Oxfordgold Intergrated Ltd in the news for the wrong reason as daughter of Deacon Alawode Olaleye, an Abeokuta local gas retailer, has narrated how hard life has become in her family following her father’s failed investment deal with the investment platform.
Olaleye, a law student at a Nigerian university, told FIJ that her father joined the investment at the point her tuition and that of her little brother were due for payment.
“My dad was introduced to the scheme by one of his friends. It was at a time my school fee and that of my brother were due,” she said.
Deacon Alawode gathered all his savings from his meagre gas retailing business to invest in the scheme.
He hoped the return on the investment would make it easier for him to pay his children’s school fees.
My dad is into gas retailing. He gathered his savings and invested it in this scheme. He invested N250,000 in 2021 to pay my school fee and that of my brother.
The investment was to mature for RoI payment after 16 months, which was 2022 November.”
The Deacon’s hope of financial rebound was, however, dashed when after the due date, Oxfordgold investment company refused to pay.
How Father Invested In Oxfordgold Ltd To Pay Children’s School Fees But Got Nothing After 20 Months
FIJ’s checks revealed that Oxfordgold Integrated Ltd. is a subsidiary of Oxford Group Africa, a conglomerate of other businesses.
Deacon Olaleye and the company agreed to a deep of agreement, and according to the document, a sum of N361,000 would be paid to him 16 months into the investment.
However, 20 months after, Adeleye family’s hope of recouping their finances is elusive.
“Now, it has been over 20 months, and we have not heard anything from them,” said Olaleye.
Although in the company’s January 6 board of directors’ resolution, a copy of which was seen by FIJ, it is stated that “All matters relating to repayment to investors or the resolution of matters relating to their respective investments be referred to the company external solicitor, Diesel Solicitors”.
But Olaleye said that her family’s efforts to reach out to the company as mentioned had all been futile.
“We have been to their office; they have moved. Now, my father’s business has crashed. He had to sell everything he had to pay our school fees.
Everything is just hard for us now,” she said.
Deacon Olaleye corroborated his daughter’s account, maintaining that the issue greatly affected his children.
“My daughter is greatly affected. The money was meant to pay her school fees,” he said.
Oxfordgold Company Operates Illegal Investment Activities – Authority
FIJ’s check revealed that the company was sealed mid March 2022 by the Securities Exchange Commission (SEC), an authority responsible for the regulation of companies.
SEC sealed the company’s offices for conducting investment-related businesses without regulatory approval.
“The company did not have registration of the SEC to conduct fund management activities.
And have been found to promise exorbitant rates of returns to lure investors. SEC has exercised its powers under Section 13 (w) Investments and Securities Act 2007, to shut them down,” SEC said.
Responding to SEC, Oxfordgold admitted that its operations’ registration with authority had not been concluded, and said it was making efforts to get the process completed.
“We state categorically that we have never presented to the public or our Client that we are SEC licensed,” the company said.
FIJ’s search on SEC’s Capital Market Operator Portal, a repository of all licensed financial investment companies, showed that Oxfordgold has still not been registered.
When FIJ contacted the company through Barrister Olisah Aligbe, its legal advisor, under whom the deed of agreement between the company and Olaleye’s father was made, he stated that the company had begun the process of paying investors their dues.
“What happened is that they have some issues, and as a result, they are incapable of payment as and when due.
And sequel to the same [sic], they have reached out to them (investors) to see how they can pay them in piecemeal.
That’s the situation on ground,” he said.
When asked if that had not amounted to a breach of contract, Aligbe said our reporter “cannot argue law with” him. He said this a moment before hanging up.