Reliance 360: Investors warn of fraudulent schemes under guise of Islam

Reliance 360 team

A group of aggrieved investors of Reliance 360 and its affiliated companies have warned the Nigerian Muslim community and the larger society to be wary of investment schemes masquerading as shariah compliant.

The aggrieved Investors who called on the leaders of the scheme to stop dragging the good name of Islam in the mud urged them to not only pay their investors but also tender an unreserved apology to everyone for not honouring their promise.

In a statement made available to News Hub Mag! the spokesperson of the group, Mallam Jibrin Raji, said this becomes imperative as the victims who feel defrauded include students, civil servants, shop owners, widows and even non-Muslims all of whom believe in ethical investment.

“However, recent events have shown that the scheme is nothing more than a self-enriching scheme to facilitate lavish life styles for the managers of the investment as seen in Abdullahi Abubakar Ogli, Abdulrahman Ahmad, Raula Garba (Mrs) and Abubakar Umar, among others, who are using investors’ money to engage in lavish life styles such as acquiring choice properties and embarking on expensive foreign travels,” he said.

The spokesperson who noted that the group had been on endless negotiations with the people holding on to their money which runs into hundreds of millions of naira said, “it is close to three months now since we began negotiations after the so-called Islamic investment agency refused to give us either our Return On Investment or capital for close to a year now.”

He noted that Reliance had earlier promised to commence payment in batches at the end of the month of May as agreed only to come up with excuses and conditions on the very last day of May.

Raji noted that instead of paying investors, the managers of Reliance investment, Reliance 360 and Reliance Cooperative prefer to lavish hard-earned money of investors on frivolous lifestyles and abuse of the Nigerian legal and judicial systems through lawyers without scruples.

He however noted that the management of Reliance can only prove the group’s accusations wrong by paying both capital and ROI to the people who entrusted them with their money as from this moment.

Efforts by this medium to get the reactions of the company proved abortive as the phone number (+2348039851795) on their website was switched off and text message sent to the number was not returned neither was there a response from the listed email on the website.


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