Oxford Decries Attack on Staff, Refutes Fraud Allegation

Gilbert Ekugbe 

One of the leading firms in agriculture, real estate investment, building, construction and banking, Oxford International Group (OIG), has stated that one of its senior executives along with some of its staff have been assaulted in one of its offices.

According to a statement issued by the Group Head of Corporate Communications, Benjamin Sarumi, the company said it is saddened by the bombardment of its office facility by some unknown men in the early hours of the 15th of December 2022, bruising, bashing staff members and destroying official properties all in pursuit of funds, regardless of its solicitation of a payment plan as a result of the Security and Exchange Commission (SEC) SEC reality.

He also refuted allegation claims being purported on social media trolls of defrauding clients and investors, adding that the company, which started operations in 2016, diversified into multiple businesses that would generate more income in preparation for the next five years.

He said the company at no point defrauded its partners and clients of the monies they invested, as transparency and accountability were ensured in all business and transactions. Sarumi said trouble started when the company’s balance sheet scaled to N2 billion, which made people tag the company as a scammer.

“When our balance sheet was N20 million, no one considered us fraudulent, when we pitched at N200 million it was the same, at the point of scaling to N2 billion, the news fell on us as scammers. Our business journey is a story of growth and resilience,” he stated.

 Sarumi said the company had a business forecast since 2016 that was to last till 2021, but in 2020, most businesses suffered from cash flow issues, hence the company’s decision to go the Information Technology route as everyone went online.

 He said the company took a decision to take a chunk of its portfolio in real estate and invested in agriculture, oil and gas and other businesses that would generate more income in preparation for the next five years.

 Speaking on the company’s issues with SEC Sarumi said the problem with the regulatory body was the use of billboards, as marketers and referrals started pulling on a flier that showed extremely high returns.

The SEC had in March 2022 sealed the premises of Oxford International Group/Oxford Commercial Services and two others for carrying out investment operations that fall within the ambit of fund management without registration with the apex regulator contrary to the provisions of the Investments and Securities Act 2007.

He said, although, the company has brands that allow for referrals, marketers posted wrong videos as well as overzealous referrals all for their commissions.

 He said the company had a product at the time that read 48 per cent returns, which is profit from one of its businesses, stating that people did not read the duration, which stated 16 months and not 12 months.

 “The moment everyone saw 48 per cent, they threw caution to the wind to check what the duration was because it doesn’t sound realistic, hence, the conclusion that this business, service or product is a scam,” he said.

 Sarumi said regardless of what the referrals or marketers must have said, the company’s due process allows for a signed agreement and not a verbal agreement, showing “what was agreed upon, what we want them to do with us, the period and the exit strategy.”

Sarumi also noted that the company divested into finance, which led to engaging with SEC for an Asset Management licence.

 He said unfortunately, the promoters of the real estate business are the same pushing for an Asset Management license, in which SEC frowned at the billboards and high percentages, resulting in halting the registration process.

Sarumi further debunked social media troll about aggrieved clients crying at the various offices of the company, saying the services of External Solicitors were employed to look into issues that are a bit complicated as well as the pros and cons where some of the clients would accept cash or land in lieu of their funds.

“We were saddened by the reality of yet another form of brutality which unfolded on the 15th of December 2022 at one of our offices. A defeating hope in the sanity of governance, its people, its implementers and the elephant projection of an in-active ease of doing business in Nigeria. Outlandish as it may seem, Nigeria as an emotional state is a satire to our democratic process; who tells the best story, who pays the first

bill. Now, this is not geared at stating that we are right and someone else is wrong – this is us stating our case to the general public as we had hitherto stayed quiet while focusing on repayments as instructed by the regulatory body,” he said.

“You would agree, it has become necessary that we tell our side of the story; a story of a sincere organisation fulfilling it’s due diligence in the heat of assault and threat to life as opposed to adoption of a norm (closing up business and eloping) which does not represent the ethos and ethics of our establishment,” he averred.

In his words: “We are pained and shocked at this incidence, it is furtherance to revealing the appreciation of zero due process in our dear country – this is sequel to the experience of an aggrieved customer’s attempt of releasing his charms on a Senior Staff Member during work hours. The trauma may linger for a while, the bruises would take weeks or months to heal, but what wouldn’t heal is the pain in our hearts. Broken that it had to get to this point with our dear client. Possibility of a reconciliation? Yes.”

He added: “Our clients form apart of our biggest achievement, so, we will continue to make payments, assure them of the sanctity and the legitimacy of our business operation. To you our colleagues and friends, hurt and still in shock, please stand strong, accept our apologies. Nigeria may become a better place; what must of a certainty become a better person, resolute, oxfording and making greatness common, is you.”

Shocked at what may happen next, he said the organisation has taken steps to ensure the safety of its staff members and offices, stating that as opposed to the official re-opening date of offices for the year 2023 – 4th of January, offices will now commence operation on the 9th of January 2023.