Founder and Chief Executive of Mohaz Oil and Gas, Engineer Ojo Abdulkadir on has announced that the company is distressed but affirmed that it has begun repayment to smaller investors.
In a statement he issued on Wednesday, the Mohaz Boss empathized with all his investors and pleaded with them to bear with the company as it navigates this challenging phase.
He added that the company’s financial challenge started when it committed funds to some long term investments which are yet to yield dividends despite its expectations.
Abdulkadir also revealed that the company’s bank accounts were subsequently frozen as a result of the many petitions written against him and the company to law enforcement agencies.
He also submitted that personal accounts of all the company’s Directors too have been frozen making it very difficult for it to operate and even push out money for its operations.
He however assured that steps have been taken to ensure simultaneous repayment of investor’s funds, adding that his integrity and the good business relationship he has built over the years won’t be toiled with or be allowed to go down the drain.
The statement reads in parts: “I regret to announce to all investors of Mohaz Oil and Gas company that despite our good intentions and the mutually beneficial relationship we have enjoyed over the years, the company has fallen into distress but I assure you that it’s just a momentary setback and we would bounce back very soon.
“We made some investments which has not yielded any revenue due to challenges experienced not from our end but from the investment companies.
“Whilst I understand the pains you are passing through individually, I am assuring you all that payments will be made and I can confirm that smaller investors have started getting some payments back and we would ensure that all are investors are sorted as soon as we can.
“Our company’s account were frozen including those of other Director’s personal accounts and this has really affected our operations.
“We plead with you to be patient and wait to hear from us on the steps that have been taken to get the company afloat in due time.”
