Here is an email thread concerning the payout challenges. For full update concerning payments, CLICK HERE.
Email #9: Update Concerning Your Payment
Yes, you have every right to be upset. Having your money stuck in an investment firm is indeed frustrating.
I’m not here for tales. I simply want to explain why and how you MUST be paid all you’re owed in the following months to come.
I decided to do it via a 6 minutes video.
CLICK HERE to watch it on YouTube.
My sincere apologies once again.
Email #8: Payment Should Begin This Month Plus Other News
Every day I do business in Nigeria, I become more convinced that the system is built to frustrate its citizens.
After waiting for about a week to be served with a court summon (the document you receive when you’re to show up for legal defence), our lawyers attempted to get a court order to unfreeze our bank accounts.
Unfortunately, the High Court Abuja stated that we should bring a “Clearance Letter” from the EFCC.
As you can guess, EFCC is stalling. The politics around this case is quite aberrant.
Anyways, when we’re served the court document, you’ll be first to know.
So for now, we’re on standstill.
However, it is silly to depend on the broken system. That’s why we initiated another alternate business model last year.
The alternate stream should pay anytime between 26th February to 5th March.
Payments would resume in the following order:
1. Investors who are yet to receive payment from last December.
2. Shareholder dividend for 2020 last quarter.
3. Whatever is left would be used to begin payment to investors who requested full liquidation.
Once again, apologies for this catastrophic situation.
I would continue to do everything within my power to resolve it.
Regards.
Email #7: Court Update, It's Looking Good!
I intended to give a detailed update on our legal modalities at the end of the entire process. However, Lionbrand team has received hundreds of enquiries on the court outcome.
On Monday 18th, January 2021 we had our first legal fray at the Court of Arbitration.
Arbitration is actually a form of alternative dispute resolution. That is, a way to resolve disputes outside traditional courts (Magistrate Courts, High Court, Court of Appeal and Supreme Court).
After both parties spent several hours in resolution from Monday to Wednesday, we came to a resolution with our regulatory body. Though we got fined for operating an account without BVN.
It was later revealed that an influential individual leveraged our regulatory body to poke us. I would reveal more during our next live session.
So, though our regulatory body is off our backs, we have an individual to contend with before the court can re-open our bank accounts.
Contending with the government can be scary, but contending with an individual shouldn’t be tough. So, we’ve more confident that we would win this case if it gets to a traditional court.
When our team receive the necessary court documents we would broadcast it to all investors to blot out any form of doubt.
N.B: We’re aggressively working on our alternate stream of income independent of the court actions.
As for those who decided to liquidate and terminate your contract, your payout is pending on when our accounts would be opened (which can be next week) OR when our alternate stream of income start paying off in February.
I personally want to apologise once again for the financial stress you’ve gone through so far. It should be over soon.
Happy New Year from Team Lionbrand.
Email #6: Here Are Super Important Highlights from Our Virtual Meeting
Heya, compliment of the season.
Our scheduled meeting on Friday 18th, Dec’20 was pretty effective due to the two-way communication.
I explained the entire ordeal in about an hour. CLICK HERE to watch the recorded meeting or simply read the highlight below.
Highlight 1: Lionbrand Management
A couple of Lionbrand management staff have been relieved of their duties. Also, we’ve consulted with a new advisor specialised in fintech lobbying. Our customer support has is now more effective.
Highlight 2: Pending Payment
90% of investors who initiated withdrawal between 12-15th have been paid. However, if you do not receive payment by today, Monday 21, Dec’20, then please you’ll be patient till January as our reserved account is under restriction.
Highlight 3: Account Restriction Update
As stated in the meeting, our court appearance is on 18th Jan’21. On that date, we would know the exact time the account restriction would be lifted.
Highlight 4: Distortion in Business Model
Due to the unfortunate situation, our business model is distorted. We currently do not have the capital to trade in any financial market in yielding profits. Generating new money has become quite challenging. However, we have deliberated on a number of payout solution.
Highlight 5: Payout Solution
After intense evaluation, we’ve arrived at a resolution that every investor would determine what happens to his/her investment. Here are the options:
A. Liquidate & Terminate: An investor can choose to terminate his/her investment with us. Only your investment capital would be paid to you. So, your previous payout would be deducted from capital and the balance would be paid to you when our bank account is unrestricted next year. FinMarket investors with over 4 months of investing, may get extra profit added to their liquidated capital.
B. HoldOn for a While: An investor can choose to wait for his/her payout after a while. Due to the fact that our business model has been distorted, we want to request 4 months to implore another stream of income (our agro-business system). After which, you’ll be paid all the missing months.
C. Hold Till Final Date: An investor can choose to wait for his/her payout on the final date. If you choose this option, your full capital+interest would be paid on the final day of the investment period.
CLICK HERE to fill the form to select your preferred investment status.
Use this SECOND LINK in case the above link does not load properly.
You’ll get a personalised email on a later date concerning your choice of investment status.
