Disgruntled Elements Spreading False Claims,’ Says Adeoye


Reacting to the petition, Adeoye said that the claims were unfounded and that the petitioners needed to provide proof.

Speaking on the investments allegedly shrouded in secrecy, the commissioner said nothing was shrouded in secrecy as all members were carried along in the transactions safe for the frw who could not be bothered to read updates posted in the Club’s Forum from time to time.

He stressed that all the companies where investments were made exist.

“Sujimoto on Banana Island, we bought the Seventh floor of a high-rise building for N1.79 billion; so far, we have paid approximately N1 billion, and the apartments are to be sold for N4.9 billion. It’s still being constructed,” he said.

“Adron Homes is a popular company in Lagos and popular all over the country. Most of our purchases are with Adron Homes.

“We bought plots in Abuja Manhattan Estate. We bought a total of 400 plots. In Shimawa Cape Town Estate, behind Redeemed Camp on the Lagos-Ibadan expressway, we bought 600 plots at N750,000 per plot. A plot is now selling for N12 million.

“In Ibeju Lekki, we bought from the same Adron. We bought a total of eight plots at N10 million per plot in 2018. Today, a plot is N100 million. Of course you can verify everything I’m telling you; that’s why I’m mentioning numbers, locations, and prices.

“We also bought 25 plots in Bridge Estate. We bought at N2.5 million in 2019. Today, a plot is worth N25 million. We have about 1000 plots in Port Harcourt, near the international airport.

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“We christened the place ATIC City, and we bought from Revolution Plus Properties in Lagos at N600,000 per plot. A plot is close to N2m today and so on and so forth. We have assets all over the place.

“The allegations that the club is a Ponzi scheme is unfounded. A Ponzi scheme is when you collect money from newcomers to pay old members. We don’t do that.

“When a new set of members join us, the money they invest in buying the club shares is applied to pay for lands that we’ve already bought and for which payment is still ongoing.”

Adeoye said the dividends paid to members annually are generated from financial instruments such as the stock market, the forex market, and other financial markets. We also earn from the Club’s loan scheme and Commissions earned from land auctions and Stock Exchange Sessions.

“Since 2018, we have paid dividends every year without fail. Last year, we declared an N85 million naira dividend; a year before, it was N83 million; a year before, it was N56 million; a year before, it was N26 million; and the first year, it was N10 million.

When asked to address the concerns about a lack of administrative support raised by the petitioners, Adeoye said, “It is very funny and strange when members make such a claim because it means members are not conversant with our investment model”.

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“We don’t have any employees; we don’t pay salaries; we don’t have an office; we don’t have a generator to run; we don’t have any official car; we run on a zero-expense model; everybody is a volunteer; all of us are investors,” he said.

The police commissioner said the petitioners had been expelled from the club on account of “gross misconduct”.

“When members are expelled for misconduct, they will leave our lounge and be added to the Exit Lounge For settlement of their claims. We have an exit lounge where anyone who wants to leave or is expelled is added to by invite,” Adeoye added.

“This renegade group refused to accept the invitations so that they can create the impression that they are being scammed.

“Over 70 members who left voluntarily due to economic downturn are in the group and we are processing settlement of their claims.

“These ones can be advised to make themselves available to the exit lounge and follow due process.”

Adeoye added that some 1400 “satisfied” members of the investment club are currently writing a counter petition to prove “that those who signed the petition you have are disgruntled elements expelled for criminal activities”.

“These are the facts and we have all the necessary evidence to prove,” he added.

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