MBA Forex Blamed CBN Because Of Inability To Return Funds

It’s hard to deny if you have no experience.

It’s the first signal for me to avoid such companies.

There is no a quick way to earn money fast in a simple way.

That’s why this company caught over thousand investors.

Some investors share that MBA took them in media outlets.

The media runs various campaigns, real or fake.

He also blamed coronavirus that impacted international trading markets.

Every company in the world has experienced the wrath of this pandemic.

The CEO mentioned MBA’s situation to Jerome Kerviel, a French trader, who lost $7 billion in Societ General Bank in his trading activities.

“What happened to MBA was something beyond control by any of the company’s officials,” said Odum.

Odum said that they paid hundreds of people before an unforeseen circumstance hit them.

The Central Bank Of Nigeria (CBN) suspended all the company’s dealings and any transaction by MBA Forex and Capital Investment Ltd.

In addition, all other modes of processing payments also blocked MBA, making it difficult to refund investors’ money.

The CEO added that CBN took that action to ensure that MBA Forex was considering law.

He said that CBN should give MBA forex the benefit of the doubt to clear up their mess.

Odum promised the investors that the management is working tirelessly to return their funds.

Therefore, they only needed to give them humble time, and everything will be well sooner than later.

On February 11, 2021, the Federal High court approved the MBA’s debit accounts to be frozen in the 10 Nigerian banks.

The CBN’s move could have resulted due to multiple companies defrauding innocent Nigerians.

Monetary Policy Committee said that the money changers had become fraudsters, and they started trading forex illegally.

Emefiele said that the Bureau De Change turned themselves from the original objective.

As a result, these market players make huge profits while Nigerians are constantly suffering.

The Apex bank accused BDC of doing money laundering business on unsuspecting citizens.

As a result, they have become agents of facilitating corruption in the country.

MPC will Monitor banks to offer forex only for legitimate use by the citizens.

Emefiele added that all banks dealing with illegal forex trade would meet with the regulating officers.

The ban will result in thousands of Nigerian dealing with the 5600+ BDC operators being unemployed once again.

SEC added that these investment companies promise big and unjustifiable returns over a short period.

Furthermore, the investors could have given it a second thought before dipping their funds in a bottomless it.

MBA Forex was among the list mentioned by the Securities and Exchange Commission that were doomed fraudulent.

Therefore, the general public should avoid investing their money in the mentioned schemes, including MBA Forex.

“People should understand that only individuals registered with SEC are permitted to engage in capital markets,” said Mrs.

Efe Ebelo, the spokesperson of SEC.

This statement is under law Section 38(1) of the Investments and Security Act (ISA) 2007.

It’s not realistic to have 15% monthly returns for six months.

They should have justified how they earn their money.

Investors in other trading platforms said it was even hard to get a constant 1% Return on Investment, leave alone 15% while trading.

Some people said that at first, MBA paid them their profits.

Then from nowhere, stories emerged.

These schemes certainly benefit the first people who deposit their money to the firm.

But, like any other Ponzi scheme, MBA Forex tried as much as possible during the first time in the market to earn people’s trust.

After earning trust from public members, they use testimonials to get more people to invest with them.

Once they get enough money or achieve their target, that’s when they make up stories to cover their dirty themes.

These investment schemes are not registered to carry out any money management functions.

So those who end up buying their stories always have a terrible ending.

Favour Sensibo, an investor in MBA, said that the CEO had told them that the necessary regulations registered the company in the country.

According to Favour, the company was bought by World Citizen Equity Partners(WCEP) a few months later into the investment.

After the MBA announced the partnership, she said their ROI stopped flowing on October 30, 2020.

She added that the new WCEP office at Emeyel Street changed had its signpost changed to Apakari Luxury Citizen.

However, she had no photos to prove that.

During this time, the partnership claimed to be doing system upgrades for the advantage of the investors.

Amachree, another investor, said that he had received ROI two times after investing ₦3.5 million.

But, after that, the bad news broke, and that is how he lost his seven years of turmoil that he used to raise the money.

Yet another MBA investor, David Spencer, said that he learned about the company through a colleague who told him that the firm had the government’s approval.

The investors also said that the CEO was now living a luxurious life while they are suffering.

They speculated that Odum owned over 200 plots which they concluded was their hard-earned money.

It would be best to search the names of companies termed Ponzi schemes on the website.

You can also search for unlawful market operators and see whether the name exists.

SEC has an educational system that would help members of the public to make the best investment decisions.

Other precautions are:

• You should understand the nature of the investment.
• The kind of business the scheme is doing
• Is the product of the company genuine
• The CBN monetary policy rate is 14%, if the scheme is offering lower or more than that, you should raise your eyebrows.
• Avoid any investment that you don’t understand.
• It would be best to ask the organization for evidence of its registration with the Corporate Affairs Commission and SEC.
• SEC’s email address to contact is sec@sec.gov.ng
• SEC’s contact number is 09-4621168 to confirm the firm’s registration status.

There was a time when my friend introduced me to an investment called Crowd 1.

It was offering shares to investors that were purchased by at least $120.

Once a member brings another person to buy shares, they would earn bonuses.

When I heard that it involved me depositing some money, then I was off from it.

Later on, I learned that the first members who bought the shares earned some bonuses before everything went down.

The friend told me that Covid -19 messed up everything.

I can’t believe that they are still pushing for new registrations— funny!

The bottom line

When it comes to investment plans, make sure you do it in a well-known and reputable firm.

Any firm that you do not understand makes sure you decline whatever offers they have you drop.

Again, make sure you go through all online reviews about those investment firms.

There is always important information out there.

It will be better to miss those promises than to lose your hard-earned money to fraudsters.

So if anything involves you spending your money first, I would advise you to try something tangible.

By doing this way, you will save your time and money plus all the disappointments.

There are many ethical funds, including Mutual Funds and Collective Investment schemes, where Nigerians can invest their funds.