Abake Oshioda (pseudonym), a resident of Lagos State, has accused Stelmat Nigeria Limited of withholding his N2 million for four years without any communication.
Oshioda told FIJ he had written multiple times to the company, requesting his capital and the interest they failed to pay since February 2020. However, he never received a response.
He explained that his issues with Stelmat Nigeria began in 2019 when he paid them N1.65 million for a Toyota Corolla. The agreement was that Stelmat would use the car for Uber services and return monthly profits to him.
The source’s statement of account shows a partial payment for the car
“Stelmat Nigeria confirmed my transfer and sent me hard copies of the car documents. Later on, we agreed they would pay me N120,000 monthly as an investor, but they only paid that amount once,” Oshioda told FIJ.
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A part of the source’s payment for the car
“Although they paid me about N70,000 monthly between July 2019 and January 2020, they still owe me N320,000. They admitted this in an email. I have tried to get my money back, but they seem unreachable,” he added.
Email from Stelmat Nigeria validating the source’s claims
Oshioda said that when Stelmat Nigeria failed to pay him, he requested the return of his car. However, the company said it would not be available.
According to Oshioda, the agreement allowed him to request his car after a year if he wished, as it was entirely his. Despite his request, Stelmat Nigeria did not return the car.
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“When I asked for the car, they said it wouldn’t be available, and I haven’t received it since then. Now, they are unreachable. I felt confident enough in 2021 to buy half a plot of land in Epe because they had partially paid me for my first investment. But they have not allocated the land to me to date,” he said.
When FIJ called Stelmat Nigeria on their official line, the call did not connect.
FIJ also emailed Stelmat Nigeria on January 28. They had not responded at press time.
The post Stelmat Nigeria Withholds Lagos Investor’s N2m Capital, Profits for 4 Years appeared first on Foundation For Investigative Journalism.