The Economic and Financial Crimes Commission, EFCC has declared the founder of MBA capital trading and investment company, popularly known as MBA Forex, wanted.
The company folded up in December 2020, just a few days to the Christmas holidays, leaving investors with losses running into hundreds of billions.
Hundreds of those who invested in the scheme had 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.
Willson Uwujaren, the head of media and publicity of the EFCC said Odum obtained N213 billion under false pretence.
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The EFCC spokesman said Odum is a native of Ikwerre in Obio-Akpor Local Government Area of Rivers State.
He added that Odum’s last known address was No 7, Odum Street, Elekahia, Port Harcourt, adding that anyone with useful information about his whereabouts should contact EFCC’s offices nationwide.
Many investors who spoke to theportcitynews in December 2020 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 a 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 training 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”