Published 10th May, 2022

By Mariam Hamzat

Investors in Emem Alban’s Pipminds International Ltd. are afraid of never recovering their funds from the forex trading company.

Pipminds first reneged on the contract it signed with its investors in February 2021, when it said it was having problems with its electronic payment platform. Since then, none of the investors have been paid.

In October, FIJ reported how Emem Alban, the company’s CEO, defrauded over 2,000 investors of billions of naira before going into hiding.

An investor who asked to simply be identified as ‘Omowunmi’ said some victims of the scheme had reported the matter to officials of the Economic and Financial Crimes Commission (EFCC) in Uyo, Akwa Ibom State, but no arrests had been made.

Omowunmi said she invested N1.9m in Pipminds after she was given an assurance that her money was safe.

“They assured me that nothing would happen to my money,” she told FIJ.

“The memorandum of understanding stated that if anything happened to the company’s trading activities, they would refund my money while the company bore the loss.

“Now, we, the victims, are worried that we may never recover our money again after the organisation stopped communicating with us in November, 2021.”

Joseph Benjamin, another investor, said his N2 million is still with the company.

“I have N2 million naira in investment with the organisation. When they asked us to verify our investment, I replied that same day with bank statements that showed I sent money to Pipminds as an investment capital,” Benjamin said.

“However, ever since a reply was sent to acknowledge my mail, they have not returned our money.”

Benjamin, like other investors, believes no one is talking about the forex trading company or their money anymore. He also believes his funds as an investor may never return to him.

Despite the verification exercise the company carried out on its investors in November 2021, there are no signs that payments will be made anytime soon.

The company’s social media pages have since been inactive and phones have been turned off.

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