Operatives of the Nigerian Police Command in Abuja have arrested popular agriculture entrepreneur, Ovaioza Yunusa, following allegations that she swindled investors out of their money running into hundreds of millions.
Sources at the police command revealed that Yunusa was arrested over allegations bordering on “criminal breach of trust and cheating” levelled against her.
Ovaioza crime Story:
Ovaioza operated an agric produce storage business in Nigeria under a registered business known as the Ovaioza Farm Produce Storage Business (OFPSB).
She started a partnership scheme that promised investors between 70-80% return on investment while constantly keeping them updated on their investments on her verified Facebook page, thereby gaining visibility and the trust of would-be investors.
Ovaioza Yunusa was accused of living a lavish lifestyle as more people invested in the business, while also diversifying into other areas in the last one year.
In March 2022, she was accused of mismanaging investors’ funds, leading to her inability to pay investors return on their investments.
In a Facebook post on Saturday, she admitted that the business was in a crisis but assured investors that their monies would be paid.
According to Ovaioza, she had registered OFPSB with the Corporate Affairs Commission (CAC) but claimed that she was not aware that she needed to also register with the Securities and Exchange Commission (SEC).
“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.
“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 wrote.
Ovaioza Networth | Biography | Group of companies | Cars
Ovaioza once claimed to have bought a plaza in the nation’s capital Abuja for over N500million. The same property was put on sale for N500million on a property website shortly after.
Ovaioza who also co(owns) Ovaioza Skills Acquisition Center (OSAC) and Relax and Chill was accused of splashing heavily on brand new cars.
She was born on December 30, 1993 and hails from Okene Local Government Area of Kogi State.
Ovaioza attended the College of Arabic and Islamic Studies in Okene. She reportedly attended the school of Nursing And Midwifery in Nasarawa State and finished at Bayero University in Kano State.
Ovaioza Boyfriend | Husband | Marriage
Ovaioza got married earlier this year to a man named David and few months later she was accused of scamming hundreds of people’s money running into billions of Naira.
She was allegedly planning to leave the country with her husband, David, when she was arrested by officers of the Nigerian Police in Abuja.
Not much is known about the man in Ovaioza’s life.