Investors Drag Asset Management Firm before N’Assembly over Trapped N8bn
Ndubuisi Francis in Abuja
A group of Nigerians has dragged Cashcraft Asset Management Company Limited to the National Assembly over failed investments in excess of N8 billion.
The group, in a class petition to the House of Representatives demanded the intervention of the parliament to help recover the trapped funds.
Following the petition, the member representing Awka North/South Federal Constituency of Anambra State in the House of Representatives, Hon. Obiageli Lilian Orogbu, raised the matter at plenary on their behalf before the lower chamber on Thursday.
Orogbu told the House that the subscribers involved in the Personal Earning Annuity Scheme (PEAS) were over 9,326, with a monetary investment of approximately N8,147,346,945.09.
She prayed the parliament to ensure that Cashcraft Asset Management Company Limited was compelled to fulfil its contractual obligations to the subscribers.
Orogbu further disclosed that the company, a duly licensed stockbroker by the Nigerian Exchange Group (NGX) had marketed an investment portfolio described as Personal Earning and Annuity Scheme which the subscribers embraced and invested their hard-earned money.
According to her, it was regrettable that the the company, after taking money from the innocent Nigerians failed to offer them both return on their investments and the capital they invested.
She, consequently urged the House to direct its Committee on Public Petitions to take over the matter and ensure that Cashcraft fulfills its part of the obligations to the subscribers, stressing that some of the victims were already going into depression because of the failed investment.
THISDAY gathered that before seeking the House of Representatives’ intervention through Hon. Orogbu, the investors had sought relief from the Securities and Exchange Commission (SEC)), Economic and Financial Crimes Commission (EFCC)), SEC’s Administrative Proceedings Committee (APC), as well as the Investment and Securities Tribunal (IST).
