Aggrieved Racksterli Investors Seek N500 Million To Prosecute Mr Michael Chidiebere in Court

Thousands of investors in Racksterli Affiliate Marketing Income Programme are seeking the the sum of 500 million naira in order to fight Mr Michael Chidiebere in the Nigeria Court of Law.

Mr Michael Chidiebere, who is the Chief Executive Officer of Racksterli Establishment, is alleged to have swindled thousands of investors and scammed them of billions of Naira.

But, this allegation against Mr Michael Chidiebere that he swindled investors of billions of Naira is neither proven by facts nor confirmed by the Economic and Financial Crimes Commission (EFCC).

An official statement released by the management of Racksterli in June, 2021 indicated that Racksterli had financial issues.

And the company pleaded with investors to give them till the end of September to get her house in order.

Here is an excerpt of the official statement below:

“… Due to the CBN regulations in the country that prohibits commercial banks from enabling any entity from performing transactions related to crypto currency, our bank accounts got restricted.

“The other restrictions came from some of our subscribers who reported our accounts thereby making every effort to stay afloat more difficult and these have unfortunately brought us to this point.

“We wish to inform you that we will need a period of three months to resolve our financial issues and continue with the refund process.

However, despite the assurances from the management of Racksterli, thousands of investors are suspicious and do not trust the official press release from Racksterli management.

These investors are not sitting down and waiting till September; rather, they are determined to press on with legal and legitimate means on how to recoup their investments from Racksterli.

A few hundreds of investors decided to mobilise thousands of other investors in their bid to fight for what rightly belongs to them.

As at the time of writing this report, several investors have identified and compiled the names of legitimate investors in the company and sum of money they invested with Racksterli.

So far, the total sum of money compiled amounted to more than N120 million.

But, this amount is way below the minimum sum required by the legal team representing these group of investors in order to fight for them in the law court.

We can exclusively report that a minimum sum of 500 million is required before the legal team can swing into action.

Should the legal team be successful in recouping investors funds from Racksterli, they would be entitled to a certain percentage of the minimum N500 million invested capital.

Do you think this is a good step by these sets of investors?

Kindly drop your reactions using the comments section, thanks.