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Another Quick Money Dealer Goes Awol As Investors Left Stranded After Insha Allahu Investment Boss Disappears

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Abdulakeem Morendayo, the boss of Insha Allahu Asset Management and Investment Company Limited has closed shop and disappered, leaving many who invested into his investment scheme stranded and distarught

Insha Allahu is one of the many investment companies springing up across Nigeria seeking investors funds and offering supposedly low risk quick and high returns, with opportunities to invest in overseas companies or businesses.

The offers sound legitimate, with resources and testimonials to back up their claims. The investments offered in these types of schemes are usually shares, real estate high-return schemes, foreign exchange trading, or exportation of goods.

According to Peoples Gazette several individuals invested in the Abuja based firm, which presents itself as a business exporting coconut shell charcoal and other agricultural products. 

The business offered a 20 per cent return to its investors after bi-monthly. However, after some of these individuals paid in their hard-earned monies, the company stopped paying monthly returns to the investors, claiming an issue with the Security and Exchanges Commission. 

In March, the company announced that they could not continue with payment of the returns and instead, investors’ capital will be refunded.

But there has been no word from the Company’s CEO.

After weeks of closely monitoring the company’s activities through company staff, Morendayo is been discovered is now on the run, with his phone lines switched off.

Investors are distraught and have sought help from the Nigerian Police Force.

While the company is actively registered on the CAC website, the physical office has been closed.

Unfortunately, despite warnings from both the Securities and Exchange Commission and the Economic and Financial Crimes Commission, EFCC to potential capital market investors cautioning against putting their funds in fraudulent investment schemes, Nigerians continue to fall prey to these schemes.

Phony companies continue to take advantage of the harsh economic situation in the country to scam unsuspecting public looking to make extra income. 

Lady Decency
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