MAKE A SIGNATURE AGAINST MBA TRADING AND CAPITAL INVESTMENTS, STOPPING MBA(MAXWELL ODUM) AND HIS WCEP PARTNERS FROM DEFRAUDING OVER 70K INVESTORS TO AN ESTIMATED BILLIONS OF NAIRA. MBA SHOULD START CAPITAL REFUNDS STARTING NOW AND BEFORE 29TH OF JANUARY.

Background

MBA Trading and Capital Investment Ltd (herein referred to as “MBA” or “the Company”) is a Nigerian Company headquartered in Abuja. Located at Suite C201, Plot 1245 Adetokunbo Ademola Crescent, Wuse 2, Abuja, FCT and offices in various states in Nigeria.

MBA claims to be a world class Forex Trading and Capital Investment Company, established with the vision of impacting the general populace with the knowledge of Forex trading and creating investment platforms/packages that will bring about sustainable financial freedom.

Following the aggressive media advertisements by the Company’s Chief Executive Officer, Mr. Maxwell Odum, and its agents, the public (herein referred to as “investors”) had given the Company their hard earned funds running into several Billions of Naira with the view to obtaining a varying monthly interest ranging from 5 to 15%.

The investing public based their trust on the Company because the CEO and its agents misrepresented that the Company is registered with the Security and Exchange Commission (SEC), the Economic and Financial Crimes Commission (EFCC) and licensed by Central Bank of Nigeria (CBN).

The affected investors of the Company are estimated to be about seventy thousand persons across the country as stated by the Company’s representatives. It is important to note that MBA issues a duly signed and stamped contract/Memorandum of Understanding (MOU) for every investment made. The Company changed some of its terms of its contract in August 2020.

Issues

MBA has consistently breached its contract with its investors since September/October 2020. The CEO, Maxwell Odum have been issuing statements which he has never fulfilled even after breaching the investors contract as it relates to payment of returns of investments (ROI). Infact, the Company asked its investors to forfeit the whole of November 2020 and expect their ROIs in December 2020. In December, the Company still failed to fulfill its promise of paying ROIs to over 95% of its investors.  Leaving its investors in a state of dilemma and severe hardship for the months of October, November and December 2020.

In addition to the above, the investors have failed to see any benefit with his partnership or merger with World Citizen Equity Partners (WCEP), the British company which the CEO announced via its social media handles that acquired MBA in the last quarter of 2020. We understand the acquisition is with the view to making the business stronger and safety of investors fund. The said WCEP Company is no longer in the picture and the investors would like to know the reason for WCEP’s sudden disappearance.  

On 3 January 2021, the CEO eventually gave a live broadcast after several months of disappearance. He stated that;

▪          the Company had been experiencing internal issues since January 2019. Despite the challenges, the Company was still collecting monies from the investing public up till its period of crisis in September/October 2020.

 

▪          MBA had in recent times been having issues with the banks/regulators.

Following the above excuses, he stated that all ROIs for the outstanding months of October, November and December 2020 will be forfeited by the investors. He also stated that there would be a refund of investor’s capital based on planned schedule to be communicated via a Newsletter to be circulated the next day which he again failed to circulate.

The Newsletter was eventually released on 6 January 2021 but lacked substance i.e. no specific dates and timelines for the refund process was stated in the said newsletter, thus leaving the investors confused as to when the refund will happen. In addition, it should be noted that the Company has since October 2020 subjected its investors to series of verification processes and untoward hardship resulting from its poor IT infrastructure which is aimed at frustrating its investors with the view to buying time and probably plotting a potential plan to elope.

Our Prayer

 

We are calling on the investors of MBA to sign this petition. We also use this medium to call on Mr. Maxwell Odum and MBA to pay its investors their capital. The Company has consistently stated that no ROI and capital would be lost.  Mr. Maxwell Odum and his team have indeed made a lot of promises which they acknowledge they have failed to fulfill. The investors are no longer interested in empty promises despite breaching the contract issued by them. The investors are now interested in getting their investment capital back with definite dates and timelines.

To this end, we use this medium to notify and call attention for help to all concerned authorities:

▪          MBA should commence payment of investment capital immediately and pay all investors on or before 29 January 2021.

 

▪          All immigration agencies within and outside Nigeria are hereby notified of this potential massive fraud and restrict him from traveling out of the country pending when he settles all investors. If he is already out of the country as speculated, he should be brought to account for investors monies.

 

▪          All relevant regulatory authorities to look into the activities of MBA before it commences its new phase of business as speculated to commence in March 2021

The appropriate agencies are hereby notified.

 

Signed

 

Concerned Investors of MBA