Reliance 360 Ltd: The true story of young people building a brand, changing the narratives

Mr. Abdullahi Ogli Abubakar, Chairman, and Co-founder of Reliance 360 Ltd

The Chairman and co-founder of Reliance 360 Ltd, Mallam Abdullahi Ogli Abubakar speak with Semzyblog on the image of the company, prospects, and challenges along the road to making a change in the world of finance and business.


We are legitimate young business visionaries who want to make the world a better place through Islamic finance. We are not fraudsters!


Let us know about you?

My name is Abdullahi Ogli Abubakar, I am a chairman, Board of directors, and Co-founder of Reliance 360 Ltd, the official business brand of Reliance Cooperative Society Ltd. We started this company to change the world and make it a better place through Islamic finance. We observed that the youth were faced with two major Socioeconomic problems. The first is unemployability (i.e graduates that do not have the technical know-how for available jobs) and the second is unemployment (i.e not enough jobs available for graduates). 


One of the reasons why we started this company was to solve these problems. As we evolved, our vision became bigger and better, we saw Islamic finance as a tool for solving all socio-economical problems, so we ventured into Islamic finance. We started as a cooperative, people were saving money with us with the intent of getting financing. In turn, we used the money to run the business. Whenever a member needed his/ her savings, we gave them in one week, and for those eligible for financing, we often finance them within a month after their request. Sometimes we even gave instant non-interest loans based on members pressing needs.


As a result of our credibility over time, members kept referring their friends and family to join the cooperative. Over a while, some of our members were requesting that we create an opportunity where they could partner with us on our businesses, share profit, and bear loss with us. As a result of that, we were reluctant at first but after consulting other members and other learned people, we decided to go with that request.




Why were you reluctant at first?

We were reluctant because there’s a lot of skepticism around the sector, and most people are only willing to enjoy profit with you and do not understand that they could bear the loss when the business fails even after they signed the same agreement.


Why did you later consent to that?

We consented as a result of the pressure from the members, and also we saw it as a way of giving our members a halal alternative to doing business.


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What has been your success story so far?

We have over 700 members who have partnered with us, roughly 31.2% have broken even and gotten beyond initial capital, 15.6% have gotten up their initial capital, 13.4% are near to breaking even, and 39.8% are yet to break even at all. In addition, we have been able to finance more than 50 people, help 10 people startup their businesses, and sponsored 5 people on scholarships. During Ramadan in 1442, we went to 10 checkpoints in Abuja to feed and breakfast with the military people, and fed over 300 people. We have over 5000 people who have benefited from our training program.


We have been hearing about you living a frivolous lifestyle. Is that true?

[Chuckles], Anyone making this claim should come down to Abuja and see for themselves if the claims were true or not. Alhamdulillah, all the staff have always lived a modest lifestyle. I do appreciate them for that. We all live in an apartment, the married among us live in a one-bedroom flat, while the bachelors stay together in the various rooms of the apartment.


We heard you guys went for exorbitant trips, is that true?

First of all, none of the staff have traveled out of this country since the inception of the company, excluding me. I only traveled once and it was for a religious obligation umrah, this was done within my basic earnings, and I would have loved to travel for hajj this year if I was capable of doing so. As for business, we have never traveled out for any relaxation or even business trips.


Are there challenges in your company, we have heard rumors?      

Facing challenges is a natural phenomenon and cannot be evaded. Just like every company, we are currently going through business challenges.

What are the challenges, can you share more light?

Our challenges are divided into three major:

i.                     Policy

ii.                   People management

iii.                 Business loss


What I mean by policy

There is a policy made by the cooperative body that no cooperative shall give a dividend higher than 10% per annum.  This policy wasn't favorable for the cooperative and its members. As such, some of the members wanted to pull out of our initial agreement. 


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What I mean by people management

Most of our members have enjoyed it continuously for a year and more. When we had not suffered a loss in the past, there were only praises without complaints. However, when we suffered major losses as a result of the policy passed, it was one complaint after the other. Some of them have deliberately made efforts to bring down the organization. But, Alhamdulillah, they didn't succeed, and would never succeed Bi Idhnillah. We also appreciate members who solidly stay behind us through the trying time.


What I mean by business loss

Just like every business, we have experienced losses, some of them are natural and due to force majeure. One thing we have noticed is a lot of members are willing to enjoy and share profit but aren't willing to bear losses when they come. The fact that a business is governed by Islamic principles, doesn't mean it can't bear the loss or even fail. Members must understand that when we share profit it is Islamic finance, and when we make a loss it is also Islamic finance. But some members take it to be, that when we make a profit it is Islamic finance, but when there is a loss, it is a scam.


