Investors Lose over $200,000 to Ponzi Scheme in Ibadan

Kemi Olaitan in Ibadan

No fewer than 950 investors have reportedly lost over $200,000  to another Ponzi scheme in Ibadan, the Oyo State capital.

The development, as made known by some of the investors at a press conference in Ibadan, yesterday, has resulted in the death of two persons while some are bedridden.

Speaking on behalf of the investors, Mr. Abiodun Ayobami Mustafa, said they were lured into the investment by one Enoch Adeoye and his cohorts at Agape Trade and Agape Thrift, stating that they were assured of mouth watering returns on the minimum investment of 200 dollars.

According to him, “We were initially drawn to Agape Thrift and Agape Trade through various channels but not limited to street marketers, eye catching fliers and persuasive online adds.

“We were made to believe that it is not a Ponzi scheme but government recognised investment scheme.

“Not up to one tenth of the investors were able to collect a two month return on their investment which runs to millions of naira.

“After the initial payment on the deposit, the operational office at Ago Tapa, Mokola has been put under lock and key while the whereabouts of the man in charge remains unknown.”

He disclosed that the development has necessitated their officially writing a petition to the Economic and Financial Crimes Commission (EFCC) through the Ibadan zonal office.

The investors, in the petition, demand a thorough investigation into what they described as a criminal act as well as the prosecution of whoever is found culpable of the heinous act.

The petition, which was signed by Dapo Akinosi of Swift Magnate Solicitors and LP read in part: “We have 950 members who subscribed into this scheme. Many of us are in Ibadan. Here we have representatives of various sub groups. Members are scattered all over Nigeria. We have been waiting for more than one year to get our return of investment. He paid us during the first three months but he stopped after the first three months. 

“So, all efforts to get the return of our investment since then have been proved to be abortive. So, it was after this occurrence that we gathered ourselves together to have this press conference. 

“The Hallmark of the establishment of the EFCC was against the background of the culture of financial crimes, of enormous proration, which pervades our society, that samples the national image; it affected the fabric of the society, snowballed into debilitating moral decadence, which affected the innocent Nigerians within the civilian populace-and all other institutions, etc. 

“It is our candid opinion and respectful submission that this despicable acts of the suspects on our clients are not only illegal and unlawful but amount to criminality to which extant laws of the land frowns at and to which your good office is saddled with the constitutional to apprehend, investigate accordingly if found culpable.

“We know that your office has the power to investigate this petition, we are lodging this petition with your office.”