Over 5000 indignant investors have called out the Chief Executive Officer, CEO, of Chinmark Group, Marksman Chinedu Ijiomah, over unpaid funds invested in the company in spite of the many deadlines given for a refund.
Chinmark investments promised to give investors a profit margin of 5% on a monthly basis for 6 months and the minimum investment was about 100,000 naira. Many investors invested millions of their savings and now their money has been confiscated by the SEC. Who won’t bother to return the funds to investors?
Involved in the situation include two social media influencers and brand ambassadors for the “investment company”, Amanda Chisom; and another social media promoter of Chinmark, Harrison Gwamnishu.
For days, the aggrieved investors have launched trials on social media, dragging Chinmark, Ijiomah, Chisom, Gwamnishu, and all other brand ambassadors who promoted the company on Facebook, Instagram, Twitter, and other social media platforms since they began operations.
Cloutgist learned that the investors made payments running into billions under a contractual agreement that the company would on a monthly basis pay a flavor-packed ROI to them.
How SEC declared Chinmark operations illegal
In a press statement released on the 25th day of December 2021 on its official website, SEC described Chinmark as an “illegal operator”, freezing its accounts.
The statement reads in part: “The Commission hereby notifies the investing public that neither FinAfrica Investment Limited nor Chimark Group is registered by the SEC and the Investment Scheme promoted by these entities is also not authorized by the SEC.
“In view of the above, the general public is hereby warned that any person dealing with the within named Company in any capital market-related business is doing so at his/her own risk.”
500 out of 4,466 investors paid —Chinmark CEO
In a statement on his verified Facebook page, Chinmark CEO (Ijiomah) confirmed that his group received funds from “4,966 partners”, noting that “500 partners” have been paid so far but he had yet to publish the names of those that had received payment.
While he did not reveal the total amount received from all the investors, a receipt of a refund to an investor he posted on Facebook read N1.3m.
He, however, pleaded with the remaining 4,466 investors to remain calm, saying that the operational bank accounts of his company were frozen by the Securities and Exchange Commission.
He also noted that Chinmark has received “lots of petitions from government agencies by aggrieved partners”.
Ijiomah wrote, “From the proceeds of our business (Hospitality, Transportation, Food and Logistics) despite our operational bank accounts being frozen by Securities & Exchange Commission (SEC) on December 21, 2021, till date, we resumed payment to our partners on March 16, 2022; so far, out of 4966 partners, we have been able to pay 500 partners following an arithmetic order from our backlogs.
“In a bid to show transparency in our dealings as always, full names of paid partners ought to have been published today but several calls/messages/emails from our distinguished partners have further restricted us from doing this.
“Let me reassure you that your money is safe with us and we remain committed to repaying all partners soonest, update on partnership repayment will be provided always and your managers will call to follow up; until then, I would humbly request you to kindly bear with us.”
Investors threaten to assassinate me over unpaid funds – Facebook influencer
MEANWHILE, amid the endless social media brawls, one of the promoters of Chinmark on Facebook (Chisom) has said that aggrieved investors of the group have continued to issue threats over her life on the basis of unpaid funds.
In an official statement on her verified Facebook page, Chisom with over 165,000 followers wrote, “First of all, let me acknowledge my part in being one of those who brought Mr. Marksman Chinedu Ijiomah and his company to the limelight, even before the company became registered as Chinmark Group Limited. For someone I have known from the days of his humble beginnings, I felt like I know him to an extent…
“I did my best both professionally and as an individual, to ensure that what is happening now would never have happened, by providing the right advice to the company at all times when I had the opportunity.
“In the build-up to this time, on the 13th of January 2022, I was instructed by the company via an email, to refrain from saying anything about the company on my page and that closes all channels of communication. All effort to find out what was happening was completely blocked.
“I received several warnings and threats from some individuals and investors who felt that my Facebook post on ‘due diligence affected the fortunes of the company. The threats are so far-reaching, that some of these persons have clearly threatened to assassinate me, should anything happen to the company.
“I have informed the relevant authorities of the extent of my involvement with the company and pledged my co-operation in any investigation that may arise.”
Also, another promoter of Chinmark (Gwamnishu) with over 158,000 followers on Facebook said he has gathered about 1,000 investors, even as he assured them that their funds would be recovered.
In a statement on his verified Facebook page on Monday, he wrote, “From my own end as a friend to Chinmark Group and who also posted and shared his business on my page. Below are steps I’m taking to ensure partners don’t lose out completely.
“I was able to get about 1,000 Chinmark investors through a google link I created and today they will be added to a platform.
“A committee will be appointed by the partners to interface with the company. This is a one-on-one meeting where decisions will be taken.”
Some of the investors who made their stand known in different Facebook posts said that the current reality is unbelievable and that they would engage in whatever means possible in ensuring that they get back their money.
An Akwa-Ibom born, Mercy Udosen, who took to her Facebook page to lament how she invested a whopping 20 million, said that she has been patient for a positive reply from Chinmark but to no avail, she has been left totally disappointed and bewildered.
