Family sources told SaharaReporters that Olaoye-Akanbi was discovered dead on Sunday after drinking poison.
The 19-year-old student was said to have invested over N300 million belonging to his colleagues and friends in a business run by ESG.
Speaking to SaharaReporters, a friend of the deceased and an investor with the firm explained how they were duped.
He said, "The investment is forex. The guy's name is Eseka Chuckwutem Gospel. We started the investment together this year. It seems he stopped trading, so he turned indirectly to a Ponzi scheme without the knowledge of those investing.
"He has a particular group. Most people in that group collected money from other people to invest in his business. The late Gbenga collected money from different people to invest with ESG at a certain percentage.
"Later on, the investment crashed, and the guy was arrested. With the help of some senior police officials, he was released. So over time, people that were with ESG as investors( they had borrowed money to invest) were now being pressurized to repay the loan they took. I am one of the investors, too; we were under a lot of pressure to pay up. So I think because of this guy's age, he is just 19-year-old, he couldn't withstand the pressure and committed suicide."
A course mate of the deceased said he assured them that forex is not a Ponzi scheme and that he had back up funds, much enough to pay every one of his investors their capital and profits even if things went wrong.
"It's so sad; I have over N5m investment deal with him. He claimed to be the one doing the trading initially, but when the problem started around June, he started mentioning one Eseka Chuckwutem Gospel as his boss. He told us they were arrested together, but that our money was safe with him.
He later promised to pay everyone's capital before December. I was surprised when I saw people posting his pictures with RIP today," he told SaharaReporters.
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ReplyDeleteDo you have sense at all?
DeleteHow callous can you be?
DeletePeople please wassup with MBA Forex????
DeleteSo sorry you had to go this way.
ReplyDeleteThe day this "forex" thing was advertised, I warned people against it, but I was harassed.
I know a marriage that this issue is threatening right now.
Hmmmm
ReplyDeleteI pray he finds rest.
Get quick rich schemes never end well
ReplyDeletePolice and investment schemes have caused so many deaths here in PH
DeleteWhat is the difference between this one and that MMM one.
DeleteI heard Forex is like Burea de change day is not Ponzi scheme
DeleteSuch a sad tale
ReplyDeleteSo sad
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteNigerians and ponzi scheme, they never learn.
Delete😔
ReplyDeleteI told my brother not to invest in MBA forex,he didn't listen,he assured me it was genuine,but I still had my doubts,in fact I tried all my tricks to collect that cash from him,told him I needed a million naira loan,he said he's investment in MBA will pay more,I still gave him my monthly support,for his upkeep,he was shocked and kept thanking me telling me I deserved two cows,guys MBA hasn't paid him since October,I'm bothered.
ReplyDeleteMy dear MBA has disappointed so many families his period, I just they pay to avoid stories. Someone I know went as far as collecting loan from the bank to invest, she's been restless
DeleteThey claim FG is coming after them, and disrupting their business even after collecting huge bribe from them to permit smooth operations without hindrance & interference.... well it's all hearsay for now, but I doubt theyd ever come back, even their staff no longer come to work, for fear of being lynched, just consider that your investment GONE.
DeleteVery sad.I pray he finds rest
DeleteFrom when they sold that MBA, I knew it wouldnt last the nxt 5months
DeleteThe trick about these investment is not to invest when December is approaching. My friend invested over 300,000 and the guy investing for them ran away with their money.
DeleteWhen it comes to such opaque investments, you'd be shock how people will suddenly have money to play with, alot of people are blinded by greed in this country
DeletePlease listen dear Bvns, forex trading is not a ponzi scheme. And do not be deceived, no one trades forex for anyone. If anyone comes with that story, my dear it's a scam plot.
DeleteForex is real, if you have someone who understands it that can teach you genuinely - although it's not free. You learn it and add it as another avenue to make an extra income. What I know is that, it tests the greediness in all of it traders. You won't know how greedy you are until you trade forex. And it's not an MMM to double your money. It's a meticulous skillset that need your grasp of simple technique. You simply buying or selling a currency, stock, bond, indices or crypto depending on your analysis of the current market trends.
