MBA Forex was a rave before the crash

MBA Forex – A Personal Account Of How The Crash Broke Many Hearts

by Anaedo Gurus
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By Grace O.

MBA Forex is, some would say was, an investment platform trading in foreign exchange. Founded by a certain Maxwell Odum, they paid as much as 15% for the investment made, payable monthly and quarterly depending on your package. Headquartered in Abuja, they have up to 10 other offices in Nigeria and outside Nigeria, in Dubai and the United Kingdom.

They were a rave. According to the Central Bank of Nigeria, they received and traded with more than 171 billion naira. This is not hard to tell why: They accept a minimum of 1000 dollars and investors, individuals and corporate entities could open multiple accounts. That is not all, they also charged 150 thousand naira for Forex courses, online or offline.

Now, what most people are not aware of is that whenever an investment sounds too good to be true, then they should be wary of It.

For many people, looking at the outrageous figures they paid as ROI, it was too good to be true, it was a Ponzi scheme. But unlike a normal Ponzi scheme, they were trading something and could claim that their profit came from their profit. And they had offices, had other sources of income i.e courses, and were probably registered.

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They continued to wax strong, thousands registered and billions continued to pour in. It was Christmas for many people. But it wasn’t forever.

In December, before Christmas of 2020, MBA Forex crashed. It went down with all of the investor’s funds. It was a sad occurrence as people thought it was a legitimate company because they were informed that it has been registered with the Corporate Affairs Commission, Central Bank of Nigeria, and The Economic and Financial Crime Control, which made them invest huge sums instead of using their spare cash.

The crash broke so many hearts and different people reacted to it in different ways. Their hard-earned money going down the drain in a poof was something they couldn’t wrap their heads around. Others had gone as far as taking loans to invest in the scheme with the hope of paying back the loan and keeping the ROI for themselves.

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A middle-aged woman, Mary, who lost close to 2 million Naira, almost lost her sanity in the city of Port Harcourt.

According to her, it was all she had that she invested, with the hope of cashing out big at its maturity, but she was stunned when she heard about the outcome of the company. It was her neighbors who came to her aid, holding her from running into the streets when she rushed out of her house with only a wrapper tied to her chest.

A young man, Uche, who used his school fees to invest had to drop out of school when he could not get back the money to pay his fees.

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Another man, Diji, who was sacked from his place of work decided to put his money into MBA forex, two days after he did was when he heard that it has crashed. He was devastated, he couldn’t pay his rent and they had to move from the compound, his wife was pregnant at the time and their first child was only two years old.

It became a struggle to fend for his family, they had to beg some days to feed. It was that bad, one careless investment made his life a hell on earth.

My sister, Blessing, was also a victim of this scam. After she left her job, she invested all of her savings that have accrued to 1 million Naira, since she was jobless at the time, she intended to use just the ROI she would receive every month and leave the capital with the company. Unfortunately, she got paid only once before everything went south. She is yet to recover from the ordeal.

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You can say how wise it is to always check out an organization that offers high-interest rates before doing business with them, ask questions, and all that, and preach all you want, but it is not always that easily defined. He who has never lost a penny to a scam or two should cast the first stone.

It is what it is.

Editor’s note: The names of the victims have been changed to protect their identities.

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