If you have heard of Sapphire Scents, then the name “Wale Jana” shouldn’t be strange to you.
Almost throughout last year, if you follow him on Instagram, Wale Jana shared on his handle, a certain investment scheme that involved people investing as high as N10million and at least N250,000 in his company and getting about 25% returns in 6 months.
For those who may not know, Mr Wale Jana is the CEO of Sapphire group, a company that produces its own undiluted perfume oils majorly. The company has diversified into other fashion items like wristwatches, human hairs, and sunglasses.
Well, recently some individuals alleged to have invested in Sapphire group have laid complaints about not getting back their returns nor their capital. This complaint reached the tables of popular Human Rights Activist, Mr Segun Awosanya, widely known as Segalink.
Segalink revealed that he had contacted Wale Jana and discovered that while deliberate fraud may not be conclusively imputed against his person, suggested by an apparent lack of ‘exit plan’ on his part, a lapse in judgement has occasioned a business crisis that has indeed put the monies of his investors at great risk.
Here is Segalink’s statement on the matter and how he perceives Mr Wale Jana:
ACTION ON MR WALE JANA (Sapphire Scent).
(Investment Debt and An Independent Action for Recovery)
I have, within the last few weeks, been inundated by calls and messages from worried citizens with unsettled investment claims against Sapphire Scent, a company owned by Mr. Wale Jana.
According to these claims, Sapphire Scent has refused or failed to make payments as due to investors per bargain, prompting suspicions of dishonesty and fraud on the company’s part.
Mr. Wale Jana, owner of the company, was equally accused of refusing to take the calls or reply the messages of concerned investors with his company, and is said to have allegedly blocked the lines of more than a few asking for their monies back.
I put a call through to him primarily to intervene on the behalf of those who reached out to me, but also from the need to give a hearing to his side of the story especially as the claims communicated to me against his firm aggregates into severe allegations of fraud.
My conversations with Mr. Wale Jana revealed that while deliberate fraud may not be conclusively imputed against his person, suggested by an apparent lack of ‘exit plan’ on his part, a lapse in judgement has occasioned a business crisis…
..that has indeed put the monies of his investors at great risk. Mr. Wale Jana attributed the difficulty faced with making due payments to his investors to a number of reasons that cannot be verified by my humble self except for the current impact of the coronavirus …on the global economy and rising uncertainties, but which nonetheless bespeaks the unbridled ambition of a young businessman for his company gone wrong.
The seriousness of this investment crisis is underscored by the sheer number of persons who have individually reached out to me over this crisis, and more of whom continue to do so.
Clearly, the investor’s interests come first and must be firmly addressed as no explanation can redeem Sapphire Scents from a covenant made with its investors and over which it is in gross breach.
There is, however, the need to approach the resolution of this matter with wisdom and restraint in a manner that prioritizes eventual full payment of investment capital and accruals to the investors.
I have, therefore, rationalized that the setting up of an independent strategic recovery process, involving neutral arbiters, will be beneficial to his investors and accelerate the recovery of their funds.
While this process will greatly help the investors recover their funds, it will cost Mr. Wale Jana a fortune. This cannot be helped as sympathy is not a legal tender in business transactions.
In any event, Mr. Wale Jana and his company, Sapphire Scent, will be opportune to redeem selves by systematically paying off the debts fully.
I strongly believe that if Mr. Wale Jana is willing to pay off his debts by submitting himself to an independent recovery process, the debts would be fully satisfied in due course.
This calls for good faith and action on the part of mr Wale Jana in much the same way the public invested in his business with their sweat and mites in good faith.
I, by this public notice, hereby give Mr. Wale Jana and his company, Sapphire Scents, seven (7) days to show commitment to, and accept, this proposal failing, which we shall proceed to commence a class action against his person and company …on behalf of aggrieved investors through the intervention of SIAF (Social Intervention Advocacy Foundation) @SIAF_NG and her retinue of legal counsel.
INDEPENDENT RECOVERY PLAN
1. Investment Claims Entry
We’ll be inviting all investors to send in details of their investment claims, capital & accrued interests, to a central data-base. Please note that for security reasons, investors are not to include their residential adds.
2.Verification of Investment Claims
All claims sent in will be thoroughly investigated by the neutral arbiters to determine the accuracy and veracity of stated claims, to wit, capital investments and accrued interests.
3.Report & Analysis of Debt Owed
A comprehensive report will be drawn up and analysed with regards to the investment debts of Sapphire Scents, and same will be made public for transparency purposes.
4. Valuation of Wale Jana & Sapphire Scents’ Assets
All business assets of Sapphire Scents as a legal entity and personal assets of Mr. Wale Jana will be thoroughly valuated for the following purposes;
a.Balanced Analysis of Wale Jana’s Assets & Debts to weigh up his debts against the value of his assets to determine sale.
5.Structural Sale of Wale Jana & Sapphire Scents Business Settlement of Investment Claims. We shall, with immediate effect after valuation, sell off all assets, tangible and intangible, of Mr. Wale Jena and his company, Sapphire Scents.
6.Settlement of Debts
All claims will be treated equally and settled against monies received from the sale of business assets of Sapphire Scents, and other personal and valuable assets & properties of Mr. Wale Janna.
While I understand that this process will be disturbing and devastating to Mr. Wale Jana, I believe there is no gain in living in luxury while others languish in pain from trusting you with their monies and appearing to lose same.”