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FCT police transfer failed Ponzi operator Ovaioza to SCID



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Policemen from the Federal Capital Territory have arrested the founder of Ovaioza Farm Produce Storage Business, Ovaioza Yinusa.

PUNCH Metro gathered that she was arrested alongside her husband at the Lugbe area of the FCT.

The 29-year-old woman was accused of defrauding investors of millions of naira.

Her arrest reportedly followed complaints by aggrieved investors who lost their money to the Ponzi scheme.

Our correspondent learnt that the Security and Exchange Commission had frozen the company’s accounts for running an illegal financial investment scheme.

Yinusa had, before her arrest, in a Facebook post said she was unaware of the legal requirements to operate such a business.

She stated, “It is rather unfortunate that we are at this point in what had been a seamless partnership built on mutual trust, cooperation, and collective best interests.

“However, this is also one time we must, as partners and stakeholders in this business, hold our hands together, as we wade through this storm, believing strongly that we will come out victorious.

“I want to assure every one of the partners of my commitment to resolving all of these as soon as I possibly can so everyone will be settled.

“It is necessary I state here that I am only a trader involved in the simple buying and selling of farm produce. I started this buying and selling from the scratch, without any thought to swindle people of their hard-earned money. And as the business grew, my focus was on the exact buying and selling and nothing more.”

When contacted, the FCT police spokesperson promised to get back to our correspondent.

She had yet to do so as of the time of filing this report.

But a police source confirmed her arrest, adding that she had been transferred to the State Criminal Investigation Department.

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