Investors of MBA capital and trading limited, a forex training and capital investment company, on Sunday, stormed Christ Embassy Church at Rumuigbo, Port Harcourt, Rivers State.
The aggrieved investors stormed the church, asking its management to refund all the tithes and donations paid by MBA CEO, Maxwell Odum.
A Twitter user, @Tutsy22 tweeted on Monday, “Maxwell Odum N171 billion fraud: He scammed over 70,000 investors using MBA Trading and Capital investments. The investment company which promised 15% ROI for deposits starting from N350,000.
“Odum was the highest donor in his church, Christ Embassy, last year, donating N1 billion.”
Earlier,some investors of the company had alleged how major stakeholders in the company committed fraud.
The investors claimed that Odum now lives in affluence on investors’ money and owns over 200 plots of land that are being developed, including 130 plots allegedly bought around Sani Abacha Road in Port Harcourt, Rivers State.
Some of the investors said they invested in the company because of some promotional publications by major news outlets in the country.
It was also gathered that the company, headed by Maxwell Odum, is registered with the Corporate Affairs Commission and the Special Control Unit Against Money Laundering.
In media reports dated August 21, 2019, the Chairman, Anti-Corruption and Transparency Monitoring Unit, Presidential Villa, Alhaji Ahmad Sulaiman, was quoted as saying, “They (MBA) have come to us and we have assessed them. They want to be an advocate of not only the business they are doing but the anti-corruption and transparency drive of this government.
“They wrote to us and we assessed them. We asked them to go through ICPC (Independent Corrupt Practices and Other Related Offences Commission) to train their staff; they’ve also registered with the Central Bank of Nigeria, CPC (Consumer Protection Council), and other regulatory agencies. When we assessed them, we realised they are credible, ethical, and want to do serious business tailored to the policy of the current administration.”
A cross section of investors said the CEO, Odum, claimed the company had been certified by necessary regulatory agencies in Nigeria and that the company, unlike others, was not a Ponzi scheme.
Odum had promised a 15 per cent return of capital investment (ROI) for investors with a capital Investment of N360, 000 to N5 million.
According to these investors, a few months later, it was announced that MBA had been acquired by a certain company, World Citizen Equity Partners (WCEP), which would inject more investment to grow the business.
“After these publications of partnership on October 30, 2020, our ROI ceased. Odum claimed that MBAWCEP was undergoing an automated system upgrade to enable everyone to do their transaction on their own without going to the office and it would take just one month, promising payments were coming soon,” an investor said.
“So, with the support of one of the directors of WCEP, Vodina West, and Director, International Investment, the company promised that payments would resume fully on the 1st of December, that the Nigeria banks and regulatory bodies were the ones frustrating them and that it was the cause of the delay”, the investor added.
“They promised that those who were supposed to be paid on November 1 would be paid on December 1 and simultaneously like that. One month was added to our existing plan to make up for the month of November that wasn’t paid,” the investor added.
As at the time of writing,
all attempts for people and journalists to speak with Chief Executive Officer/Managing Director of MBA Forex Institute, Maxwell Odum, proved abortive.
Investors with inside knowledge claim MBA Trading sold 90 per cent shares to World Citizen Equity Partners (WCEP) when investors were crying out for help.
From what we know, WCEP deals with immigration obtaining dual citizenship by investment.