Adetoto Adunboko, a Nigerian Prince from the region of Adamawa, Nigeria, has released plans to start a NY mutual fund, citing the issue that the finance field does not have enough diversity. The name of his investment company is African Royalty Mutual.
Adunboko has claimed that it will be the most profitable, and most affordable fund in the world. Citing his fee policy that would cap management fees at .05% of profit, zero 12-b fees, transaction fees would be covered by the fund itself, as well as no redemption policy or exchange fees.
Adunboko’s claims are groundbreaking, and seem almost too good to be true, but he was confident in a statement when he said “In Nigeria, we are brought up around money, we know how to manage your money, create massive profits, and bring you to an early retirement.” He claims that investors are guaranteed a minimum of 10% returns, with zero risk of losses.
The mutual fund was first created through charitable donations from American investors. Adunboko sent emails, made calls, and used various other forms of contact to reach possible investors, and he says that he is currently open to any level of investment. All a potential investor needs to do is purchase Amazon gift cards, and call 1-800-NIGERIA in order to open an account. When card codes are verified, the representative will walk you through the registration process, and deposit the funds into your account.