TheCable

PiggyVest, an online savings platform, has denied investing N2 billion in an alleged scam involving Imagine Global Solutions Limited, a micro-lending company.

There have been rumours on social media that the company lost investment in the scheme, but PiggyVest denied the insinuation, assuring customers that their funds are “safe and secure”.

According to a statement on its website, Imagine Global Solutions Limited (Imagine Lenders) claimed that it is licensed and duly registered to operate microfinance institution in Nigeria. A claim TheCable found to be misleading as the company was not listed among licenced microfinance institutions by the Central Bank of Nigeria (CBN).

The company said it operated for four years with coverage in 19 of the 36 states in Nigeria with 90,000 customers — offering loan disbursement between 10,000 and 100,000 for a 30 – 40 day cycle.

Reports and social media posts also alleged that one Bamise Ajetumobi and Elizabeth Ajetunmobi, his wife, the founders, fled with billions of naira belonging to their investors.

Reacting to the rumours, PiggyVest, in a statement sent to its customers on Monday, said it never invested in Imagine Global.

It assured customers that their funds would never be compromised, adding that they should disregard the rumours.

“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.”