No fewer than two people have reportedly lost their lives following the collapse of an investment scheme in Ibadan, the Oyo State capital, while several other subscribers have been hospitalised due to complications linked to the incident.
The affected investors, who subscribed to the scheme known as Agape Trade and Agape Thrift, revealed the development during a press conference held in Ibadan on Wednesday. They attributed the deaths and hospitalisations to stress, financial pressure, and emotional trauma arising from their inability to access their invested funds.
Speaking on behalf of the subscribers, Mr Abiodun Ayobami Mustafa disclosed that over 950 people invested in the scheme, which was founded by Mr Enoch Adeoye and began operations in Ibadan in January 2024. According to him, the scheme initially paid returns to investors for the first three months before abruptly stopping all payments.
Mustafa said subscribers had made repeated efforts to recover their investments or obtain the promised returns since last year, but all such attempts had proved unsuccessful. He noted that the prolonged delay and lack of communication from the scheme’s management had left many investors in distress.
He explained that the financial losses had caused severe hardship for many families, with some subscribers reportedly falling ill due to stress, while others experienced public humiliation and social pressure as they struggled to meet personal and financial obligations.
Mustafa further disclosed that the subscribers had formally petitioned the Economic and Financial Crimes Commission, EFCC, urging the agency to investigate the scheme and bring those responsible to justice. He appealed to the EFCC to urgently intervene, stressing that members of the scheme are spread across Ibadan and other parts of the country.
“We have over 950 members who subscribed to this scheme. While many of us are in Ibadan, others are scattered across Nigeria. We have waited for more than one year to receive our return on investment. Payments were made during the first three months, but stopped thereafter,” he said.
He added that all efforts to retrieve their funds since then had been futile, prompting the subscribers to organise the press conference to draw public attention to their plight.
In their petition to the EFCC, the subscribers described the actions of the scheme’s founder as illegal and unlawful, stating that the alleged acts amounted to criminal conduct under Nigerian law. They urged the anti graft agency to exercise its constitutional mandate to investigate, apprehend, and prosecute those found culpable.
The investors expressed confidence in the EFCC’s role in combating financial crimes and called for a thorough investigation to ensure accountability and justice for those affected.
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