Rep. Obiageli Orogbu (LP-Anambra) on Thursday in Abuja at plenary petitioned the House of Representatives over about N8 billion belonging to 9,326 Nigerians trapped in a failed business investment scheme.
The lawmaker claimed in the petition that the company involved, Cashcraft Asset Management Company Ltd., is a stock broker that is duly licensed by the Nigerian Stock Exchange (NSE).
According to her, the company had marketed an investment portfolio described as a Personal Earnings and Annuity Scheme.
She said that more than 9,326 Nigerians invested in the failed scheme and had their funds valued at about N8 billion all trapped in it.
The lawmaker claimed that the victims had embraced it and invested their hard-earned money in the now failed scheme.
She said it was regrettable that the company extorted so much money from the victims but failed to offer them return on their investments, and the capital they invested.
Orogbu stressed that some of the victims were already going into depression because of their failed investments.
She, therefore, urged the lawmakers to intervene in the matter in order to recover the trapped funds.
The lawmaker prayed her colleagues to ensure that the company was compelled to fulfil its contractual obligations to the subscribers.
She also urged the House to direct its committee on public petitions to take over the matter toward ensuring that the company fulfilled its obligations to the subscribers.(NAN)
