TUNDE OYEDOYIN
Tunde Oyedoyin is a London-based personal finance coach and founder of Money Intelligence Coaching Academy, a specialist academy of personal finance. He can be reached as follows: +447846089587 (WhatsApp only); E-mail: tu5oyed@gmail.com
First things; one Caribbean artiste famously sang, “You cannot keep a good man down.” It’s one of my favourite tunes as the lyrics are a truism. I just wanted to mention that before the opening.
So, in typical Michael Buffer style, “let’s get the party started”, but with some breaking news, though. It is to inform you that I have more than ten thousand units of shares of a prominent company in the Federal Republic of Nigeria.
I’ve had the unenviable privilege of owning the stocks for more than ten years. They’ve only ever paid dividends once. I’m going to leave it there and use this piece of news only as a backdrop.
Now, here’s the thing. Prior to reading Segun Adeniyi’s piece on May 2, when I got it from a platform, I’d never heard of the just retired Anambra State Police Commissioner, Aderemi Adeoye.
One wouldn’t be stretching it to say that Adeniyi hung the former police commissioner on the cross. If you then juxtapose the article with Adeoye’s profession, you have a perfect candidate that looks the part of a fly by night Ponzi scheme operator who deserved the crucifixion. That was what I thought after reading what the respectable chairman of ThisDay editorial board penned.
Thus, the morning after the article went into circulation, I was really excited having flipped the remote to Arise News at shortly after eight for what should have been another day at the office for The Morning Show trio of Dr Reuben Abati, Rufai and Ayo. But then, it was announced that the police commissioner that Adeniyi had devoted his piece to was coming on air at 9 am. It was like hitting a home run for the Morning Show. Yours truly was never going to miss that segment. In fact, I was so excited about what was to come that I had to ensure my bum was glued to the living room floor throughout the duration of the interview.
Boy oh boy! As it turned out, it was more than worth its weight in gold. I’m going to leave you with three takeaways that dismantled Adeniyi’s piece.
Firstly, Adeoye said his investment club is not a Ponzi scheme. According to him, a Ponzi scheme is where they use the money of new members to settle old members. The retired police commissioner doesn’t run such a scheme that robs Peter in order to pay Paul. That was a game changer.
Secondly, and that was the reason for the breaking news I referenced as backdrop in the opening. Adeoye disclosed that in over five years of the club’s existence, they’ve always paid dividends every year. Goodness Lord! The prominent company whose shares certificate I hold haven’t paid a dime as dividends in more than five years on this same God’s planet earth.
Thirdly, Adeoye said the club has 1400 members and it was the 33 they expelled who went to town with allegations used in Adeniyi’s piece.
Despite the expulsion of the disgruntled members, Adeoye revealed that their entitlements are there for them to take away. Hope they cash in.
After listening to the retired police commissioner, not only am I so, so, proud of him as a model policeman, but also as an investor. Honestly, for putting smiles on the faces of 1367 happy members of his investment club for the past five years, he deserves a national honour. More importantly, you cannot put a good man down!
As for the club of 33, please take legal action if you feel cheated.
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