She bemoaned: “Marksman Chinedu Ijiomah chairman of Chinmark group I’m still a very patient girl and patiently waiting for you to do the needful.. you guys can’t just reach out to us since January with the notice that payments of our dividends will commence from 19th of March which I patiently waited for a cause In your word when paying you will pay for both January and February all for me to get another call yesterday 18th a day to when you promised to pay the 2 months failed payment telling me the option I have is to take a post-dated cheque to cash In 8months time!.. this 8month you said without my monthly dividends being paid, sir isn’t that a joke? So you will keep my 20million naira for a year and do our business without paying my monthly dividends??
“Please do the needful I beg you before I start mine… why can’t anyone be trusted in this country? You came on your page and posted that you have started paying investors which is not true and you deactivated your comment section so I couldn’t even write to counter your post. Sir I know I can find you down in Dubai so don’t test my patience.
“So the other day I came on my Facebook page and I posted about Chinmark, and I said I was one of the investors of Chinmark group of company.
“Yes, I invested 20 million Naira with Chinmark through my fiance, and dividends were meant to be paid every month that’s 1 million Naira to us and the only one we got was for December, that they paid us just once on the 30th of December, expecting our January and February payments, stories came up.
“First they called us on the 28th of February, and they informed us that they were having issues with SEC and you know payments are on hold, they can’t make payments and all of that of which I have been very, very understanding because I’m also a business person, but then you kept us waiting for this payment till February. I didn’t get anything. February nothing came and this is March you promised 19th of March, we’re going to pay me but nothing has come.
“Please say I’ve been so understanding I feel very bad with this news. You know, I tried as much as I could to make sure I did not join, you know, whatever rumors I saw on social media about you guys, but treating me like this is totally unfair. I’m demanding 50% of my capital, which is 10 million Naira. And then you can give me a cheque for 10 million. You can’t just put my life on hold like that for Christ’s sake. There are a lot of things I could as well use the money to do and then I’ll make returns. I’ll make profits for myself.
“People cannot just be trustworthy. How can you expect for Christ’s sake 20 millionaires you’re not even thinking of paying anything even on me that we are supposed to terminate our contracts which that money. I just wanted it to stay with you guys before I can figure out what to do with it.”
Another victim, Mark John (not real name), stated that Chinmark is the reason for the demise of his father, following the investment of his gratuity funds into Chinmark.
He said: “Chinmark made me lose my father cos he invested his gratuity in chinmark which she promoted… he die yesterday due to HBP cos of the breaking news that chinmark won’t pay…whoever knows Amanda should tell her to get ready for another burial in her family compound again this year cos am taking one of her family members down.”
Chinmark CEO posted on Facebook on March 19, 2022, and it read:
“Dear Partners,
Thank you for being here with us, for staying stronger, and for believing in us.
“These early months of 2022 have been very challenging for our organization, against this background, our company doubled down on its efforts to grow sustainable value for our customers, our employees, and you, in the other sectors that we currently serve (Hospitality, Transport, Food, and Logistics), and hence, most of our financial performance indicators improved.
“From the proceeds of our business (Hospitality, Transportation, Food and Logistics) despite our operational bank accounts being frozen by Securities & Exchange Commission (SEC) on December 21, 2021, till date, we resumed payment to our partners on March 16, 2022; so far, out of 4966 partners, we have been able to pay 500 partners following an arithmetic order from our backlogs.
“In a bid to show transparency in our dealings as always, full names of paid partners ought to have been published today but several calls/messages/emails from our distinguished partners have further restricted us from doing this.
“Let me reassure you that your money is safe with us and we remain committed to repaying all partners soonest, update on partnership repayment will be provided always and your Managers will call to follow up; until then, I would humbly request you to kindly bear with us.
“With our operating performance growing strong, we will be providing timely updates in all areas as it affects your pending partnerships with us and other sectors that we have a business presence in. We look forward to fully resolving this matter against the Securities & Exchange Commission (SEC), and we are determined to learn all that we can from this incident to be smarter, stronger, and better as a company.
“We might not be able to fully purge ourselves soonest from the negative effects that this crisis caused our businesses in the other sectors and our customer’s mindset, your loyalty is reflected in our Net Promoter Score (NPS), which measures the likelihood of customers recommending Chinmark Group (Transportation, Food Services, Logistics Services & Hospitality) to others; this score has significantly and steadily improved over the years and we humbly ask that you keep patronizing our businesses to enable us to pass through this phase successfully.
“In a world that looks increasingly fragile and challenged to deal with existential threats to our health, environmental, social, and economic future, we at Chinmark Group will keep living up to our purpose for 2022 and beyond; Chinmark Group solidity and value creation power remains strong and keeps growing.
“For all the inconveniences and frustrations that the delay in the repayment of this capital has caused you, we are very sorry and we apologize for all. We understand that people’s dreams and a lot of plans have been put on hold by this delay, please accept our sincere apology.
“We have received lots of petitions from Government agencies by aggrieved partners, we truly understand how you feel; we humbly ask that you remain calm and exercise more patience while we sort out these repayments and pass-through this crisis as these petitions are affecting timely execution of our business operations – which we depend on to make repayments.
