Forex trading; 52 investors allegedly defrauded, CEO abscond

A Lagos-based forex training and capital investment company, MBA Capital and Trading Limited has allegedly defrauded 52 of it’s investors and the Chief Executive Officer (CEO) is nowhere to be found.

The victims, 52 in number are worried about their dividend and capital which amounts to N122,501,000. The company was said to have closed operation last year December 22nd to be precise for the festivities and promised to reopen 5th January 2021 but had failed to do so.

According to reports gathered by PUNCH Metro one of the victims Paul Smith said he invested N48m in a scheme promoted by the firm with a promise that he would be getting 15 per cent return on investment every month, but he had been unable to get the promised dividend.

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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 that 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.

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Another victim, 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 said, 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 the MBA. He attends Christ Embassy with the owner of the company. With that, I was confident since we’re all members of the Christ Embassy. I thought there won’t be an issue.   “Even my pastor, who introduced me to the company, invested N5m, while I invested N4.9m. I invested in July 2020 and was promised 15 per cent return on investment every 30 days. I received dividends for August and September, but I was not paid in October.

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“I need my capital. I’m not even concerned about the return of investment (RoI). This country is all about scam. I just want my capital back. I’ve learnt my lesson.”

Here is the last post of the CEO Maxwell Odum


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