If you are naturally proud, rude, arrogant, impatient and without a can-do spirit, please don't go near it. Because the forex market humble you.
And yes, I and my husband are traders, we were put through by his cousin. And it is the best investment we've ever made. Just find your trading niche and aim low. Greed is when you aim high to earn big.
Not every seller makes profit everyday, in their regular trades. So does it applies to forex trading, some days will be good and other days might be bad. But don't make it worse with your emotional reactions. And don't give someone your money to invest for you, that's not make you a trader. You are just feeding someone with your sweat because when it turns bad, na you alone to carry the heartache. You are expected to manage your own risk yourself, not leave it in the hand of a trading group who invest in your behalf.
In the story above, it shows the undergraduates have no forex knowledge, and were dumping monies on someone to invest in forex market on their behalf. In this scenario, the middleman will prioritize his over theirs. That way exposes their sums to market risk.
Get a good forex trader and get tutored on how it is done. Understanding your risk to reward is important. It's a good source of getting an extra to manage your financial demands. And if you are someone with contentment, you'd leave everyother thing and focus solely on it because it is very rewarding.
this is really sad.Rip
ReplyDeleteThis is heartbreaking!
ReplyDeleteRest on
This is so sad.
ReplyDeleteThis is heartbreaking and sad.
ReplyDeleteOh dear, what a tragedy.
ReplyDeleteRest in peace
Poor boy!!! I remember when they were sharing his pictures all over Twitter claiming he stole from them. Omg may his soul find peace.
ReplyDeleteOnly a greedy person will give millions to a 19yr old to trade for them, did he force you? Then they call him thief, stupid people, they should go to his grave and get their money, imbeciles
DeleteHis poor parents
ReplyDeleteNa wa.
ReplyDeleteRest in peace,young man. I pity his parents. Where were they when their 19 year old son was running around collecting upto 3 million naira from people for dubious investment though?
ReplyDeleteHe was an adult
DeleteYou can only advice and pray as a parent
I wish he had chosen to live, because any grown person dropping big money into the hands of a 19 yr old deserves to lose it. Never gamble more than you are willing to lose. Every investment is a gamble even the legitimate ones.
ReplyDelete@17:10 God bless you for your last line. Every investment is a risk. Even banks that were licenced by government have gone under with people's money. I am on no way in support of fraudsters or illegitimate businesses but the truth is now that he has killed himself, what next? Death is never the solution to anything and I wish the boy had access to professional help in his despair and distressed state.
DeleteThe amount of suicides in Nig this year alone is alarming, almost everyday some suicide in the news. Stemming from poverty, helplessness, hopelessness, mental illness and plain frustration. We have another pandemic in our hands. COVID killing, suicide killing. Parents take the time to teach your adolescents how to cope with mental stress. Teach them that adulting is hard, life will throw curveballs and lemons at you. Let them learn courage, perseverance, patience and contentment. And if you are stressed, rant, vent, talk to someone, go for therapy if you can afford it. Mental stress is dangerous, and can affect anyone. Such a young lad...May God help us.
ReplyDeleteNo more online lie lie investment. I have already lost alot to such nonsense.
ReplyDeleteForex is spread betting and you can lose more than you invest. If the market swing against you, you can lose all your capital in ten minutes. Forex is hard and challenging and is an high risk investment.
ReplyDeleteI have made millions trading forex. I started with N12m equivalent and my maximum risk is N300k. The problem is that people think it is a get-rich quick scheme and then let greed get the best out of them. My first step is to calculate how many lots it will take to blow my account if market moves 1000pips against me. The odd of such move is about 1000000:1. I have never traded more than 10 lots even with high account balance. If you are coming into forex with N2m and hoping to live well, you are living in a fantasy world. Treat it as a business and you will do well. Don't forget that the best person to handle your money is you.
ReplyDelete300 million or 3million? because 300 is more than enough to start a good business.
ReplyDelete