Man escapes with group savings

It took a few weeks for Chioma Akachi to accept that her money was truly gone. She had saved N2,000 daily for 22 days with the local ‘ajo’ man popularly called Mr. Matthew, who made rounds every week day at shops and homes in Fola-Agoro and Akoka areas of Lagos. ‘Ajo’ is a Yoruba term that refers to contributory savings, usually by workers, petty traders and small scale business owners, and managed by an individual who gets a percentage of the money gathered at a time as his or her benefit.
Operating under the business name ‘Matt Daily Savings’, he collected an agreed amount from interested savers for 31 days and deducted one day’s savings before returning the customers’ money. However, sometime last month, after collecting over two weeks savings from a number of his customers, he disappeared without giving them any notice and has not been seen since then.
It was not her first time of saving with Mr Matthew, she said. She had been his customer for six months and had some amount of trust in him.
“I have been doing ‘ajo’ with Mr Matthew since I got this shop in January. When I started, I was saving N500 every day. Then later I increased it to N1,000, and then to N2,000. I have been seeing him every weekday for the past six months, until he disappeared last month with a lot of people’s money.”

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