Victims of an alleged scam perpetrated by a Lagos-based forex training and capital investment company, MBA Capital and Trading Ltd, are worried over their unpaid dividends and capital, and the disappearance of the Chief Executive Officer, Maxwell Odum. The victims, numbering 52, said total amount they were defrauded was N122,510,000, saying the company closed 22 December 2020 for the festive season but failed to resume since then.

VICTIMS' STORIES
One of the victims, Paul Smith, told PUNCH Metro he invested N48m in a scheme promoted by the firm with a promise he get 15% return on investment every month, but had been unable to get the promised dividend.

He said he and other investors petitioned the Special Fraud Unit Ikoyi on June 6, 2021, adding that more victims had also come out to speak on the alleged scam, bringing the total to over 70. Smith stated, “The last email we got from the firm was in February telling us our capital would be refunded. I invested N48m and I’ve been down since. Odum has over N120bn of people’s funds with him and I know over 70 victims.

“What convinced me to join the scheme was the size of the office and operations. The company has a lot of workers. It has offices at Admiralty Way, Lekki, and Allen Avenue, Ikeja. In Lekki, it has over 40 staff members and it was operating normally before now.

“The office was shut on December 22, 2021, with an assumption that it was the festive season break. They promised to resume on January 4, 2021, but they didn’t. We cannot reach their CEO anymore. All the offices are under lock and key. We have petitioned the Special Fraud Unit, Ikoyi, which has assured us the case will be investigated.”

Another victim, Misan Sagay, said her brother introduced her to the investment firm, adding that she invested all her savings of N3m, but did not receive any dividend before the company ceased to operate. “My brother told me about them in October 2020. My first investment was in November 2020 and I have never received any return on investment. I invested N3m. I checked them online and I saw they were registered with the Securities and Exchange Commission. Now, I’m hearing it was a part registration.

“My brother invested N1m in August and got his first dividend in October and that was the last he got. They promised to pay us our capital in January, but we haven’t seen anything. I want the police to help us fish out the CEO; he should be prosecuted.”

Uchenna Ihejirika said he got to know about the scheme through his friend, who invested N5m with the company, adding that he felt safe because he, the friend and Odum attend the same church. He told PUNCH Metro he had already received two dividends before the CEO allegedly absconded, adding that he wanted his money.

Ihejirika stated, “One of my pastor brothers introduced me to MBA Forex. He attends Christ Embassy with the owner of the company. With that, I was confident. Since we’re all members of Christ Embassy, I thought there won’t be an issue. Even my pastor, who introduced me to it, invested N5m, while I invested N4.9m. I invested July 2020 and was promised 15% return every 30 days. I received dividends for August and September but was not paid in October. I need my capital. I’m not even concerned about the RoI. This country is all about scam. I just want my capital back. I’ve learnt my lesson.”

POLICE RESPONSE
When PUNCH Metro contacted the police inspector in charge of the case at the SFU, Sunny Shafau, he said the petition had been approved but investigation into the case could not commence until the petitioners come forward.

“I have received the petition with 52 names attached to it. The petition has been approved. We are waiting for the petitioners to come forward so that investigation can commence. I can’t use my personal money to fund petitions,” he said.

SOURCE (abridged): https://punchng.com/ceo-absconds-as-forex-firm-allegedly-defrauds-52-investors-of-n122m/

If you can't trust the leader of this country why are u trusting the the followers, everyone is out there to dupe anybody.

What a country.

Maybe he is somewhere lavishing their money Is there any integrity in Nigeria again Must you defraud your fellow human being Bec of money? It's well!

I saw the dude once and knew he was fraud.
Doesn't even appear to have an idea of what forex is etc.
Na fine boy finish work for them
It's not a Nigerian thing as una no dey use eyes see fine boy way sabi talk business or selling something.

Nawao.

You see person with head like this, you still carry your money give am say na business you dey do. Na you sabi.

He doesn't have to be exactly dem, but once you notice some of their traces in him, bross, run with your money.

Fraudulent schemes are everywhere and many are still coming up.
Anyone guaranteeing a regular return on Forex is definitely a scammer.

Samade7:
If you can't trust the leader of this country why are u trusting the the followers, everyone is out there to dupe anybody.

What a country.

We warned them earlier, so it serves them good.

Every Forex broker will write, "do not invest money you are not willing to loose"

Before you embark on an investment, it's actually your duty to read about it and know the risks involved. I hope he stated this in the dotted lines.

In Forex, While it's possible to make well over that 15% in a month, it's also possible to loose Everything in one hour plus capital.

One thing will never cease to exist in this country and that thing is Mumu group. some fell to wonder banks, still fell to MMM, then MBA.They will never learn, if you advise them, they will give you Insult. I don't pity them.

See his trapezoidal head, useless thief

ivolt:
Fraudulent schemes are everywhere and many are still coming up.

Anyone guaranteeing a regular return on Forex is definitely a scammer.

Don't mind the bloody idiiiiiooooots calling themselves "investors".

They deserve to lose their money. Ignorant fooools!

Well done, Odum.

Not even Coca Cola or Apple or Amazon or Toyota can guarantee to pay anyon 15% returns monthly.

Low IQ people still struggle to know what a Pyramid scheme is.

God punish them all after their money is gone!

They deserve poverty.

pakirisuitesphc:
One thing will never cease to exist in this country and that thing is Mumu group. some fell to wonder banks, still fell to MMM, then MBA.They will never learn, if you advise them, they will give you Insult. I don't pity them.

Abi o.

May they continue to suffer.