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BANKING & FINANCE

PiggyVest Denies Claims It Invested, Lost N2bn In Imagine Global Alleged Scam

PiggyVest Denies Claims It Invested, Lost N2bn In Imagine Global

An online savings platform, PiggyVest, has debunked claims it invested N2 billion in an alleged scam involving Imagine Global Solutions Limited, a micro-lending company.

There have been speculations on social media that PiggyVest lost investment in the scheme, however, the company has denied the insinuation, giving assurance to its customers that their funds are “safe and secure”.

Imagine Global Solutions Limited (Imagine Lenders) had released a statement via its website where it claimed that it is a licensed and duly registered microfinance institution in Nigeria. However, checks by BizWatch Nigeria revealed that the company was not listed among licensed microfinance institutions by the Central Bank of Nigeria (CBN).

Also. the company stated that it operated for four years with coverage in 19 of the 36 states in Nigeria with 90,000 customers — offering loan disbursement between 10,000 and 100,000 for a 30 – 40 day cycle.

According to reports and social media posts, a couple whose names were given as Bamise Ajetumobi and Elizabeth Ajetunmobi, are reported to be the founders of the company, fled with billions of naira belonging to their investors.

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But in a reaction to the rumours, PiggyVest, via a statement sent to its customers on Monday, stated that it never invested in Imagine Global.

The savings platform informed its customers that their funds would never be compromised, noting that they should disregard the rumours.

“Please ignore any news about PiggyVest losing customer funds to IMG,” the statement reads.

“No PiggyVest customer funds are in “IMG”. Customer funds are only invested in asset-backed instruments like commercial papers, bonds, fixed income notes, etc.

“With over N250 billion returned successfully to customers, Piggyvest has never and will never compromise the funds of any customer in any way. All Piggyvest customer funds remain safe and secure as always.”

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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