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Chinmark’s FinAfrica, Poyoyo Are Fraud, SEC Warns

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FinAfrica

The Securities and Exchange Commission (SEC) has warned members of the public not to deal with FinAfrica Investment Limited owned by Marksman Chinedu Ijiomah and Poyoyo Investment (Pilvest) Nigeria Limited.

Marksman Chinedu ijiomah, the Chairman/President of Chinmark, under which one of its subsidiaries (FINAFRICA INVESTMENT LIMITED) operates an investment scheme, uses the power of his huge Facebook followership of over 300,000 to advertise his companies and activities, as shown in a cursory look at his social media wall.

SEC in a public statement published on it’s website stated that the company operating the fake investment scheme is not registered and that the investment scheme promoted by the entities are also not authorized.

The statement reads: “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.

“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”.

SEC says Chinmark Group owned by Marksman Chinedu Ijiomah is fraud

In the same vein, SEC described the business of Poyoyo Investment (Pilvest) Nigeria Limited as a “Ponzi scheme”, where returns are paid from other people’s invested sums.

The commission said its attention had been drawn to the electronic and WhatsApp messages being circulated to investors on behalf of Poyoyo Investment (Pilvest) Nigeria Limited.

In one of the messages, Pilvest said it offers a 20% return on investment (ROI) on a minimum capital of N100,000 invested for a period of one a month.

“The Commission hereby notifies the investing public that Poyoyo Investment (PILVEST) Nigeria Limited have no tangible business model; hence it is a PONZI SCHEME where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission,” the circular reads.

 

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RevolutionPlus Property Rubbishes Kayode Oladipo’s Claims

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RevolutionPlus Property Boss, Bamidele Onalaja

Revolution Plus Property, a leading real estate company, has stated her side of the story on the allegations against the firm in a viral video clip made by one Mr. Kayode Oladipo over 20 plots of land he purportedly bought in 2017 without any physical allocation of the said plots.

The company’s management stated their side of the story at a meeting facilitated by the Lagos State Real Estate Regulatory Authority, LASRERA on the directive of the State Governor, Mr. Babajide Sanwo-Olu at Alausa, Lagos.

The Revolution Plus’ full statement below:

“Sequel to the false allegations made by Mr. Kayode Oladipo, that the Company collected the sum of 40 Million(Forty Million Naira) from him without allotting him the land he paid for, the Lagos State Government (LASG) invited our Company to intervene in the matter.

“The meeting which took place on Friday, 19th January 2024, by 10 am took place at the LASRERA Office Alausa, where the Commissioner for Housing, Moruf Akinderu Fatai, the Special Adviser to the Governor Housing, Barakat Odunuga Bakare, the Permanent Secretary, Lagos State Ministry of Housing, LASRERA Officials and Revolutionplus Property Development Company’s CEO, Dr Bamidele Onalaja, the GED, Mrs Tolulope Onalaja and other officials in the Company were in attendance.

“In trying to mediate in the matter, Mr. Kayode Oladipo was given a call and he indeed admitted upon questioning that he lost his job at a point and could not proceed with payment of the required fees as expected and within the stipulated time frame.

“Mr. Kayode Oladipo also confirmed that he didn’t pay the sum of Forty Million Naira (N40,000,000) as alleged in the viral video but paid the sum of N18,000,000.

“In response to his claims, the GED of Revolution Plus Property refuted the claims of the N18,000,000 allegedly paid by Mr. Kayode Oladipo, stating with evidence that the total sum paid to the Company was N16,752,000 (Sixteen Million, Seven Hundred and Fifty Two Thousand Naira only). Attached herewith are the evidence of payment in this regard.

“Upon further discussion, Mr. Kayode Oladipo also admitted that he indeed bought the plots of land in 2017 and could not complete payment because he lost his job.

“He claimed that he came back in 2020, but the CEO of Revolution Plus refuted his claims and reiterated that he was only aware that Mr. Kayode Oladipo came back in 2022, six years after his initial payment, demanding to be allotted the same land he subscribed for in 2017, despite his default in payment.

“The CEO met with Mr Kayode Oladipo and empathized with him over his financial plight, and further explained the penalties attached to default in payment to him as stipulated in the contract signed by parties.

“The CEO stated that the Company in its commitment to priotizing its customers, will make other options available for him in the equivalence of the monies he had paid. Furthermore, the CEO of Revolution Plus Property, Dr Bamidele Onalaja appreciated his Excellency, the Lagos State Governor, Babajide Sanwo-Olu, for stepping into the matter and giving room for the company to state her side of the story.

“The CEO also stated that out of respect for the Lagos State Government, and the relevant bodies assigned to regulate the real estate industry in Lagos State, the company was willing to allocate lands in another location at one of its Estates, Amazon Estate, Epe.

