A man identified as Ekanem Idongesit has reportedly committed suicide after investing his sister’s 53 million naira in the troubled MBA Trading and capital investment.
According to Standard Observers, the sister who lives outside the country sent him the money for land and housing projects in Uyo, but Idongesit was reported to have invested the money in the MBA to make brisk returns before embarking on his sister’s project.
The scheme which went into troubled waters in October crashed a month later over the inability of the founders to pay due return on investments.
The scheme is reported to have trapped investors funds running into hundreds of billions.
The paper also quoted Financial experts calling the scheme the biggest financial heist ever in Nigeria where over 50, 000 investors were ripped off their money.
Sources said Idongesit hung himself late in December over the inability of the company to return the huge sum of money he had invested.
According to them, the pressure from his sister to show proof of the purchase of the agreed five plots and other corresponding fencing of the property forced him into taking his life.