Ponzi: Police arrest agric entrepreneur Ovaioza accused of defrauding investors

Imu Ovaioza Yunusa

The Police have arrested Imu Ovaioza Yunusa, the CEO of Ovaioza Group of Companies, for alleged ponzi scheme.

She is also Popular on Facebook, the suspect is the co-owner of Ovaioza Farm Produce Storage Business (OFPSB) which claims it is into processing, storage, distribution and retailing of farm produce such as garri and plantain.

She also co-owns Ovaioza Skills Acquisition Center (OSAC) and Relax and Chill.

Ovaioza, who got married earlier in the year, is accused of scamming hundreds of people’s money running into billions of Naira.

She was arrested on Monday, April 18, on accusation of “criminal breach of trust and cheating" and taken to the police headquarters of the Force Criminal Investigations Department (FCID 

Oviaoza 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 confidence from potential investors.

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In March 2022, Oviaoza was accused of mismanaging investors’ funds, after the company went bankrupt, resulting in her inability to pay investors a return on their investments.

She, via her Facebook post on Saturday, April 16, 2022, assured investors that their money would be returned.

She was allegedly planning to leave the country with her husband, David, when the officers apprehended her in Abuja on Monday.

She said that she had registered OFPSB with the Corporate Affairs Commission (CAC) but was unaware that she is also required to register with the Securities and Exchange Commission (SEC).

Ovaioza offered investors a huge return on investment. She once claimed to have bought a plaza in the nation’s capital for more than N500million.

Born December 30, 1993, she hails from Okene Local Government Area of Kogi State and attended College of Arabic and Islamic Studies in Okene.

She also reportedly attended School of Nursing And Midwifery in Nasarawa State and Bayero University in Kano State