Chinmark: Investors call for arrest of Marksman Ijomah, over N10bn investment fraud

Investors in a Ponzi scheme, Chinmark Group, have called for the immediate arrest of the founder, Marksman Chinedu Ijiomah, and the brand ambassador Amanda Chisom who influenced and lured a huge number of investors into the scheme and other principal officers of the failed investment firm.

Since December 2021, the company has been unable to pay a Return On Investment (ROI) to its large number of investors, prompting calls for the arrest of the operators.

According to Oriental Times, investors stand to lose over N10 billion in the purported investment, which they describe as a Ponzi scheme.

Besides that, Ijiomah is alleged to have restructured ownership of physical assets belonging to the company, removing both his name and that of his wife as directors.

For example, a CAC check of Chinmark’s group firms revealed that Mr. Ijiomah had changed the name of the hotel in Enugu from Chinmark Suites to Bridge Suites.

He removed his name and his wife’s from the hotel’s board of directors and replaced them with different persons.

According to FIJ, Chinmark Group and its associate, FINAFRICA Investment Ltd., were confirmed to be illegal investment companies in December.

A statement from the Securities and Exchange Commission (SEC) described FINAFRICA as an “illegal operator.”

“The attention of the Securities and Exchange Commission, Nigeria (SEC), has been drawn to the activities of an Illegal Operator (FINAFRICA INVESTMENT LIMITED). The company claimed to be an investment company that engages in business development in commercial sectors of the economy and uses the funds in entities under Chimark Group,” SEC’s statement reads.

“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 are 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.”

Meanwhile, Chinmark Group released a statement on March 4, promising its partners their funds by March 19. The company claimed that it was experiencing some difficulty since SEC blocked its bank accounts in December.

According to a post on its social media, Chinmark published this message in a national newspaper too.

“On the 4th of March 2022, we made this publication in national dailies across the country to inform our clients of the current situation of the brand and our commitment not to fail our partners in our obligations.

“From the opening of Chinmark Paradise, it has been named Bridge Suites and Residence and nothing has changed. Chinmark group has 100 percent ownership.

“Finally, the 60 days we requested from our partners end on the 19th of March 2022. Chinmark group is 100 percent intact and all assets ours. Thank you for your patience and confidence,” the post reads.

The company asked its investors and partners to believe it will meet the March 19 deadline. This statement was also made public to dissuade investors from believing rumors of the company losing its assets.

On March 19, Chinmark Group failed on its promise to pay all its investors their dues. Instead, the company released another statement that it had started paying investors, and imploring them to be more patient.