A sense of unease settled over Osogbo, Osun State, on Monday as residents who had invested in the Global Food Initiative gathered at the organization's office, only to find the operators had vanished. The initiative, which promised to provide food items at discounted prices, had attracted numerous residents who deposited various sums of money. However, when the operators failed to open for business, panic set in. Many residents had paid for food items, including rice, groundnut oil, and other essentials, to be collected at a later date.
One resident, Mistura, claimed she had deposited N300,000 into the scheme to purchase 11 bags of rice at N27,000 per bag. She explained that the maturity date for collection was usually one week after payment, adding that the 11 bags would have cost her N605,000 at the current market price of N55,000 per bag. Another investor, Olamide, said she paid N1.2m for various food items to be used for her stepdaughter's upcoming wedding ceremony. Olamide made the payment through a designated account, number 5287459667, bearing the name Global Food Initiative and domiciled in an online microfinance bank, last Monday.
The operators of the Global Food Initiative had commenced operations more than three weeks ago, telling investors that the initiative would run for six months. However, a radio presenter on a private radio station in Osogbo reportedly warned residents against the scheme on Sunday, causing panic among investors. This led to a huge crowd storming the organization's office on Monday, prompting the operators to flee. A woman deposited N35m for various food items, while another man showed a receipt of N10m.
The situation became chaotic, with some hoodlums attempting to break into the storeroom of the operators. However, police personnel were deployed to the scene to prevent a breakdown of law and order. The Osun State Police Command Public Relations Officer, Abiodun Ojelabi, confirmed that operatives were deployed to the scene to maintain peace. Ojelabi stated that there had been no report from those affected but that the police were monitoring the situation.
According to Ojelabi, the police began to identify that a company identified as Global Food Initiative had been collecting people's money, promising to subsidize food items while they paid in advance. The police are still waiting for someone to come and provide detailed information about the issue. The deployment of police personnel helped to prevent a breakdown of law and order, but the whereabouts of the operators remain unknown.
The Global Food Initiative had promised to provide food items at discounted prices, which attracted many residents who are now facing financial losses. The incident has raised concerns about the regulation of such schemes and the need for due diligence before investing. The police are urging anyone with information about the operators to come forward.
The incident has left many residents in a difficult situation, with some facing financial difficulties. The police are working to resolve the situation and ensure that those responsible are brought to justice. The incident serves as a reminder to residents to be cautious when investing in schemes that seem too good to be true.
Key points
- The operators of the Global Food Initiative disappeared with residents' money, leaving many with financial losses.
- The police were deployed to the scene to prevent a breakdown of law and order.
- The incident has raised concerns about the regulation of such schemes and the need for due diligence before investing.
