Oxford International Group (OIG) has refuted allegations of defrauding its clients and partners through its various investments.
The Group Head of Corporate Communications, Oxford International Group, Benjamin Sarumi, while reacting to social media trolls of defrauding clients and investors, said the company, which existed since 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 the Security and Exchange Commission (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.
Recall that 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 license.
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 instead of their funds.
