A 300-level student of the Department of Agriculture, University of Ilorin, Gbenga Favour Olaoye-Akanbi, has committed suicide after he was allegedly duped by a forex trader, Eseka Chuckwutem Gospel (ESG).
Family sources told SaharaReporters that Olaoye-Akanbi was discovered dead on Sunday after drinking poison.
The 19-year-old student was said to have invested over N300 million belonging to his colleagues and friends in a business run by ESG.

Speaking to SaharaReporters, a friend of the deceased and an investor with the firm explained how they were duped.

He said, "The investment is forex. The guy's name is Eseka Chuckwutem Gospel. We started the investment together this year. It seems he stopped trading, so he turned indirectly to a Ponzi scheme without the knowledge of those investing.

"He has a particular group. Most people in that group collected money from other people to invest in his business. The late Gbenga collected money from different people to invest with ESG at a certain percentage.

"Later on, the investment crashed, and the guy was arrested. With the help of some senior police officials, he was released. So over time, people that were with ESG as investors( they had borrowed money to invest) were now being pressurized to repay the loan they took. I am one of the investors, too; we were under a lot of pressure to pay up. So I think because of this guy's age, he is just 19-year-old, he couldn't withstand the pressure and committed suicide."

A course mate of the deceased said he assured them that forex is not a Ponzi scheme and that he had back up funds, much enough to pay every one of his investors their capital and profits even if things went wrong.

"It's so sad; I have over N5m investment deal with him. He claimed to be the one doing the trading initially, but when the problem started around June, he started mentioning one Eseka Chuckwutem Gospel as his boss. He told us they were arrested together, but that our money was safe with him.

He later promised to pay everyone's capital before December. I was surprised when I saw people posting his pictures with RIP today," he told SaharaReporters.

http://saharareporters.com/2020/12/22/19-year-old-unilorin-student-commits-suicide-after-losing-n300m-forex

Eyaa

That's what you get when you are loud and overly ambitious to intimidate others with ill gotten wealth.

No matter how the whole story is coated, I wonder how a nineteen year old will get N300m and he didn't use it for real life investment; he wanted billions.

I feel sorry for only sensible people.

So sad for a 19yrs old.

most investment were the will ask to bring money to double the money mostly dont end well.

the best investment is to be an enterprenuer, even the richest folk all over the world started as an enterprenuer.
you bear the risks and enjoy all the benefits alone.

looking for how easy and quick way to double your money is greed and been lazy, it does not always end well.

invest wise!

So sad. I wonder what type of ambition will make a 19 year old commit such a huge amount of money on a shady 'investment'. We need to watch our greed as a people and stop celebrating sudden wealth. My condolences to his family and friends

You put #300 million eggs inside one basket?

koolib:
So sad. I wonder what type of ambition will make a 19 year old commit such a huge amount of money on a shady 'investment'. We need to watch our greed as a people and stop celebrating sudden wealth. My condolences to his family and friends

he was living so large at some point in time, acting rude and arrogant to his downlines(investors).. It's a pity he lost his soul.

Sorry.

FX have created more tears than joy. I used to tell my friend that it is a money in the air scheme. Sometimes the wind will blow it Your favour and Sometimes blows it far away from you.

rexchazy:
FX have created more tears than joy. I used to tell my friend that it is a money in the air scheme. Sometimes the wind will blow it Your favour and Sometimes blows it far away from you.

Forex Na Bet9ja way go harvard

FemiLastBorn:
Forex Na Bet9ja way go harvard

Yeah, more like virtual game we wear suit

Criminals are used to faking their deaths though,you'd be surprised this guy might still be alive balling in a faraway land sipping Hennessy . Think my people

This story get K-Leg

Dliquidmetal:
Criminals are used to faking their deaths though,you'd be surprised this guy might still be alive balling in a faraway land sipping Hennessy . Think my people

Oga you watch too much movies

If you dont know what forex is calm down oh..
Forex is not a ponzi scheme, it is a very legit business.

Even here they have been calling his head to return their money. I don't know if he is a member here though. So sad it ended this way.

Many do not know how to trade the market.Game has changed, majority of the brokers have developed api and algos to make sure you never get anything out from the market while thinking you are trading real platforms especially mt4. But in actual facts you are trading against their robots and you will never win a dime month end if you are not careful.

This is what I did for more than 10 years then. Many that knew me here knew how we help our self but when I saw that the market has changed in few years back, I left forex market to indices 2 years ago and even this year I deliberately took leave because of many uncertainties in the world.

In the cause of my years of trading I never use anybody money to trade, I only trade section of my monthly income and rob minds with great traders here and forex factory, which am even well respected.

so sad that many of this guys thinking they can turn 1$ to $100 in just 10 days or so don't know the rules and game have changed. They never make money but incure loses upon loses.

Many ways you can make good money as investors or online: cpa, cpl, cps, domaining, affiliate marketing crypto exchange and many genuine ways more I don't wanna mention, but they will never learn, but tell them, they will say you are not qualified to advise them.
3 years ago, same like this, a guy here called me to be begging me to help him to intervene after he blew 3 million belong to some members here and being a well respected fella, he couldn't open up.
I have to stand by and told him to face them and tell them the truth. He eventually ran away and deactivated his account. People need to shine their eyes especially telegram and watsapp nonsense groups even from here.
Hope his parents will be able to bear the loss. There is a limit to everything. And you should know when to stop.

HYIP, MLM, FOREX, binary options, and cryptocurrencies na the same shirt all of dem wear. be wise

His Fellow Student Put in 5M, where did you get that money as an Undergraduate?