Another Ponzi scheme scams Ibadan investors of $200,000 months after CBEX collapse

Less than a year after the CBEX Ponzi scheme wiped out N1.3 trillion in Oyo State, another fraudulent investment scheme has reportedly defrauded over 950 investors in Ibadan, resulting in combined losses exceeding $200,000.

The platform, operating under the names Agape Trade and Agape Thrift, has been linked to the deaths of two investors, while several others are reportedly bedridden from shock and stress.

At a press conference in Ibadan, aggrieved investors alleged that they were lured by Enoch Adeoye and his associates with promises of “attractive returns” on a minimum investment of $200.

Speaking for the investors, Mr. Abiodun Ayobami Mustafa said: “We were initially drawn to Agape Thrift and Agape Trade through street marketers, eye-catching flyers, and persuasive online ads. We were told it was a government-recognised investment scheme, not a Ponzi scam.

“Only a fraction of investors received returns during the first two months, which amounted to millions of naira. After that, the office at Ago Tapa, Mokola was locked, and the man in charge disappeared.”

The victims have formally petitioned the Economic and Financial Crimes Commission (EFCC) at its Ibadan zonal office, demanding a thorough investigation and prosecution of the perpetrators.

In the petition, signed by Dapo Akinosi of Swift Magnate Solicitors, the investors noted: “We have 950 members across Nigeria who invested in this scheme. Many have been waiting for over a year for returns. Payments were made during the first three months and then stopped. All attempts to recover our funds have failed. This is a criminal act, and we urge your office to hold the culprits accountable.”

This latest scam comes months after the collapse of the CBEX digital asset platform in April 2025, which wiped out over N1.3 trillion in investor funds and left at least 27 people hospitalised from emotional shock. CBEX users reported frozen accounts, restricted access to support channels, and suspicious “verification” demands requiring additional payments.

Cryptocurrency analyst Amusa Salami Taiwo said approximately $847 million in USDT (Tether) was siphoned from CBEX investors’ wallets and converted into Ethereum, leaving investors with empty dashboards. He warned that despite prior alerts, many Nigerians continued to be drawn by promises of unusually high returns without verifying regulatory approval.

The recurrence of such schemes highlights the persistent vulnerability of Nigerian investors to online Ponzi scams and underscores the urgent need for stronger regulatory oversight to protect the public from financial fraud.