A retired commissioner of Police in Anambra state, Chief Aderemi Adedoye, caused a stir online when he publicly disclosed that he had a business he started with friends from Facebook while he was in service. He said the current valuation of the startup is now worth around a mouth-watering N20 billion......See Full Story>>.....See Full Story>>
The pronouncement did not sit well with many concerned Nigerians who are questioning the nature of the business, with many alleging there was no way he could have had that much except he was involved in illegal business activities.
Some claimed the business had to be a Ponzi Scheme, where the proprietors feed on the investments of unsuspecting investors.
The retired paramilitary officer, touched by the swirling accusations, appeared on an ARISE TV program on Friday, May 3, to clear the air.
He explained that the business is officially registered with the Lagos state government.
He said:
“The name of this organization is Alfa Trust Investment Club. Our loan arm is registered as Artic Cooperative Multipurpose Society Limited, which is registered with the Lagos State Government. We carry on investment under the business name of Artic Ventures and Business Services and that is the name that is registered with the Corporate Affairs Commission (CAC). We would have liked to register our full name as it is, but CAC did not approve that.”
He further explained that the group do not take in people with past criminal records or anyone with a pending case with the Economic and Financial Crimes Commission.
He added:
“In terms of membership, we are 1400 strong and those expelled for criminal misconduct are 33. In terms of the size of the business, our assets are in the neighbourhood of around N20 billion. If you divide it by the number of members, it averages N15 million.”