Marksman Chinedu Ijiomah and his Chinmark Group has been accused of operating a fake investment scheme, TheMomentng reports.
Marksman Chinedu ijiomah, the Chairman/President of Chinmark, under which one of its subsidiaries (FINAFRICA INVESTMENT LIMITED) operates an investment scheme, uses the power of his huge Facebook followership of over 300,000 to advertise his companies and activities, as shown in a cursory look at his social media wall.
However, according to a statement made by the Securities and Exchange Commission, FINAFRICA INVESTMENT and its parent firm Chinmark Group are accused of running an illegal investment scheme, and anyone doing business with the company does so at their own risk.
Given the recent increase in Ponzi investment scheme activity, which has resulted in many people losing their life savings to scammers, many people believe the SEC’s warning shot is appropriate.
The statement reads: “The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an Illegal Operator (FINAFRICA INVESTMENT LIMITED). The Company claimed to be an Investment Company that engages in Business Development in Commercial sectors of the economy and uses the funds in entities under Chinmark Group.
The Commission hereby notifies the investing public that neither FINAFRICA INVESTMENT LIMITED nor Chinmark Group is registered by the SEC and the Investment Scheme promoted by these entities are also not authorized by the SEC.
In view of the above, the general public is hereby WARNED that any person dealing with the within named Company in any capital market related business is doing so at his/her own risk.”
Mr. Ijiomah is not well-known in the media, but his admirers frequently preach about his numerous acts of generosity and philanthropy. He was recently reported to have gifted a woman N500, 000 after his convoy splashed her with water.
There are other records of his acts of compassion toward those in need, especially street hawkers.
As of the time of posting this story, neither Chinmark Group nor its Chairman, Marksman Chinedu Ijiomah, had issued an official reaction to the claim.