“The CEO expressed displeasure at the slanderous coloration given to the video explaining that the Company had been doing business for years and had continued to operate within the ambits of the law despite all challenges posed to the business in Nigeria.

“The CEO also stated that Revolution Plus Property had served a lot of Nigerians in the Diaspora and had continued to work with the vision of the Lagos State Government to attract investors from the Diaspora especially in the real estate industry.

“To resolve the matter, the Commissioner for Housing appealed to both parties to tow the part of peace, and it was decided thus:

• That Mr Kayode Oladipo would do a Video the next day appreciating the Lagos State Government for mediating and resolving the issue.

• That in the said Video, Mr Kayode Oladipo will do a retraction of his distorted allegations of fraud, and state emphatically that Revolution Plus Property did not set out to dupe, defraud or scam him.

• That when the video is done, the alternative land promised by the Company in the equivalence of the monies paid will be immediately allotted to Mr. Kayode Oladipo the same week, the retraction is done.

• Whilst we are still waiting for Mr. Kayode Oladipo to do the Video as promised in the meeting. We wish to appreciate the Lagos State Government for stepping in as a mediator to resolve the issue, We also appreciate all our esteemed customers who reached out to us to encourage us and stand by us in the heat of the issue. We are committed to service and customer satisfaction and we will not relent.

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UTM Offshore, Delta, NNPCL, sign agreement to develop floating LNG

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Delta State Government, Nigerian National Petroleum Company Limited and the UTM Offshore Ltd, Tuesday, signed a Shareholders Agreement for the development of first Floating Liquefied Natural Gas, FLNG in Nigeria.

Secretary to the State Government, Dr Kingsley Emu and Solicitor General and Permanent Secretary Ministry of Justice, Mr Omamuzo Erebe signed for the Delta State Government, while the Group Chief Executive Officer, Mr. Mele Kyari and Group Managing Director Julius Rone signed for NNPC Limited and UTM Offshore, respectively.

With the agreement Delta State Government will own eight percent share of the project, NNPC Limited 20 percent and UTM Offshore 72 percent.

Speaking at the signing ceremony at the NNPC Towers Abuja, Governor Sheriff Oborevwori of Delta State, said the UTM FLNG Project was the first of its kind to be developed by an indigenous private company in Nigeria.

Governor Oborevwori explained that the state government took 8% equity in the floating LNG project because of its conviction of the strategic importance of the project to the national economy, adding that with 40% of Nigeria’s proven gas reserves in Delta State, it was a worthy investment.

According to him, the deal marked a significant milestone in the development of the project, expressing hope that construction will begin next year.

He said: “Of particular interest to Delta State Government is the dividend that this UTM FLNG will generate, thus advancing the socio-economic development of our great state. It is expected that over 300,000 metric tonnes of LPG (cooking gas) will be produced and dedicated to the domestic market.

“This project will also help to mitigate the environmental hazards in the Niger Delta by reducing gas flaring. Of course, our women folk will also benefit from the fuel switch from kerosene and firewood to cleaner energy, thus improving their health and general wellbeing.

“Another benefit we envisage with this project is that it will create job opportunities for our youths, which is one of the four pillars of our MORE agenda”.

While commending the immediate the immediate past Governor, Senator Ifeanyi Okowa for his foresight in investing in the venture, he commended other stakeholders “like regulators and Afreximbank for helping to arrange financing and, of course, the dedicated staff of Delta State Investment and Development Agency (DIDA) for their resourcefulness”.

In his remarks, the Group Chief Executive Officer, NNPC, Mr Mele Kyari commended the Delta State Governor for not just being a promoter of gas development in the country but for also investing in gas projects.

“We are happy to collaborate with the Delta State Government in this venture. The State Government is here in two capacities, one as a supporter of growing gas utilization in the country and also now as an investor in this necessary industry but potentially a valuable industry for all of us”, he added.

Also speaking, the Minister of State Petroleum Resources (Gas), Hon. Ekprikpe Ekpo noted that it was time for the country to begin the monitisation of its huge gas reserves for the development of the economy.

In his remarks, Group Managing Director of UTM, Mr. Julius Rone said the signing ceremony marks another significant milestone in actualizing Nigeria’s first indigenous FLNG.

Mr. Rone said he expects the Final Investment Decision (FID) on the project to be taken before the end of the first quarter of 2024. He commended the stakeholders for their support, especially the Delta State Government for investing in the project.

“I want to thank the Delta State Government for taking an equity on this laudable project which will create other sources of revenue for the state to develop their infrastructure that is highly needed and create employment for the teeming youths of Delta State”, Rone said.


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When Billionaire Gas mogul, Julius Rone Shone like a Diamond

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Think of a billionaire businessman blessed with money, brains, confidence, oratory power and the name of Julius Rone, OFR, Group Managing Director, of UTM Offshore Limited, UTMOL will pop up.

