PiggyVest, an online savings platform, has denied accusations that it invested N2 billion in a purported scam involving a microlending firm called Imagine Global Solutions Limited.
There have been rumors on social media recently that PiggyVest lost money on the scheme, but the firm has refuted the allegations, assuring clients that their money is “safe and secure.”
Imagine Global Solutions Limited (Imagine Lenders) claimed on its website that it is licensed and fully registered to operate a microfinance institution in Nigeria. The company was not included among licensed microfinance institutions by the Central Bank of Nigeria, therefore this claim is untrue and deceptive (CBN).
The organization claimed to have been in business for four years, serving 90,000 customers in 19 of Nigeria’s 36 states and disbursing loans between $10,000 and $100,000 on a 30- to 40-day cycle.
There are allegations that the founders, Bamise Ajetumobi and his wife, Elizabeth Ajetunmobi, escaped with billions of naira belonging to their investors.
PiggyVest, in a statement emailed to its customers on Monday, denied the claim and stated that it had never invested in Imagine Global.
Customers were assured that their cash would never be compromised, and they were advised to avoid rumors.
“Please ignore any news about PiggyVest losing customer funds to IMG,” the statement reads.
“No PiggyVest customer funds are in “IMG”. Customer funds are only invested in asset-backed instruments like commercial papers, bonds, fixed income notes, etc.
“With over N250 billion returned successfully to customers, Piggyvest has never and will never compromise the funds of any customer in any way. All Piggyvest customer funds remain safe and secure as always”.
