In recent years, Nigerians have been victims of various Ponzi schemes, losing billions of naira to such schemes.
One of the latest ones involves MBA Capital and Trading Limited, a forex training and capital investment company.
SaharaReporters had in February exposed how the company obtained money from Nigerians using the guise of investment and disappeared.
Some of the victims claimed they were defrauded of billions of naira, adding that the company closed on December 22, 2020, for the festive season but it has failed to resume since then.
An investor, Favour Senibo, had told SaharaReporters that she invested her money with MBA after seeing a publication stating that the company was established with a vision to impact the general populace with the knowledge of trading forex and creating platforms that will bring about sustainable financial freedom.
She also said the CEO, Maxwell 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 percent return on capital investment (ROI) for investors with a capital Investment of N360, 000 to N5 million.
According to her, 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.
Another investor, Alalibo Amachree, said MBA had changed its name to Men In Business Thrive And Credit Cooperative Limited (MIBAC). He said he heard about the investment company from an online advert, and invested N3.5 million.
Amachree said he had no job at the moment and was already suicidal because of the challenges confronting him.
Also, David Spencer, another investor, said he was introduced to MBA by a staff member who claimed that the investment scheme was government-approved.
He said he regretted his decision and was shocked by the developments.
Though MBA was registered with the Corporate Affairs Commission and the Special Control Unit Against Money Laundering by one Maxwell Odum as the CEO, SaharaReporters gathered that the company is owned by one Kevin Ndago, an ‘international fraudster’ who entered Nigeria as a Cameroonian along with his girlfriend, Bitaniya Zaeb, an Ethiopian.
They were said to have used Odun to defraud Nigerians of over N181 billion.
“Kevin Ndago who bears Kevin Kiliminati, his true identity was revealed recently in his Venuatu passport procured to hide his true identity as an international fraudster and ex-convict in Cameroon. He lured desperate Nigerians seeking second citizenship to be able to live abroad with promises of investment opportunities across the globe, investment partnership with billionaires across the borders of Nigeria,” a senior officer at Wuse Zone 3 police station told SaharaReporters.
We got to know all this information during an investigation where a Nigerian activist and legal practitioner was swindled of about $140,000 by the company to get French passports for his children living in the United Kingdom.
“Kevin’s main accomplice and girlfriend, Bitaniya Zaeb poses as a staff member of an international company called World Citizens Equity and Partners and deployed to Nigeria to oversee the affairs of the office. Their modus operandi engages citizens of other African nations and Nigerians who spy on Nigerians with big fat bank accounts after which Kevin and Bitaniya arrange to visit them. During the visit, the duo will convince the clients to part with their money.
“It was during the course of such racketeering that Kevin Ndago and Bitaniya Zaeb met with Maxwell Odum and decided to incorporate their scheme into MBA Capitals and quickly purchased over 90% shares of MBA Capitals using their former company, WCEP.
“While Kevin Ndago and Maxwell Odum are still at large, Bitaniya Zaeb is still in Nigeria hobnobbing with Nigerian politicians to steal billions of naira being coordinated by a newly incorporated firm, called True-North Citizens Ltd. The True North Citizens Ltd is now being used as a front by Kevin Ndago who called the shot from the UK with his Nigerian accomplices and highly placed persons in the Ethiopian Embassy in Nigeria.
“Both individuals are currently fighting tooth and nail using the office of the Federal Capital Territory Commissioner of Police and some members of the National Assembly to thwart ongoing police investigations into their activities that were reported to our office and other police stations across the country.”
Meanwhile, some investors have petitioned Interpol and the Economic and Financial Crimes Commission (EFCC) about the activities of the company and its owners.
Another police source told SaharaReporters many Nigerian politicians with corruption cases have procured second citizenship through the help of Bitaniya and Kevin.
“Many of their victims have since died whilst others are still believing in us (police) and EFCC to track Maxwell and Kevin in order to recover their funds.
“Whilst poor citizens are languishing in poverty and pains, Bitaniya and Kevin are living in affluence after using the proceeds of the crime to purchase properties in the UK, USA, Ethiopia and Dubai, so sad,” he said.