hold our hands together, as we wade through this storm, believing strongly that we will come out victorious.
“I want to assure everyone of my partners of my commitment to resolving all of these as soon as I possibly can so everyone will be settled.
“It is necessary I state here that I am only a trader, involved in the simple buying and selling of farm produce. I had started this buying and selling from the scratch, without any thought to swindle people of their hard earned money. And as the business grew, my focus was on the exact buying and selling and nothing more.
“In my management of this business, I have been open to following due process and procedure, as advised by my lawyer, leading to the registration of OFPSB with the Coporate affairs Commission (CAC).
“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. Again, I am only a trader, versed in the craft of buying and selling, but a lay man in the legal expectations and commitment from such business.
“However, when it was brought to my notice my business requires registration with Securities and Exchange Commission (SEC), 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. 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.
“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 admitted that although her intentions were good, mistakes have been made.
“May I also at this junction, reinstate my commitment to my partners, that I will do everything possible to ensure that their monies will be paid as directed by SEC, while craving their indulgence and patience, as I work with SEC to expedite action.
“I hope you will support me through this process and I promise not to disappoint you all,” she added.