What do you have to say about the propaganda against you by one or two media sites?

To start with, it is false and there is no basis for it, and I humbly challenge anyone to come up with one proof to support those allegations. Moreover, on March 24th, there was a court order issued refraining our members from tarnishing the image of the Cooperative.


Secondly, the case is already filed in a high court, therefore any other statement, action that is contrary to the judicial procedure would be regarded as contempt of the court which in my own opinion has its consequences. Which includes penalties, charges of defamation of character, and other related charges to this. However, it is our responsibility as an entity to respond most appropriately without violating any of the laws governing us (Shariah and the Nigerian judicial system). As such, we would ensure that every single person that is connected to this directly or indirectly maliciously slandering the image of the organization would have to answer before the law. In sha Allah. 


Finally, as Muslims, we would continue to remain patient and pray for the organization, and would not do anything unlawful concerning this issue. We would by following the legal process and we hope Allah would give us the best concerning this issue.



What's your plan for the future?

First of all, we want to raise capital for our businesses to get out of business debt by expanding our shares and allocating them to interested individuals. We also are working towards becoming a full-fledged Islamic Bank.


What's your plan for refunding members who terminated their contracts?

Based on our business ethics, we have made it part of our core values that anyone who partners with us, would ensure that they don't lose a dime with us. However, the case is currently in court and we can't say anything for now until the court gives its final judgment. 


So far we have refunded more than (Thirty-Seven Million Naira) in cash and up to (Forty Million Naira) worth of business assets.


Finally, I would like to thank the perpetrators for the scandalous information, if they had not done so, we would not have had the opportunity to tell our side of the story and show the world the works we have done.


We are Reliance 360 Ltd, the official business brand of Reliance Cooperative Society Ltd. In my humble opinion, we are great assets to the nation and the world at large. The world is yet to know who we are and what we stand for. Challenges are inevitable, and we are ready to face this challenge with great optimism and trust in Allah.


Reliance 360 Ltd, in God we trust.


43 Comments

  1. https://www.newshubmag.com/reliance-360-investors-warn-of-fraudulent-schemes-under-guise-of-islam/

    I think this blog should be careful. You’re probably just starting up, and you are here defending criminals. People who defrauded over 200 people of over 150million naira. You better be careful.

    ReplyDelete
    Replies
    1. Indeed they should

      Delete
    2. No, today is the blogs lucky day. I bet they’ve never generated this much traffic. Who is going to comment in a dead blog.

      Abeg let them enjoy the traffic while it lasts

      Delete
  2. But my 2 million is with you. You have refused to return my money or give mevreturn on investments. You have resorted to taking people to court for asking for their monies my young muslim friend. You need to repay, repent and pray. Allah is Al Gafuroo ArRaheem

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  3. Stop deceiving people. You are a thief.

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  4. May your generations be cursed. You ruined my business you ugly ogle Ogli

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  5. You are going to Jahanam for this ogli

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  6. Why the lies? Over six months you have our capital and roi. You stopped communication with us. It is best if you return our funds to a have humble ending

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  7. Abdullah. I have no issue with you. I knew you in school. I’ll want to say, this was mainly peer influence. Forget worldly gains, and try to repay people their hard earned money! You took 4m from my family. You made me a liar, everyone is asking for their money! Please fear Allah, and do the needful. Salam

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  8. They scammed a lot of people using Islam, that is the fact

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  9. Thieves! He didn’t dupe only Muslims. He duped we Christian’s also. What is all these public announcements?? Something that is nothing but a lie???

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  10. Pathetic lier. A group of young people, swindling innocent people in the name of Islam. Don't fall for his words, they are a group young criminals the narrative is better not to be involved with him, ogli and his criminality.

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  11. May you and your family suffer horrible deaths. Washi

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  12. Oh this is nice. You want to do damage control. I’m sharing this with the rest of those you scammed. You go hear am today. Eyin werey. Osinwin. Isinku yin o ni da

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  13. Even the blog wey post am… you no go prosper. Nothing positive would come out of these your blog for you… Bunch of liars and scammers

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  14. Salam, young entrepreneur. Where is my 500k?

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  15. Face your challenges and pay those you the total sum of over One hundred and thirty million give or take. If you had been truthful nobody would have published anything against you. But because of your evil act and mind. A committee of people rose to fight for their right.

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  16. For almost a year now you refuses to pay back our hard earn money and all have been getting from you is unnecessary excuse and a fail promises. You don't pick calls nor reply our messages. Fear your creator and pay me back my money.

