Chinmark Group Reemerges After Two-Year Silence Following Investor Scandal

After a two-year disappearance following a high-profile financial scandal, Chinmark Group made a surprise return on Wednesday, resurfacing on social media to make its first public statements since 2022. This marked the company’s first communication with the public since it was accused of withholding billions of naira from thousands of investors.

Chinmark, previously a prominent Nigerian investment firm, attracted significant media attention in 2022 after it failed to return funds to its investors, leaving many Nigerians in financial distress. In its Wednesday Facebook post titled “A New Dawn for Chinmark Group,” the company declared its return with a renewed commitment to its mission.

“We are back, stronger and more dedicated to our mission of creating impactful solutions and empowering communities. With fresh vision and renewed commitment, we’re building a brighter future — together. ‘Ad astra per aspera’ — Through hardships to the stars. Join us on this journey. The future awaits!” the post read.

The company’s initial announcement at 12:03 p.m. was soon followed by two more posts at 2:57 p.m. and 3:16 p.m., respectively, urging the public to “follow us as we build a brighter future through global investments and community empowerment.” Despite the posts, Chinmark locked the comments section on its Facebook page, though the posts quickly drew thousands of reactions.

Further investigation revealed similar posts on the Instagram account of Marksman Chinedu Ijiomah, Chinmark Group’s Chief Executive Officer. Observers noted that the UK contact number listed on Chinmark’s Facebook page matched one from Ijiomah’s Instagram profile. Additionally, a screenshot shared by a Facebook user showed an alleged offer from Ijiomah promoting a Chinmark investment opportunity: “Your N10m gives you N480,000 monthly in Chinmark partnership. Let me be your manager 09084442018.” However, attempts to reach the listed number led to an automated message indicating the line had been barred from receiving calls.

Chinmark’s Troubled Past

Chinmark’s return brings back painful memories for many investors. In March 2022, the company came under fire after thousands of investors claimed they hadn’t received promised returns, with some, like a woman known as Nuella, reportedly losing family savings worth up to N30 million. Nuella, one of roughly 5,000 affected investors, tragically passed away in April 2022 due to the financial and emotional impact.

The company’s legal troubles began as early as December 2021, when the Securities and Exchange Commission (SEC) issued a warning, identifying both Chinmark Group and its associate, FINAFRICA Investment Ltd., as unauthorized and unregistered entities. The SEC blocked Chinmark’s bank accounts, stating, “Neither FINAFRICA Investment Limited nor Chinmark Group is registered by the SEC, and the investment schemes promoted by these entities are not authorized.”

Despite assurances that payments would resume by March 19, 2022, Chinmark failed to deliver on this commitment. In late March, sources indicated that the CEO might have planned to flee without returning the funds. Allegations also surfaced that certain officials in Enugu State, where Chinmark’s headquarters were based, were obstructing attempts to hold the company accountable. By August 2022, many investors had lost hope of recovering their investments.

To date, there is no confirmed evidence that Chinmark has repaid any of its investors.