CEO of MBA Capital and Trading Limited lives on wealth after cheating us – investors
According to a report by SaharaReporters, many investors in MBA capital and trading limited, a forex training and investment company, have made startling charges against the company.
They claimed that key company stakeholders had committed fraud.
Some of the investors who spoke to SaharaReporter said they had invested in the company through some promotional publications from the country’s major 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 reports dated August 21, 2019, President of the Anti-Corruption and Transparency Group of the Presidential Villa Alhaji Ahmad Suleiman said: “They (MBA) came to us and we evaluated them. They want to be supporters not only of the business they are doing, but also of this government’s anti-corruption policies and commitment to transparency.
“They wrote to us and we appreciated them. We asked them to go through the ICPC (Independent Commission against Corruption and Other Related Crimes) to train their staff; they are also registered with the Central Bank of Nigeria, the Consumer Protection Council (CPC) 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 an MBA after seeing a publication that said the company was founded with a vision of impacting the general population on the knowledge of Forex trading and creating platforms that would lead to sustainable financial freedom.
He also said that CEO Maxwell 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 promised investors a return on investment (ROI) of 15% on a capital investment of between 360,000 and 5 million N.
A few months later, she said, it was announced that the MBA program was 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 stopped. Odum said MBAWCEP is undergoing an automated system upgrade so that everyone can complete their transactions on their own without visiting the office, and it will only take a month, promising that payments will be received soon. – said Senibo.
She 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 ones who upset them and caused the delay.
“They promised that those who were supposed to be paid on November 1 will be paid on December 1 and so on. 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 verification process for offline investors with a promise to pay back all ROI and equity. They later announced that they would only refund the principal.
“All attempts by people and reporters to speak to Forex Institute MBA CEO Maxwell Odum have been unsuccessful.”
He also said the company paid out capital to several but stopped after the Securities and Exchange Commission on February 5, 2021 set a new rule for collective investment schemes.
“MBA Trading sold 90 percent 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 are in the dark, out of touch. Even after the SEC’s announcement, we’re wondering what CEO Maxwell Wellie 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 are having a hard time getting two meals a day and our landlord is going to kick us out of the house, so we need help. ”
Another investor, Alalibo Amahri, said the MBA has changed its name to Men In Business Thrive and Credit Cooperative Limited (MIBAC). He said he heard about the investment company from online ads and invested $ 3.5 million.
Amahri said that at the moment he has no job and is already prone to suicide due to the problems that await him.
“I got two ROIs 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 don’t have any work that I’m 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 program had been approved by the government.
He said he regretted his decision and was shocked by the recent events.
He said: “An employee told me that the company has a CBN and Economic and Financial Crimes Commission approval certificate. He also said that the SEC certified the company, so I decided to invest my capital in them. As we speak, I am still in shock. I have filed a lawsuit for an MBA, I wonder why a CBN and EFCC approved investment company would be like this.
“Later, we learned that the MBA lied to us, saying that they also got SEC approval. Taking this opportunity, I would like to invite the President and the National Assembly to urgently investigate this issue. If more than 70,000 investors lose their hard earned money, it will further impoverish the economy. ”
Investors said Odum now lives off investor money in abundance and owns more than 200 land plots under development, including 130 plots allegedly purchased around Sani Abacha Road in Port Harcourt, Rivers.
They also claimed that Odum was the largest donor to his Embassy of Christ church last year, donating N1 billion to the church.
“I also forgot to mention that the WCEP office, which opened last year on Emeel Street, the GRA changed its sign to ‘Apakari Luxury Citizen’ overnight, despite everything that happened.
“I blame myself for not taking pictures of this office when WCEP was there. I thought about it, but ignored the voice that told me to do it, ”added Senibo.