Investors Seek National Assembly’s Intervention to Recover Trapped N8bn

Ndubuisi Francis in Abuja

A group of Nigerians has dragged Cashcraft Asset Management Company Limited to the National Assembly seeking to recover funds said to be in excess of N8 billion invested in the firm.

In a class petition to the House of Representatives, the investors demanded the intervention of the parliament to help recover the trapped funds.

The investors accused the company of unauthorised solicitation of deposits, adding that they unlawfully solicited deposits from the public for investment in the Personal Earning Annuity Scheme (PEAS), a scheme not duly registered or authorized by the Securities and Exchange Commission (SEC).

Following their petition, member representing Awka North/South Federal Constituency of Anambra State in the House of Representatives, Hon. Obiageli Lilian Orogbu, raised the matter at plenary before the lower chamber last Thursday.

Orogbu told the House that the subscribers involved in the Personal Earning Annuity Scheme 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 fulfill 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 (PEAS) which the subscribers embraced and invested their hard-earned money.

According to her, regrettably, 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.

In response to Orogbu’s prayer, the matter was referred to the Committee on Public Petitions by the presiding officer and Speaker, Hon. Tajudeen Abass.

A copy of the investors’ petition obtained by THISDAY showed that before seeking the House of Representatives’ intervention through Orogbu, the they 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) without much success.