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  17. However, the case is currently in court
    Our case is not in court. Besides, why should be taken to court if you had been truthful and honest. Barawo banza

    ReplyDelete
    Replies
    1. Frankly speaking. You are not sincere my brother. I lost trust in your company

      Delete
  18. What I mean by business loss
    You are obviously and hardened unremorseful lier. You started loss lies with threat to your payment platform. That you are been hacked. Later to 10% of income based on. Cooperative law and that your competitors and others are monitoring you. Later to mudarabah and shareholders and outright withdrawal. You cannot lie for 100 years. Please if you are reading this. The commentaries are the truth of what transpired.

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  19. If they way people are aggrieved, if we catch you outside.. honestly it’s just a matter of one small tyre, little petrol and matches. You’d burn in this life before you go and continue in the hereafter

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  20. He is a liar, the true situation is far from this. People that sign to withdraw from the cooperative and they gave date for refund. It has been over 6 months they didn't refund and no information. Now they are claiming court order is hindering them. People withdraw long before the court order and u set a date to pay them what later happen. Pay people's money or else there's no other adjective to call you people other than scammers and frauds.

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  21. How about I and my husbands money? When do you intend to pay?

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  22. Scammers please give us our money

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  23. This comment has been removed by the author.

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  24. Sorry Mr young Entrepreneur I have requested for withdrawal for more than 8month now when you go give me my money sir ?

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  25. This over 9 month I terminated my contract till now no payment no refund

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  26. Ah this your story is really touching. Very inspiring. Young enterpreneur. You even want to open bank 👏

    My own there is, the money, 1M wey you collect from me… where is it? When do you plan to return it?? Do you mind having another interview where you’d address this? You have about 130m in your custody, (I’m not saying you stole it o.. as you be MSS exco.. and you get plenty lawyer for corner wey fit spoil pessin name).. when do you plan to return it?

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  27. You describe yourself as shykh. That is identity theft because you are a shaytaniya using our money to purse women while breaking our family. You are just a yahoo boy 419 dullard wicked soul. Just repent and returned our money right now to save yourself and family from naaru jahanam

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  28. Ahuzubillahi minashaytoni-ogli!!!!!!!

    ReplyDelete
  29. *Reliance 360: Investors warn of fraudulent schemes under guise of Islam*
    https://www.newshubmag.com/reliance-360-investors-warn-of-fraudulent-schemes-under-guise-of-islam/

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  30. Reliance Cooperative and Reliance 360 are the next Grand scam after hushpipi and kyara. Barawo banzai. Dan Iska

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  31. They even have mind post story for blog. Chai. Look at the way Nigerian has enabled fraudsters!

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  32. “ We are Reliance 360 Ltd, the official business brand of Reliance Cooperative Society Ltd. In my humble opinion, we are great assets to the nation and the world at large.”

    You’re probably schizophrenic or bipolar. Asset to which world? What have you done asides lie and cause pain to the hundreds of people who trusted you with huge amounts of money. And besides, Which case is in the court you bloody thieves??

    May Allah expose you. You ll have a horrible ending, I can assure you of that.

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  33. Reliance 360 Ltd are fraudsters. You will never be free on earth and hereafter unless you pay those people their money.

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  34. You people should fear Allah SWT, you held our hard earned money, no return on investment and you are not ready to pay back our money! Fear the day you will have to falsely return the money with your deeds which will be more valuable.
    Fear Allah and save yourself from the wrath of Allah! Return our money!!!

    ReplyDelete
  35. Laillaha illa Allah.
    La anatuLlaha alalikaazibeena
    Antum akzabu alkazibeen
    Wala anatuAllah alaykum wa ala ahlul baytikum hataa tarjoo illa Allah.
    Accursed are the liars.
    You are the grandmasters of lies and decent.
    You remain accursed in the slightly of Allah until you repent.

    ReplyDelete
  36. Reliance Coopertive and Reliance 360 Ltd are set of young scammers who collected hard earn money from investors and refused to pay them back the return on investment (ROI) and capital.

    There are over 150 investors on the neck right now demanding for there capital and return on investment back since last year, but they are not paying them there capital as well as the ROI.
    Nigeria’s should beware of this Coopertive and the companies.

    They are hiding under the canopy of Islam to scam people. Over N200,000,000:00 people capital and investment are with them since last year, which they don’t want to refund and they are not paying ROI again.

    Reliance please pay us our money for Allah sake.

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  37. Abdullahi pay us our money, cause when I come to you office tommorrow it won't be funny

    ReplyDelete

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