It is definitely an incontestable fact that the serial entrepreneur is one of the few Nigerian business moguls that rub shoulders with other high networth individuals around the world. His rich and diverse entrepreneurial journey that has helped shape

For many years, he has been busy cutting deals beyond the shores of the continent of Africa while also proving that good things can also come out from this side of the world.   

He has a rich and diverse entrepreneurial journey that has helped shape the business sector in Africa. His path to success includes a series of ventures that have significantly contributed to the region’s business growth. 

Aside his pedigree as a topnotch business strategist, it is also a gospel truth that the man, fondly called ‘King of Gas’, is also popular among other high-flying business moguls for his eloquence and articulacy.

The Delta-born top player in the gas sector, as gathered, exhibited that he is not only wealthy but also brainy. 

This he has not failed to flaunt whenever the occasions arise, and the occasions seem to arise so many times lately and Rone has never been found wanting.

In fact, a source revealed that this is the reason he is being invited to seminars, forums and business meetings around the world where he has dazzled many with his talent like the great Roman orator, Cicero.

Once, again he shone brilliantly like a diamond  yesterday, Tuesday November, 14, 2023, at the LNG shipping and terminals Conference in London. The man, full of ingenuity, mesmerised his audience while he spoke about The Role of Policy Instruments and Government Support for the FLNG Project such as Investment Incentives, Regulatory Framework, where government policies can provide financial incentives such as tax breaks, grants, or subsidies to attract private investment in FLNG projects. These incentives, he explained, can help reduce the overall project cost and encourage private sector participation.

The very brilliant businessman also talks about how governments play a crucial role in creating a favourable regulatory environment for FLNG projects, which includes establishing clear guidelines for environmental protection, safety standards, and permitting processes. A well-defined regulatory framework provides certainty for project developers and investors.

Not only that, he also touched on other topics, such as market Drivers for Exploiting Gas in Nigeria, Predicted Gas Volumes from the Development and Quantity expected to be exported, Partnerships in Place and Progress Against Project Timeline and Planning for the challenges of developing Nigeria’s first FLNG project.

The billionaire business mogul received a standing ovation, accompanied with a deafening applause for his dazzling and awe-inspiring speech.

Some of key points he touched include:

The Role of Policy Instruments and Government Support

for the FLNG Project

The Role of Policy Instruments and Government Support For the FLNG Project

Investment Incentives

Regulatory Framework

He gave an insight where government policies can provide financial incentives such as tax breaks, grants, or subsidies to attract private investment in FLNG projects. These incentives can help reduce the overall project cost and encourage private sector participation.

Also, he explained that governments play a crucial role in creating a favorable regulatory environment for FLNG projects. This includes establishing clear guidelines for environmental protection, safety standards, and permitting processes. A well-defined regulatory framework provides certainty for project developers and investors.

The Role of Policy Instruments and Government Support For the FLNG Project

Market Access

Risk Mitigation

Mr. Rone said governments can facilitate market access for FLNG projects by negotiating export agreements, promoting gas trade, and ensuring a fair and transparent market. Access to domestic and international markets is essential for the success of FLNG ventures.

Where LNG projects often involve significant financial and technical risks. Governments can

help mitigate these risks by providing guarantees or insurance options to project

developers. This support can encourage private sector involvement and reduce the

overall cost of financing.

Market Drivers for Exploiting Gas in Nigeria

The Role of Policy Instruments and Government Support For the FLNG Project

Energy Demand & Access

Export Opportunities

He said Nigeria has a growing population and increasing energy demand. Gas is a cleaner and

more environmentally friendly alternative to coal and oil, making it a desirable option for

meeting this growing energy demand. Expanding access to clean and affordable energy is a key driver for gas exploitation.

Rone hinted that Nigeria is one of the world’s top gas reserves holders. Exporting natural gas, especially in the form of liquefied natural gas (LNG), provides a substantial revenue source.

International markets, particularly in Asia and Europe, offer attractive opportunities for

exporting Nigerian gas, making it an economic incentive.

The Role of Policy Instruments and Government Support For the FLNG Project

Industrialization & Economic Growth

Government Policies &

Incentives

‘’Gas is essential for various industries, including manufacturing, petrochemicals, and

power generation. As Nigeria aims to diversify its economy and promote industrialization,

gas becomes a crucial driver, as it can provide a reliable and cost-effective source of

energy for industrial processes and electricity generation.

The Nigerian government’s policies and incentives can significantly influence gas

exploitation. Incentives such as tax breaks, investment support, and favorable regulatory

frameworks can attract both domestic and foreign investors to the gas sector. Policies

aimed at improving gas infrastructure and reducing gas flaring also play a role in driving

gas development’’ He added.

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