• About
  • Advertise With Us
  • Home
  • Privacy Policy
Saturday, July 12, 2025
  • Login
Jungle Journalist Media Limited
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY
No Result
View All Result
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY
No Result
View All Result
Jungle Journalist Media Limited
No Result
View All Result
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY

Home » MONEY & BANKING » MBA forex investors protest in Port Harcourt after owner disappear with their N171 billion

MBA forex investors protest in Port Harcourt after owner disappear with their N171 billion

by Jungle Journalist
April 28, 2021
12
SHARES
115
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp


Angry investors of the now crashed MBA trading and capital investment have protested to the Port Harcourt zonal office of the Economic and Financial Crimes Commission, EFCC, over the withholding of their funds running into billions by the company.

The embattled company crashed in November 2020 after what sources termed “insolvency of the business model” and financial irresponsibility of the management.

The company founded by Maxwell Odum left thousands of investors penniless.

It had promised to refund investors their capital, although sources say it is a time-buying gimmick.

The Central Bank of Nigeria has said,125,397 investors deposited a total of N171,128,219,041.00, into accounts belonging to MBA Trading and Capital Investment Limited.

The scheme which promised a 15 per cent return on investment to depositors, crashed in November, leaving its investors hanging with promises of return of deposited capital.

ReadAlso

Helicopter crash claims lives in Port Harcourt

‘Our husbands don’t touch us at night because of heat’, Rivers women protest blackout

The apex bank in a legal suit with Number FHC/PH/MIsC/35/2021, before the Federal High Court sitting in Port Harcourt on the 10th of February, filed an exparte motion seeking an order of the court to stop all debit transactions from MBA accounts.

The court on the 11th of February ordered that accounts maintained in any bank in Nigeria by the company be forthwith frozen for a period of time sufficient for the Central Bank of Nigeria to conclude the ongoing investigation and inquiry into the affairs of the Company.

The accounts include 39 Naira bank accounts domiciled in Access Bank, EcoBank, FCMB, GTB, Suntrust, Stanbic IBTC, Sterling Bank, UBA, Union Bank, Unity Bank and Zenith Bank.

Others are 8 dollar accounts domiciled in FCMB, Ecobank, Stanbic IBTC, UBA and Sterling Bank.

According to a court document the company has a total of 14 branches which include Aba with 3,159 investors and deposits of N3,721, 930,689; Abuja with 10, 992 investors and deposits of N20, 508, 696,314; Allen Lagos with 10,164 investors and deposits of N13, 068, 196, 850; Asaba with 3,406 investors and deposits of N4,177,475,745; Benin with 6,170 investors and deposits of N7,016,573,157, Calabar with N2,839 investors and deposits of N3,377,292,827 and Eliozu Port Harcourt branch with 30, 138 investors and deposits of N41, 956,413,079.

Others are Enugu with 2,560 investors and deposits of N6, 972, 471, 039; Lekki with8,826 and deposits of N14, 224,187,177; Owerri 1 with 2, 545 and deposits of N2, 908,274,471; Owerri 2 with 5,276 investors and deposits of N6,752,547,834; Uyo with 2,948 investors and deposits of N4,274,056,414; Warri with 7, 213 investors and deposits of N9,766,552,367 and Port Harcourt waterlines branch with 29,151 investors and deposits of N32,403,449,045.

According to the CBN, investors from Port Harcourt made up 43.45 per cent of the total investors.

Part of the allegations against MBA which founded by Maxwell Odum is that he mismanaged investor’s funds by paying billions of naira to Pastor Chris’ Christ Embassy as a member and has continued to win the trophy as number one Top Partner Award which enables him receive Pastor Chris’ Presidential handshake.

Reacting to the court order, MBA informed its investors that it will be constrained to refrain from any further actions or statements that may affect or influence the ongoing investigation as the matter is now subjudice as it is before the court.

“It said “We have gathered that the actions of the Central Bank of Nigeria are well within the confines of their statutory obligations and was instigated by some investors against our earlier advise.

“These disruptions have interfered with our plans and incapacitated the steps we have initiated towards the realization of the repayment
of capital investments.

“Flowing from the above, we may not be able to continue to comment on any matter relating to our operations pending the determination of the investigation initiate by the Central Bank of Nigeria”.

Tags: Maxwell OdumMBA ForexPort Harcourt
Share5Tweet3Send
Previous Post

JUST IN: INEC Releases Date For 2023 General Elections

Next Post

Government detects lies in viral amputee hawker’s claims… withholds N25m donation

You MayAlso Like

NATIONAL

ABIA: Activists Join ADC, As Former SDP State Secretary Emerge Abia North Coordinator

July 12, 2025
NATIONAL

David Mark’s NWC Meets ADC State Chairmen, Stakeholders, Vows To Work As A Team

July 11, 2025
NATIONAL

FG Protests New US Visa Restrictions On Nigerians, Calls For Reversal

July 10, 2025
NATIONAL

Again, Dangote Reduces Petrol Price, Set To Refine Only Nigerian Crude

July 10, 2025
NATIONAL

ADC Refutes Viral List Of State Chairmen, Warns Against Fake Registration

July 10, 2025
INTERNATIONAL / DIASPORA

Twitter founder launches new chat app that uses Bluetooth to work offline

July 10, 2025
Next Post

Government detects lies in viral amputee hawker’s claims… withholds N25m donation

