Investors Lose over $200,000 to Another Ibadan Ponzi scheme 

Investors Lose over $200,000 to Another Ibadan Ponzi scheme

A massive financial scam has left no fewer than 950 investors in Ibadan and across Nigeria reeling after losing over $200,000 to a Ponzi scheme. The victims, represented by Mr. Abiodun Ayobami Mustafa, revealed during a press conference that the fraudulent operation was carried out under the names Agape Trade and Agape Thrift.

The scheme’s orchestrators, identified as Enoch Adeoye and his associates, reportedly lured participants with the promise of high returns on a minimum investment of $200. Using persuasive marketing tactics such as street marketing, fliers, and social media ads, they convinced the public that the venture was a legitimate, government-recognized investment rather than a scam.

While some early participants received returns during the first two or three months, the vast majority were left with nothing. The operational office located at Ago Tapa, Mokola, has since been locked, and the whereabouts of those in charge remain unknown.

The aftermath of the collapse has been devastating, with reports indicating that the financial loss contributed to the deaths of two individuals and left several others bedridden from the shock. In response, the investors have filed an official petition through Swift Magnate Solicitors to the Economic and Financial Crimes Commission (EFCC) at the Ibadan zonal office. They are calling for a comprehensive investigation and the prosecution of all individuals involved in what they described as a heinous criminal act.