A Jos-based business leader, Okposio Samuel Williams, has revealed that his investment platform, My Kudi, generated significant returns and paid out substantial profits to investors before encountering financial setbacks that have now led to a major restructuring.
In an official statement, the Managing Director of Simplicity Concept Groups Nigeria Limited said that since its launch in 2021, My Kudi attracted hundreds of investors and delivered strong returns over the years, reflecting what he described as a period of sustained profitability.
However, the firm’s fortunes changed after it increased investor returns following a highly successful year. Williams admitted that the decision, though well-intentioned, did not align with changing market realities, leading to a gap between obligations and actual profits.
“As we tried to sustain higher payouts, the business began running at a significant loss,” he said, noting that efforts to stabilize operations—including plans to establish a Microfinance Bank—were stalled by the indefinite suspension of new licenses by the Central Bank of Nigeria.
With mounting financial pressure, the company has now halted interest payments and is moving to liquidate assets to repay investors. Williams assured stakeholders that an asset-backed recovery plan is already underway, with properties and other assets expected to be listed publicly for sale.
He added that reconciliation of investor records has commenced, with company representatives contacting each investor to verify capital contributions and outstanding balances ahead of scheduled repayments.
Legal authorities and advisors have also been engaged to ensure transparency and compliance throughout the process.
Despite the challenges, Williams emphasized that the move marks a restructuring phase rather than the end of the business.
“We remain committed to ensuring that every investor recovers their capital. This is a difficult moment, but we will honor our obligations,” he stated.
The development has drawn attention within Nigeria’s investment space, highlighting both the risks and returns associated with high-yield financial platforms.
