TESSY IGOMU gives insight into the enthralling lives of Nigeria’s foremost Ponzi scheme gurus, their sudden enrichment, lavish lifestyles and exotic collections, while referencing a gripping life of pain and yearnings of unlucky, high yield-seeking investors ensnared by their many antics
However, accusations of lavish lifestyle, deceit and greed, among other factors, crippled Bamise’s capacity to fulfil his promise. An office located on the first floor of 83 Lewisham High Street, London, England, SE13 5JX, was also registered in the company’s name, among others. Bamise’s exotic cars were said to be worth millions of naira.
“I am still struggling to pay back the money. My business has almost folded up and the issue has put a strain on my marriage,” Ohi lamented. To further legitimise their operations and to gain access to millions of people, they offer partnership deals or financial compensations to celebrities for brand endorsements.
This propels them to launch their surreptitious plans that lead to systemic collapse, causing monetary losses that plunge unfortunate investors into untold agony.History of Ponzi schemes in Nigeria But as the unfolding huge financial investment losses illuminate the modus operandi of the unprincipled business persons, new strategies keep evolving and are being implemented to continually extort Nigerians.
Another was Bernie Madoff, an American fraudster and financier reputed to have perfected the largest Ponzi scheme in history, worth about $64.8bn. The scam was perpetrated over the course of at least 17 years. His acquisitions were auctioned by the US Marshals Service in September 2009 and he was sentenced to 150 years for money laundering, securities fraud and several other felonies.The Ponzi gurus in Nigeria, whose names never resonated before, out of the blues had sudden lifestyle upgrades, lived lavishly in expensive apartments with their families, and dressed in the best designer collections.
Maxwell Odum, the Chief Executive Officer of MBA Trading and Capital Investment Limited, was regarded as the ‘golden boy’ of Christ Embassy International, a church headed by Pastor Chris Oyakhilome, which has a huge following, especially among Nigerian youths. In a post uploaded to his Facebook page on August 1, 2020, where he quoted from the Bible to encourage his followers and investors, Odum was stylishly dressed in an expensive white long tailed suit with matching bowler hat, and posed for the cameras by an exotic white sports car.
MBA Trading targeted Nigerians across the country, but most of his victims were actually based in Port Harcourt. PUNCH Investigations gathered that on October 30, 2020 after the acquisition was made public, the promised RoI ceased and investors were informed that the company was undergoing an automated system upgrade that would enable investors transact business independently without paying physical visits to the office.
It was later learnt that MBA Trading had been changed to Men in Business Thrive and Credit Cooperative Limited, and through online adverts, it was able to get new investors to put in their money, which was also never recouped.