The management of Oak and Timber Resources Limited has accused an Abuja-based businessman, Adama Adama, of fraud to the tune of N594,441,201.
According to the directors of Oak and Timber Resources Limited, Uzoma and Onyinye Ofong, who are a couple, Adama Adama, of Viable X Agribusiness Limited and Farm4Me Agriculture Limited, invited them to invest in his business in June 2020 and promised a profit return on their investments.
Onyinye, while speaking in Lagos, said after Adama introduced her and her husband to his investment schemes, and that they marketed the schemes to their friends and family members, who invested.
She stated that total amount invested by the couple as well as family members and friends they introduced to the schemes is N594,441,201, just as Counsel to the couple’s company, Blessing Ahmed, urged the Economic and Financial Crimes Commission (EFCC) to charge the case to court.
Onyinye said, “We started investing in the schemes introduced by his company on September 30, 2020. The investment was structured in such a way that we invested periodically, and Mr Adama acted as our direct account officer.
“We sourced funds from friends and family members and invested in the schemes provided by Adama’s platforms. Out of the money invested in the schemes, his company paid some of it, including the return on investments. But when Adama started missing the payout, we asked him and he said we should roll it over because the time had elapsed, and we agreed.
“In April 2021, Adama, through his companies, told us that they were reviewing the percentage returns and gave us three months to pull together funds to do a final investment on the old percentage before the new percentage takes off. So, we invested at the end of April 2021 at the old rate.
“The capital we invested that is still outstanding that Adama has not paid us is N594,441,201. But if we add the return on investment to it, it will amount to N848,498,450.
“We want security agencies, particularly, the Economic and Financial Crimes Commission, where the case is being handled to prosecute Adama so we can get our money back,” Onyinye said.
Her husband, Uzoma, said one of the investors died because of their inability to access funds invested in Adama’s companies.
He said, “A lot of these people (investors) are people that are close to us and over 25 years relationships have been ruined. There is a woman who invested N50m meant for her children’s school fees through us into Adama’s platforms without informing her husband.
“The woman said she was not sure that the marriage would continue because her husband felt bad and kept asking how she invested N50m of the family’s money without his knowledge.
“I can tell you that it is only God that has kept me and my wife alive because the pressure coming from people is unimaginable. As I speak, we lost my wife’s only brother, Okechukwu Amaefule, to a serious ailment; we could not get the money he invested to treat himself.
“A lot of these people don’t believe that the money they gave us, we invested it in Adama’s companies.”
Counsel for the couple’s company, Blessing Ahmed, further said, “After writing petitions bordering on fraud, diversion of funds, and receiving money under false pretences against Adama Adama and his companies to security agents, including the EFCC, on January 17, 2022, my client sent us a mail indicating that one Napoleon Chambers sent a mail stating that it had on behalf of Adama’s companies petitioned the EFCC, DSS and other security agents.”
Ahmed said the petitions the chambers wrote stated that the accounts of Adama’s companies were hacked, adding that it was why they were unable to pay investors.
“So, they wanted the security offices to wade in so there won’t be a threat on their director’s lives and property. But on January 27, when we wrote a counter-petition to those offices they petitioned, we were told they never received their petitions and that they would only be treating our petition.
“Sometime in March, the EFCC, while acting on our petition, called us and began an investigation. We kept following up with the EFCC and on June 27, 2022, we got a call from the EFCC that Adama was with them, and that same day, we booked a flight and travelled to Abuja. During the interview at the EFCC’s office, Adama denied receiving N594, 441, 201 from my client.
“So, the EFCC told both parties to print out bank statements and the bank statements of my client indicated that the amount stated was paid into Adama’s account. The meeting was held on June 28, 2022, and Adama later agreed to pay N100m in three weeks in July 2022, but didn’t pay any money till date. When we didn’t hear anything, we spoke with the EFCC’s representative who told us that Adama only dropped a bank draft of N1m. We want the matter taken to court.”
Contacted by The Punch, counsel for Adama, S.O.S. Napoleon, who confirmed petitioning security agents on behalf of the businessman, said his client was not a fraudster.
He said, “The name (Adama) you mentioned is my client and I have a retainership agreement with that person and we are currently rendering legal services.
“I am also aware of the issue you raised and upon instruction, I had to write to some agencies in Nigeria. I am also aware that a barrage of litigations is in court and I may not be detailed enough to your satisfaction. Based on the information available to me as a lawyer, my client is not a fraudster and has not defrauded any person.”
Adama could not be reached for a reaction on his phone numbers, which were switched off when The Punch’s correspondent attempted to reach him, according to the newspaper’s online report.
The spokesperson for the EFCC, Wilson Uwujaren, reportedly told The Punch, “I need to find out first to be able to respond to you.”
