Hello all.

This is a bit lengthy but I hope you read through and drop your 2 cents, thank you.

Between 2008-2010, my dad invested a total of 10 million naira in the Bankers Acceptance Scheme run by Profund Securities Limited. I believe the investment scheme was for an initial period of six months, but he kept rolling it over. Trouble started when he made efforts to get some of funds when we were faced with a flood situation in 2013 and he was told that the company was facing threats of liquidation. After exerting a lot of effort, he was able to recover 3 million naira from the company. Between 2013-2015, all other efforts to recover the remaining funds were futile and he resigned to fate.


I have not been able to wrap my head around how this has a semblance of organised crime and I decided to make some efforts.
Last year, we visited their office address at 4, Idowu Taylor Street, Victoria Island. On getting there, we were told that they moved from that location about 5 years ago without leaving any details of where they were moving to. In fact, the security officer told us that many others like us had come looking for them; some with military officers, only to be told that Profund Securities was gone with the wind.


We came across another address on the internet that identified their new location as Alausa Shopping Complex. We went in search of them only to be told that they had moved about two years ago, even though some of their office equipment were locked up in the office.

We sent a complaint to the Securities Exchange Commission in January, using the contact form on the website but we are yet to get a response. It's hard to let this go as I would really love to see that my dad and many others like him get some closure—and their money back.

I have asked around, with the hope that someone somewhere can help with ideas on how to recover the funds. My dad never engaged in shady business all through his 30 years of service. It hurts to see that his gratuity didn't exactly yield fruit (blame it on not being financially thorough¿) as the business he set up failed and the investments he made seem to have dissipated into nothingness.

1. There are highly influential people who served as the company's board of directors. What is the role of board of directors in this case?

2. Can they be held responsible in light of eventual happenings?

3. We would really appreciate any tips or contacts that can help us recover the funds.

4. I understand that they were delisted by SEC some years ago. In spite of this, is there any law in place that can help us recover the funds?

P.S: Kindly ignore my emotional sentiments. I'm doing this solely for my dad. Questions are welcome and I'm willing to provide any documents as proof.

Comments and advice will be well appreciated. Many thanks.

pulsatingpen:
Hello all.

This is a bit lengthy but I hope you read through and drop your 2 cents, thank you.

Between 2008-2010, my dad invested a total of 10 million naira in the Bankers Acceptance Scheme run by Profund Securities Limited. I believe the investment scheme was for an initial period of six months, but he kept rolling it over. Trouble started when he made efforts to get some of funds when we were faced with a flood situation in 2013 and he was told that the company was facing threats of liquidation. After exerting a lot of effort, he was able to recover 3 million naira from the company. Between 2013-2015, all other efforts to recover the remaining funds were futile and he resigned to fate.


I have not been able to wrap my head around how this has a semblance of organised crime and I decided to make some efforts.
Last year, we visited their office address at 4, Idowu Taylor Street, Victoria Island. On getting there, we were told that they moved from that location about 5 years ago without leaving any details of where they were moving too. In fact, the security officer told us that many others like us had come looking for them; some with military officers, only to be told that Profund Securities was gone with the wind.


We came across another address on the internet that identified their new location as Alausa Shopping Complex. We went in search of them only to be told that they had moved about two years ago, even though some of their office equipment were locked up in the office.

We sent a complaint to the Securities Exchange Commission in January, using the contact form on the website, but we are yet to get a response. It's hard to let this go as I would really love to see that my dad and many others like him get some closure—and their money back.

I have asked around, with the hope that someone somewhere can help with ideas on how to recover the funds. My dad never engaged in shady business all through his 30 years of service. It hurts to see that his gratuity didn't exactly yield fruit (blame it on not being financially thorough¿) as the business he set up failed and the investments he made seem to have dissipated into nothingness.

1. There are highly influential people who served as the company's board of directors. What is the role of board of directors in this case?

2. Can they be held responsible in light of eventual happenings?

3. We would really appreciate any tips or contacts that can help us recover the funds.

4. I understand that they were delisted by SEC some years ago. In spite of this, is there any law in place that can help us recover the funds?

P.S: Kindly ignore my emotional sentiments. I'm doing this solely for my dad. Questions are welcome and I'm willing to provide any documents as proof.

Comments and advice will be well appreciated. Many thanks.

Your best course of action would be to look for the Managing Director or the Chairman of the company and go after him legally in his personal capacity.

The downside is that you will still need to spend money!

SavageResponse:


Your best course of action would be to look for the managing Director or the Chairman of the company and go after him legally in his personal capacity.

The downside is that you will still need to spend money!

The money and the time it could take is very discouraging. We'll weigh our options still.
Thank you very much

pulsatingpen:


The money and the time it could take is very discouraging. We'll weigh our options still.
Thank you very much

This is what you should do:

Go online and search for the name of the company and related parties

Go to the following portals and conduct searches
+ Corporate Affairs Commission,

+ Securities and Exchange Commission,

+ Federal Inland Revenue,

+ Nigeria Stock Exchange

The business they were doing requires that they file statutory returns.

If you're able to get a copy of their audited financial statements it will have a list of members of their Board of Directors

Once you have a list of their Board members you can do a search on each member to find out his current activities.

Your strategy would be to identify a member who stands to loose the most if the fraud the company committed becomes public.

Go after him with a good law firm which has experience in company liquidation and receivership. (Engage them with a small retainer between 50 - 100K then agree to give them about 20% to 50% of any amount that is recovered)

Also remember that the amount your father is being owed qualifies for interest at commercial bank rate for all the years the money was outstanding, this rate ranges between 19% - 28%

He will either assume liability for your father's funds or point you to where the Managing Director is 'hiding'.

For you to achieve positive results you have to be ready to make a big stink.

Good luck!

SavageResponse:


This is what you should do:

Go online and search for the name of the company and related parties

Go to the following portals and conduct searches
+ Corporate Affairs Commission,

+ Securities and Exchange Commission,

+ Federal Inland Revenue,

+ Nigeria Stock Exchange

The business they were doing requires that they file statutory returns.

If you're able to get a copy of their audited financial statements it will have a list of members of their Board of Directors

Once you have a list of their Board members you can do a search on each member to find out his current activities.

Your strategy would be to identify a member who stands to loose the most if the fraud the company committed becomes public.

Go after him with a good law firm which has experience in company liquidation and receivership. (Engage them with a small retainer between 50 - 100K then agree to give them about 20% to 50% of any amount that is recovered)

Also remember that the amount your father is being owed qualifies for interest at commercial bank rate for all the years the money was outstanding, this rate ranges between 19% - 28%

He will either assume liability for your father's funds and point you to where the Managing Director is 'hiding'.

For you to achieve positive results you have to be ready to make a big stink.

Good luck!

I've been able to get a list of the Board of Directors. Will follow through on all that you have advised. We were initially thinking along the lines of letting go of accrued interest, but with this, we'd definitely go all the way.

This is super helpful!