Retiree sues fund manager over alleged breach of agreement on N35.5m investment 

A retiree, Aniedi Inokon has sued the management of Cashcraft Asset Management Limited over alleged breach of investment agreement.

In the suit number PHC/1137/17 dated April 24, 2017 and filed before Justice Margret Opara of the Rivers State High Court, the plaintiff noted that he invested N35.5 million with the fund manager but regretted that the firm has refused to release the money eight months after he requested for it.

The plaintiff lamented that the failure of the firm to keep to the agreement and release the fund has frustrated his children’s education and made life unbearable for him.

A statement of account from the firm sighted by newsmen shows that the figure represents the total amount accrued from his N20 million retirement benefits from the Shell Petroleum Development Company of Nigeria (SPDC).

The plaintiff invested the fund with the firm for his two children’s education and for his wife, for who he also registered part of the investment.

The suit, which is between the plaintiff and Cashcraft Asset Management Limited, also joined three others suspected to be the authorities and management of the investment company.

When the matter was mentioned for hearing the respondents and defendants were not in court and they were not also represented.

The plaintiff, through his Lawyer, Christian Ezeibe, told the court that a wreath of summons had been served on the parties in the matter and expressed surprise in their absence.

Ezeibe said while Cashcraft was served by hand in its Port Harcourt office along Port Harcourt/Aba expressway, where the transaction was made, its management personnel joined in the suit were served in accordance with the court order through courier service.