• January 8, 2024

Super Advertis Fraud… Financial Regulators Clear Orange Money

Super Advertis Fraud…  Financial Regulators Clear Orange Money
Share on

Two of Sierra Leone’s key financial institutions have cleared Orange Money Sierra Leone (OMSL) of any wrong doing following allegation of conniving with a fraudulent company, Super Advertis to cheat the People of Sierra Leone.

OMSL still remains the country’s leading telecoms company which has been in business for eight years delivering honesty and quality its clientele.

In their press statements, Bank of Sierra Leone (BSL) and Financial Intelligence Units have been enticing individuals to invest in a secret financial scheme through mobile money platforms that accepts deposits from the public with a promise of getting back huge returns.

However, Super Advertis’ fraud, according to the press release, is not aided or abetted in any shape or form by OMSL. The rogue company independently conducts its business activities in its own name inflicting pain on the country for which punitive measures are sure to come.

The two financial institutions, at the moment, have   declared Super Advertis an unregistered and unlicensed entity and the public should not have business with them, and first was BSL.

“Bank of Sierra Leone hereby informs the public that it has not granted a licence to Super Advertis to conduct any financial activity…The Bank strongly warns the general public to desist from dealing/transacting with the said Super Advertis by way of any financial activity,” a portion of the press release reads.

BSL also urges the public to look for a display of a licence issued to Super Advertis in the premises of any financial institution before doing business with the company.

FIU has also taken similar action declaring Super Advertis a fraudulent and illegal company.

“Super Advertis has been engaging in unlicensed and unregulated financial services specifically using mobile money agents to accumulate “purported investment funds.”

Super Advertis’ fraud scheme shows that the company has no capital on their own, and is said to have engaged in a “PONZI SCHEME” that pays old investors out of money gotten from new ones. It is a scam.

“The scam which is believed to be a “PONZI SCHEME” operates by reimbursing existing investors from contributions made by new investors rather than legitimate profits from a lawful business enterprise,” an FIU press release also reads.

The intelligence agency also notes that many Sierra Leoneans are misled into believing that profits arise from legitimate business operations when, in reality, they do not. They originate new investors’ deposits.

FIU also called on the public to be cautious in dealing with individuals or institutions offering investment opportunities, and also urged them to do due diligence to ensure complete satisfaction with the nature and legitimacy of any business before engaging in financial investments.

Sierra Leoneans are also advised to have recourse to FIU or the appropriate authorities to report suspected dubious financial activities as the entity remains committed to safeguarding the interests of the public and maintain the integrity of the country’s financial systems.

As reports of fraud filter through the public threaten the peace and security of the state, FIU has assured the public that it would investigate with a view that the criminals do not have field day.

“FIU in collaboration with pertinent stakeholders is investigating suspected unlawful activities of Super Advertis,” The intelligence agency assures while applauding action taken by OMSL in restricting access to third-party accounts used by the suspected fraudsters.

An OMSL document seen by this press shows that the   rogue company has been using their agents to collect funds in the company’s name without authorisation for which rash measures have been adopted.

The fraudulent transactions have been halted by blocking the accounts of agents who went into business with Super Advertis and the matter reported to BSL.

From the accounts blocked according to OMSL, there is no indication that the money is related to Super Advertis transaction, but the agents are yet to be reached.

Embarrassed by the tight measures and restrictions, the fraudulent company has been making series of attempts to incite the public against the telecoms company for which OMSL has also issued stern warning.

Since its arrival in Sierra Leone in 2016, the company has taken great pride in ensuring honest investment and partners with only credible investors or business entities. OMSL’s business transactions have always been within legal confines.

A recent OMSL press release further stated that Orange Money agents, dealers and partners are restricted by the scope of their contractual obligations.

It notes that “we are obliged by regulation to take necessary action to mitigate such risk in the interest of protecting our customers,” the release reads in part.

The OMSL press release also indicated that customers who transact on the said website have been urged to contact agents through whom payment was made for refund processing if necessary.

Where an agent encounters challenges in their routine operations, they are aware of the operation to follow by contacting Orange Mobile Finance Back Office.

In its business operations, OMSL however does not ignore any company legally registered in Sierra Leone by way of partnership, but cannot do so with fraudsters.

In eight years of existence in Sierra Leone telecoms industry, OMSL has always won accolades from the country’s anti-graft agency for its zero-tolerance stance against corruption known for its ‘Tone at the Top’ principle.

Corruption, according to this principle, must be   fought first at top management for low cadre personnel to follow.

For the past three years, the company has been ranked high by the Anti-Corruption Commission for its compliance with corruption laws.

Within the sphere of environmental protection, OSL is also second to none as it has reduced its carbon emission countrywide to its barest minimum.

The company also takes credit for its sound corporate social responsibility from which many Sierra Leoneans have benefitted.

It is the first company in Sierra Leone to offer US$1.5m in support of education, an investment that has no equal anywhere in the world.

Its zeal for investing in education is never dampened even during life-threatening situations.

During emergencies particularly Covid-19, OMSL developed online learning platforms where students keep in touch with their tutors to prevent a teaching gap. The company has also helped various secondary schools in the country with computer labs and sanitary pads for girls.

Primary and pre-schools too have benefitted from OMSL’s gesture.

The company has constructed and equipped six early childhood development centres in five districts: Port Loko, Kambia, Moyamba, Pujehun and Bonthe and the schools are currently in full swing.  The company caters for a bright future of Sierra Leone.

OMSL’s presence is also felt in the health sector which has enjoyed big boost with Connaught and Princess Christian Maternity hospitals being the largest beneficiary. Women and children have been at the receiving end.

The cherished memories of a health project launched at Kroo Bay community in Freetown will also continue to linger in Sierra Leoneans’ minds.

The project supports government’s Free Heath care policy which caters for pregnant women, lactating mothers and under-five children.

The company delivers health services in partnership with a global health agency, ICAP to save lives in Sierra Leone.

OMSL also continues to do more helping Sierra Leoneans through clean investment and partnering with credible investors and not rogue ones.

Orange Money, in particular, has gone into partnership with universities, banks and local councils in Sierra Leone to collect fees and revenues devoid of any fraud.

Leave a Reply

Your email address will not be published. Required fields are marked *