Discussion about this post

Recent Posts

  • ABIA: Activists Join ADC, As Former SDP State Secretary Emerge Abia North Coordinator
  • David Mark’s NWC Meets ADC State Chairmen, Stakeholders, Vows To Work As A Team
  • FG Protests New US Visa Restrictions On Nigerians, Calls For Reversal
  • Again, Dangote Reduces Petrol Price, Set To Refine Only Nigerian Crude
  • ADC Refutes Viral List Of State Chairmen, Warns Against Fake Registration
ADVERTISEMENT

Recent Comments

  • Ogbuenyi Sunday on Anambra police arrest river-bathing prophet ‘Onye Eze Jesus’
  • Stephen CE on List of international stars who have joined #EndSARS/#EndSWAT and what they said

Trending

BREAKING: South East ADC Postpones ZWC Meeting, As David Mark Convenes Emergency NEC Session In Abuja

Unizik Law Student Collapses, Dies, After School Porter Denied Her Access To Her Drugs

Gov Otti Secures Release Of 3 Inmates On Death Row After 26 Years In Prison

ADVERTISEMENT

Nigerians Must Brace Up For Unusual Heavy Cold Weather, says NIMET

Five Serving Governors To Join ADC

FG Protests New US Visa Restrictions On Nigerians, Calls For Reversal

New Abia Movement Launches In Umuahia To Spark Civic Renewal Across Abia State

Twitter founder launches new chat app that uses Bluetooth to work offline

ADC South East To Hold Emergency Meeting For All Zonal Working Committee Members

Again, Dangote Reduces Petrol Price, Set To Refine Only Nigerian Crude

    ADVERTISEMENT

    Popular Stories

    • BREAKING: Gunmen Take Over Onitsha-Owerri Road, Set Over 10 Vehicles, Goods Worth Billions Ablaze

      2797 shares
      Share 1119 Tweet 699
    • JUST IN: CBN Governor, Godwin Emefiele sacked

      1821 shares
      Share 728 Tweet 455
    • BREAKING: Finland police arrests Simon Ekpa 

      1032 shares
      Share 413 Tweet 258
    • BREAKING: IReV Portal Shows Labour Party Won 19 States Plus FCT, PDP 8, APC 7, NNPP 2 States—Baba-Ahmed

      665 shares
      Share 266 Tweet 166
    • NEWS FLASH: Peter Mbah of PDP cruising to victory, wins 14 LGAs in Enugu guber polls 

      537 shares
      Share 215 Tweet 134
    • JUST IN: Daughter of Benin billionaire/CEO of Uyi Technical commits suicide

      510 shares
      Share 204 Tweet 128

    ABOUT US

    Jungle Journalist Media Limited

    Jungle Journalist Media Limited

    Jungle Journalist is an online news and information resource centre dedicated to accurate and timely news reports.

    Read More >>

    CONNECT WITH US

    SECTIONS

    • AGRICULTURE
    • BIZARRE
    • BREAKING
    • BUILDING & PROPERTIES
    • COLUMNIST
    • COMMUNITY REPORTS
    • ECONOMY & BUSINESS
    • EDUCATION
    • ELECTRICITY
    • ENTERTAINMENT
    • GAMES & SPORTS
    • HEALTH & FOOD
    • HOLIDAYS
    • INDIGENOUS REPORTS
    • INTERNATIONAL / DIASPORA
    • LAW & HUMAN RIGHTS
    • LEGISLATION
    • MEDIA INDUSTRY
    • MONEY & BANKING
    • NATIONAL
    • NEWS
    • NIGER DELTA
    • NORTH
    • OBITUARY
    • OIL & GAS
    • OPINION
    • PHOTOS / VIDEOS
    • POLICE / CRIME
    • POLITICS
    • RELIGION & WORSHIP
    • SCIENCE / TECHNOLOGY
    • SECURITY / MILITARY
    • SOCIAL MEDIA
    • SOUTH-EAST
    • SOUTH-SOUTH
    • SOUTH-WEST
    • TRADITION & CULTURE
    • TRANSPORT & AVIATION
    • WOMEN & CHILDREN
    • YOUTH
    No Result
    View All Result

    NEWS SOURCES

  • Punch
  • Nigerian Tribune
  • The Nation
  • Thisday
  • DailyTrust
  • The Sun
  • Daily Independent
  • PM News
  • Vanguard
  • Premium Times
  • Sahara Reporters
  • The Guardian
  • Leadership
  • Daily Times Of Nigeria
    • About
    • Advertise With Us
    • Privacy Policy

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.

    No Result
    View All Result
    • NEWS
    • POLITICS
    • ECONOMY & BUSINESS
    • GAMES & SPORTS
    • EDUCATION
    • ENTERTAINMENT
    • HEALTH & FOOD
    • NIGER DELTA
    • SECURITY / MILITARY

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In