“On behalf of our leadership team and all Chinmark Group employees, we thank you for your trust and ongoing support. Thank you for trusting the Chinmark Brand. We do not take it for granted, and once again, we reassure you that your funds are safe.
“All our branches are fully open to serve you.”
The message was personally signed by Dr. Marksman Chinedu Ijiomah, the Chairman of Chinmark Group.
However, contrary to his post, no other thing has been heard from him two weeks after.
And his investors, who spoke with cloutgist.com said this was a total lie and a sort of damage control, more so as he failed the challenge thrown at him to publish the names of the said beneficiaries.
Things also got worsened as some of the phone contacts and email addresses he made available are either not functional or ring forever without responses. Some of the contacts include Email: [email protected] and phone numbers: 09084442018, 08106706639, 09131033220 09131033255, 09062819828 09062819826, 09123713515.
This is, however, not the first time Nigerians, mostly the youth population are having their hopes shattered and life savings drained.
Many Nigerians thought their salvation from poverty had arrived when MMM came a few years ago, but the messiah left suddenly leaving families in sorrow and agony.
After a few years, NBA Forex came, and then Naddy Forex, Loom, Benignant Forte, and other Ponzi schemes, with millions of investors’ millions going down the drain.
For Chinmark and his promoters, it has been one form of curse to the other by investors.
“So our money is gone. Well, if anything happens to me, my blood is on Chinedu’s head. Goodbye, my fellow investors,” that were the words of one of the investors simply identified as Nuella.
Other participants in the money-doubling scheme, who spoke to Cloutgist.com, rained curses on the pioneer of the scheme.
Mrs. Evelyn Nwadike, an Abuja based-business woman, said her younger sister in Anambra introduced her to the Ponzi scheme.
“It was too good to be true. I never believed it but when I reluctantly put in N500, 000 from my business money and got paid, after the first month, I started investing more money until I realized I had put in N3m already.
“I lost all doubts even for the very fact that he had some popular Pastors and gospel singers around him. It shall not be well with him if he fails to pay back those monies. I did not even let my husband know before going into the investment,” she lamented.
Another woman, a housewife who simply identified herself as Amaka, said she gave Chinedu the N500, 000 her husband sent her from abroad to take care of her home.
“I heard the man has escaped from Nigeria but wherever he is, my God will locate and punish him accordingly. My own is even a small amount compared with my neighbor who introduced me to the business. She lost N5million and this was the money her husband gave her to keep, hoping they’ll use it to buy land,” she disclosed.
Meanwhile, speaking to Cloutgist.com about Nigerians’ gullibility, an Abuja-based economist, Bright Madu, blamed factors such as bad leadership, get-rich-quick syndrome, and laziness for the continued patronage of Ponzi schemes.
According to him, “First of all, you should understand that the country’s economy is in shambles. The fact is that people are looking for the fastest possible opportunity to survive. The past few years have been terrible. For this particular reason, people tend to become gullible and easily fall for these scammers who collect the little they have and impoverish them more.
“So, bad leadership would take a large chunk of the blame while we look at other factors such as the get rich quick syndrome and laziness on the part of some of these investors who are now crying. This Chinmark Ponzi scheme isn’t the first Ponzi scheme to disappoint the people.
“You remember the one I’ll call the most popular, MMM. When MMM crashed, many people who lost millions of Naira in it would have learned their lessons but that was not the case. Many Nigerians want to double their money, not by doing legitimate businesses but by trusting Ponzi scheme operators and you know how risky that is.
“The current administration hasn’t done enough to reduce the pain of hardship. The Middle class has been eroded. Go to market places and you will understand what I’m saying. Things keep getting worse by the day. Okay, take, for instance, fuel has been scarce for more than a month now.
“There are no job opportunities for the teeming youths who graduate from universities every year. So, we have massive unemployment and underemployment. For these reasons, people tend to grab any opportunity to make or increase their money and would always fall into the wrong hands.”
Also, a human rights activist, Emecheta accused the Economic and Financial Crimes Commission (EFCC) in Enugu and the State Police Command of shielding Marksman.
He said that despite countless petitions submitted by aggrieved investors to the EFCC office in Enugu and the Enugu State Police Command, nothing has been done.
“The Securities and Exchange Commission is not helping either. I know 42 people who lost N713,500,000 to him. I only want him to pay them back. He is very safe in Enugu State,” he stated.
As of the time of filing this report, one of the promoters, Amanda Chisom is fighting a battle of her life trying to convince her followers that she was also a victim and was not in any way a party to the scandal.
In a recent interview with BBC Igbo, Chisom maintained that she never suspected foul play, not until the tail end of last year.
She, however, lamented that ever since the scheme crashed, not only her, but her parents have been receiving death threats.
Cloutgist.com reports that Marksman had called for patience on the part of the investors, promising to pay them when he succeeds in liquidating the company. However, close watchers said the company had no such asset with which to offset the debt.
As of the time of filing this report, it was learned that frustrated investors have flooded the Enugu office of the Economic and Financial Crimes Commission, EFCC, and the police command with petitions against the Chinmark Group. It is, however, unclear why he is yet to be picked up for questioning.
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