Chairman and Chief Executive Officer (CEO) of Cashflowabi Network Ltd. Engr. Philemon Gora has appealed to clients of his company to be calm as their investments are safe.
"May we...state that contrary to speculations from some quarters, we have no intention to defraud anyone. We reassure you that your investments remain safe and secure and will be paid as soon as we sort out all issues relating to regulations," Gora assured.
Cashflowabi, a fund manager has suspended operations in last one-and-a-half months following what it called "interventions of regulatory agencies".
The company's accounts with commercial banks have been frozen.
Gora in a statement to clients explained, "The company is hereby mandated to reorganise and restructure its modus operandi in adherence to government policies and regulations. This requirement, though a hurdle is in the best interest of our customers."
He lamented that with emergence of wonder banks, the attention of security agencies has been on financial institutions.
The CEO appealed to customers, "We therefore restate our resolve and obligations to you and crave your understanding and patience as we are working round the clock to acquire all relevant documents and licences needed for a smoother operations."
Gora has through his scholarship scheme alleviated poverty for many in his local area in Kaduna State.