Best Regards.
Email #5: I Want to Have a Live Meeting With You
⏺ Payout Delay
I earlier sent an email to inform everyone who withdrew before 12th that payment from our offshore account was successful. Alas, our account department observed that Providus and Access bank users haven’t received theirs, we’re working on that.
After taking my time to explain the whole issue in order to avoid panic, some dismal investors approached CBN to complain of our inability to pay and even went ahead to show our entire email thread.
Of course, CBN already knew our accounts were on hold. Thus, they began investigating our “new” offshore account.
I was taken into custody for questioning yesterday morning concerning using an offshore account which was not registered with our governing body. I got released a few minutes ago. Effective immediately, our offshore account has been frozen too.
⏺ My Verdict
Providus and Access bank users who withdrew before 12th would be cleared soon. Also, 90% of investors who withdrew between 12th -15th have already been paid. They should expect it in their account within 3-4 working days.
To be honest, I’m done trying to help out. I’m completely done. After liquidating a huge portion of my personal asset to continue payout, some investors still think we’re intentionally holding their money.
On Friday 18th, December’20, Lionbrand team would be having a video conferencing with you by 12PM so we discuss the way forward.
You’ll get a Google Meet link some hours to the meeting time. I know you’re upset, my deepest apologies. See you on Friday.
Regards.
Email #4: Everyone Has Been Paid + Important Payment Update
As of today, everyone has officially been paid from our end. Although, some may not have received it in their bank accounts.
When our governing body halted our bank account, they requested we inform all investors that payout has been halted indefinitely, which we somewhat did.
Unfortunately, their audit has been on for a while and our investors depend on our payout. So, we applied for our reserved funds which arrived on Friday 4th, December’20.
Our bankers succeeded in channelling the reserved funds to an offshore account where we would initiate all payments from now henceforth.
Unfortunately, offshore accounts payment is made through NEFT (NIBSS Electronic Funds Transfers) which can take up to 72 hours to arrive at the destination.
If you haven’t received all pending withdrawals by the end of today, email [email protected]
Our portal would be open for new withdrawal on 12th December’20.
Have an excellent day.
Regards.
Email #3: I've Goodnews
After the last email, we ran a quiz and paid investors who initiated payout earlier.
Thus, 75% has been paid.
Our reserved funds just arrived a few minutes ago.
Next week we would do the currency conversion and pay every pending withdrawal request.
Also, we would open the portal for new withdrawals next week.
Though our primary bank accounts are still closed, the reserved funds should last till the storm is over.
Apologies for the deep inconvenience caused.
Regards.
Email #2: I Need Your Help Deciding How You Get Paid
As I promised in my last email, my team and I are using every available arsenal to resolve this issue.
For over five years, Lionbrand Invest has successfully paid investors without delay. Dear esteemed investor, this is a temporary setback, it would definitely pass.
Update on the Audit
Our advisors with top government connections have succeeded in tracking why SCUML decided to suddenly audit our accounts. As we speak, we’re working on eliminating the root of the problem. More details would be shared on a later date.
Update on Payment
All pending payment from 15th to 19th have been paid.
Lionbrand Invest has applied for our reserved backup funds as earlier stated. Also, I’ve liquidated a portion of my personal asset to ensure I pay investors pending when our reserved funds would arrive on 4th December 2020.
The asset I liquidated wouldn’t be enough to go round. So, my team want you to decide the payout system we should adopt between the two options below:
A. Pay investors who withdrew earlier fully, then pay others on 4th December.
B. Pay every investor half their withdrawal amount, then complete payment on 4th December.
CLICK HERE to vote live.
After 24 hours, I’ll announce the result and make payments immediately.
My Promise
I’ll personally call all 1,307 investors awaiting payment. I’ve super important things to do but, I want you to know I’m really pained and embarrassed by this issue. I’ve barely slept in 5 days.
Don’t forget to vote using this link: https://lionbrandinvest.com/payupdate
Regards.
Email #1: Our Payout Challenge and the Solution
Hello Esteemed Investor, my name is Lovemore Leonard, the MD at Lionbrand Invest.
I had to cut my vacation short to inform you of the current challenge with our payout and how we’re solving it.
The Challenge
Lionbrand Invest got a notification from our national governing body that our bank accounts would be temporarily paused for auditing.
It was scheduled to take place from 20th – 24th November’20. Unfortunately the audit process still ongoing.
Impromptu Governmental audits occur when an SME company revenue crosses ₦100 million and above.
The Solution
1. Our senior advisors with top-level connections in government are currently working on fast-tracking the audit.
2. If our first solution delays beyond than 48 hours, we would apply for our offshore backup funds. These funds are reserved to pay investors in case of any unprecedented issue like this.
My Apology
I’m also sincerely sorry for the lack of communication by our customer care desk. We’ve received thousands of emails and an overwhelming number of calls to this regard.
Please relax, we’re on top of this situation.
Apologies for any inconvenience caused.
Regards,