Angry Nigerians Deceived by MBA Capital, Storm Christ Embassy in Port Harcourt Request Refund (Video)
Angry Nigerians Scammed MBA Capital and Limited Trade, a forex education and equity investment firm, stormed the Christ Embassy Church in Port Harcourt, demanding a refund.
This came after MBA CEO Maxwell Odum allegedly made a N1 billion donation to the church.
On Sunday, angry investors stormed the Christ Embassy Church in Rumuigbo, Port Harcourt, Rivers State.
Resentful investors rushed into the church, demanding that its leadership pay all tithes and offerings paid by MBA CEO Maxwell Odum.
Twitter user @ Tutsy22 tweeted Monday: “Maxwell Odum N171 Billion Fraud: Defrauded Over 70,000 Investors using MBA Trading and Equity Investments.
“Odum was the largest donor to his Embassy of Christ church last year, donating $ 1 billion.”
Meanwhile, some of the company’s investors who spoke to SaharaReporter in February said key company stakeholders had committed fraud.
Investors said Odum is now rich in investor money and owns more than 200 land plots under development, including 130 allegedly purchased plots around Sani Abacha Road in Port Harcourt, Rivers.
They also claimed that Odum was the largest donor to his church, Christ Embassy, last year, donating $ 1 billion to the church.
Some of the investors who spoke to SaharaReporter said they invested in the company through some advertising publications from the country’s main news outlets.
It also became known that the company, headed by Maxwell Odum, is registered with the Corporate Affairs Commission and the Special Group to Combat Money Laundering.
In media reports on August 21, 2019, President of the Anti-Corruption and Transparency Monitoring Group of the Presidential Villa, Alhaji Ahmad Suleiman, said: “They (MBA) came to us and we evaluated them. They want to be a supporter not only of the business they do, but also of supporting anti-corruption policies and supporting the transparency of this government.
“They wrote to us and we appreciated them. We asked them to go through ICPC (Independent Commission against Corruption and Other Related Crimes) to train their staff; they are also registered with the Central Bank of Nigeria, CPC (Consumer Protection Council) and other regulatory bodies. When we evaluated them, we realized that they are trustworthy, ethical and want to do serious business, taking into account the policies of the current administration. “
One investor, Favor Senibo, told SaharaReporter that he invested his money in the MBA program after seeing a publication that said the company was founded with a vision of impacting the general public on Forex trading knowledge and creating platforms that would lead to sustainable financial freedom.
He also said that CEO Odum said the company has been certified by the required regulatory authorities in Nigeria and that the company, unlike others, is not a Ponzi scheme.
Odum has promised investors a return on investment (ROI) of 15% on a capital investment of between NOZ 360,000 and 5 million.
A few months later, she said, it was announced that the MBA program had been acquired by a certain company, World Citizen Equity Partners (WCEP), which will make additional investments to develop the business.
“Following these partner releases on October 30, 2020, our ROI has ceased. Odum said MBAWCEP is undergoing an automatic system update so that everyone can conduct their transactions on their own without visiting the office, and it will only take a month, promising that payments will be received soon, ”Senibo said.
He added: “Then, with the backing of one of the WCEP directors, Wodina West and the director of International Investment, the company pledged that payments would be fully resumed on December 1, that Nigeria’s banks and regulators were the only ones upsetting them and that was the reason for the delay. …
“They promised that those who were supposed to be paid on November 1 will be paid on December 1 and so on at the same time. One month was added to our existing plan to offset the unpaid November.
“They apologized for the pressure and inconvenience caused to everyone. They also claimed that they were deceived by employees. They started a new verification process with online investors; also conducted a due diligence process for offline investors with a promise to pay back all ROI and equity. They later announced that they would only return the principal amount.
“All attempts by people and journalists to talk to Forex Institute MBA CEO Maxwell Odum have been unsuccessful.”
He also said that the company paid out capital to several people, but stopped after the Securities and Exchange Commission set a new rule for collective investment schemes on February 5, 2021.
“MBA Trading sold 90% of World Citizen Equity Partners (WCEP) shares when investors asked for help. As far as we know, WCEP deals with immigration by obtaining dual citizenship by investment.
“MBA please, the poor and vulnerable people in Nigeria are counting on you with their investments, and at the moment they remain in the dark, out of touch. Even after the SEC’s announcement, we’re wondering what CEO Maxwell Valley Odum and his WCEP colleague Ms. Wodina West are doing. As for me, my children cannot go to school because they are not paid for their education. We can barely eat twice a day and our landlord is going to kick us out of the house, so we need help, ”he said.
Another investor, Alalibo Amahri, said the MBA has changed its name to Men In Business Thrive and Credit Cooperative Limited (MIBAC). He said that he heard about the investment company from online advertising and invested 3.5 million euros in it.
Amahri said that he currently has no job and is already prone to suicide due to the problems that await him.
“I received two return on investment before these sad events, and as I speak with you, life has changed. Everything I have worked on for the last 7 years has disappeared into thin air.
“At the moment I do not have a job that I am doing right now, and all that comes to my mind now is suicide. I can’t imagine what is happening to me, ”he said.
In addition, David Spencer, another investor, said he was introduced to the MBA by an employee who said the investment plan had been approved by the government.
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