Celestial Television Network (CTN), an online TV channel of the Celestial Church of Christ (CCC), has warned its members against transacting business with Stephen Akintayo, an acclaimed investor, or any of his businesses.
In a Facebook post on Saturday, the network said it had been inundated with many complaints regarding Akintayo’s activities and those of his companies. CTN further revealed that the Securities and Exchange Commission (SEC) had recently flagged the activities of these organisations as illegal as they operate without authorisation.
“We would like to warn every Celestial member to avoid transacting any business with this man named STEPHEN AKINTAYO or any of his companies such as GTEXT HOLDINGS or GVEST INVESTMENT LIMITED,” CTN’s warning reads.
“We have been inundated with messages and complaints from Celestial church members with proofs of his illegal activities and those of his companies.
“Our research also shows that the Securities and Exchange Commission (SEC), the apex Nigerian regulatory body for capital markets, issued a public statement on their website and social media accounts on August 21, warning the general public against associating with or transacting with his companies as his activities are illegal and without approval or authorisation.
“Please don’t get scammed. Be guided!”
According to the alert published by SEC in August, Akintayo’s company under the name GVEST Global and its subsidiaries have been promoting unregistered investment schemes.
“The Commission hereby informs the public that neither GVEST GLOBAL nor any of the above named entities is REGISTERED by the Commission either to solicit investments from the public or operate in any capacity in the Nigerian capital market,” the Securities and Exchange Commission (SEC) stated.
“Investigations have revealed that GVEST GLOBAL has been actively promoted on social media platforms and online forums.”
The regulatory body further said that the companies are exhibiting characteristics similar to those of Ponzi schemes.
NGProbe has documented reports of Akintayo’s companies failing to deliver on their promises after collecting millions from clients. In one of the instances, it collected ₦2.9 million from a customer and only repaid after NGProbe’s intervention.
In another, a high-ranking official of Image Me Corporate Service, a consulting firm, accused Akintayo, CEO of GText Homes, of failing to honour a contractual agreement by refusing to pay the company a fee of ₦75 million despite persistent reminders.
The official said Image Me Corporate Service played a crucial role in assisting GText Homes in acquiring a substantial land parcel of over 200 plots for an estate in Isheri North, Ogun State, but on the ground that his company would be paid five percent of whatever the land owner would charge GText Homes, an agreement Akintayo failed to honour.
Source: NGProbe
