Florence Uwaeme
In another heartbreaking December for ponzi scheme lovers, reminiscent of that of 2016 MMM crash, the MBA forex trading company has allegedly crashed few days to Christmas holidays, leaving investors with loses running into hundreds of millions.
Hundreds of those who invested in the scheme have besieged the company’s offices in Port Harcourt and Warri to demand for their money back, with the company making empty promises and blaming banks for their woes.
Many investors who spoke to theportcitynews said that despite making investments in millions, the company failed to live up to the promises it made.
The scheme allows investors to invest a minimum of #350, 000 with a promise of 15% return on investment each month for six months.
However, a financial advisor, Jude Nwaneri told theportcitynews that the return on investment is not feasible, adding that no legitimate financial investment company in the world gives 15% as ROI in a month, except ponzi schemes.
He explained that any investment scheme that promises 180% ROI per annum on simple interest or 435% on compound interest is not feasible.
An investor, Ayogu Fidelis said despite investing #1, 000,000 in the scheme, the company has not made returns to him since October.
“I invested in August. I have only been paid twice. First, they claimed that there was a glitch following their alleged migration to a new platform. Now, they are blaming the banks and the Central Bank for their inability to pay. They have also refused to refund the initial money. This is festive period and I need the money to celebrate with my family”
Another investor who pleaded anonymity said he is a retired staff of Shell and invested #2,500,000 in the scheme but was only paid once.
The visibly agitated retiree said he spent extra money attending trading trainings organised by the company, adding that he has spent over #3, 000,000 on the process.
He urged the company to refund him his initial investment as he has his family’s needs to cater for.
“They made promises that it is a sustainable investment. I invested. They paid only once. Then in November, they made selective payments to some persons and are now telling us to have patience.
” We are now learning that the scheme has crashed. We have families to feed. They should return the initial deposit we made and minus the months they paid us from it so we can feed our families”
Attempts to speak to the Chief Executive Officer/Managing Director of MBA Forex Institute, Maxwell Odum, proved abortive.
Odum had in June 2018 at lecture in Port Harcourt revealed that youths could achieve financial freedom through foreign exchange if they are taught how to trade in it.
Explaining further, he said that foreign exchange was a global market that had existed for years but controlled by the World Bank, noting that the market was all about buying and selling of the various world currencies based on their changing rates at any given time.
Odum, who said he learnt how to trade in forex while abroad, revealed that he has achieved financial freedom through it hence his decision to spread the knowledge here in Rivers State to help his people, as a result of which he started the MBA Forex Institute.
He said to impart forex knowledge to his people, he had given scholarship to youths of the state, some of who he said were now doing well financially.
The MBA Forex Institute boss, who spoke on: Forex: The Alternative To Financial Freedom, at an event held in Port Harcourt by the Ogbakor Ikwerre Youth Council of Nigeria, noted that his institute was the first forex regulated company in West Africa.
Speaking with newsmen shortly after the lecture, Odum said that Forex was the largest financial market controlled by the World Bank today. He said through his company, which he said was registered by the Corporate Affairs Commission (CAC), he and his team were changing the narratives, as they had gained financial freedom while also helping others to achieve same.
Debunking claims in some quarters that Forex trading is unreliable and very complex, the Forex expert, who recently won an award for his philanthropic gestures, said: “Nobody learns forex in one week or one month. That is why people need to come for training where we train and monitor them for months before they become perfect and start trading on their own. When people come here and organize seminars for three days, it will not be enough to impart the knowledge, and when those people try it and fail, they say that forex is 419. Forex is real. It’s a 24-hour market where you trade at your convenience.”
