MBA forex investors head to court to reclaim their investments

Florence Uwaeme

As ten of thousands of investors who put their money in the MBA trading and capital investments continue to count their losses, some of them have narrated how the founder of the scheme, Maxwell Weli Odum, defrauded them of their investments while living large.

The investors who vowed to drag Odum to court said that losing millions in the scheme has wrecked their lives beyond measures, adding that some have committed suicide while several marriages have broken due to the failure of the company to meet up with its financial obligations.

The scheme which promised a 15% return on investment crashed in November 2020 as the company ran out of funds to pay its bills.

Investors had blamed Odum’s lavish lifestyle for the crash, alleging that he donated the sum of 1 Billion naira to Christ Embassy and toured the world on investors’ funds.

The company initially promised to continue paying return on investment from January but late changed course, promising to refund investors their funds. However, they have since run out of excuse while hoping that time will help those who lost money in the scheme to move on.

At a meeting by some investors in Port Harcourt, who came together to brainstorm on the way to reclaim their funds from the company, Mr Chris Agwu, a retired civil servant said he lost 4.5 million in the scheme.

Agwu said he was lured into investing his retirement benefits in the scheme following consistent advertisement by the company.

He said his life has since turned for the worst as he could no longer afford to pay for his medication.

According to him “These days, I only hope that there will soon be a solution to this problem. Some of us invested our retirement benefits in the scheme and will succumb to health challenges if nothing is done in the shortest period.

“I know about seven of my colleagues who invested their retirement benefits with the promises of getting monthly returns. Life has been hard”

Mrs Ibinabo West, the leader of the concerned investors in Port Harcourt who noted that she invested 20 million in the scheme said they have resolved to approach the court in order to get their funds back.

She said people who invested money in the scheme are going through hell while the company continues to make fake promises.

She said: “Maxwell and the rest who are in charge of the company are not sincere. They frittered with investors’ money with no apologies.

“You heard about a guy who invested 53 million in Uyo that committed suicide recently. That has been the fate of the people who trusted Maxwell and co to put money in their scheme.

“People have died, marriages have crashed, lives have been ruined. We will approach the court to compel him to pay up”