Less than a year after the CBEX Ponzi scheme wiped out N1.3 trillion in Oyo State, over 950 investors in Ibadan have reportedly lost more than $200,000 to another fraudulent investment platform.
The scheme, operating under the names Agape Trade and Agape Thrift, has been linked to the deaths of two victims, while several others are reportedly bedridden from shock and stress.
At a press conference in Ibadan, investors said they were lured by Enoch Adeoye and his associates with promises of “attractive returns” on a minimum investment of $200.
Speaking on behalf of the victims, Mr. Abiodun Ayobami Mustafa said: “We were drawn to Agape Thrift and Agape Trade through street marketers, flyers, and online ads. We were told it was a government-recognised investment scheme, not a Ponzi scam.
“Only a fraction of investors received returns in the first two months, after which the Ago Tapa, Mokola office was locked, and the manager disappeared.”
The investors have petitioned the Economic and Financial Crimes Commission (EFCC) in Ibadan, demanding a full investigation and prosecution of those responsible.
In the petition, signed by Dapo Akinosi of Swift Magnate Solicitors, they stated: “We have 950 members across Nigeria who invested in this scheme. Payments were made during the first three months and then stopped. All efforts to recover funds have failed. This is a criminal act, and we urge your office to hold the culprits accountable.”
This latest scam follows the collapse of CBEX in April 2025, which wiped out over N1.3 trillion in investor funds and hospitalised at least 27 people from shock. CBEX users reported frozen accounts, restricted support, and suspicious “verification” demands requiring extra payments.
Cryptocurrency analyst Amusa Salami Taiwo said roughly $847 million in USDT (Tether) had been siphoned from CBEX investors and converted to Ethereum, leaving accounts empty. He warned that despite earlier alerts, many Nigerians continued to fall for schemes promising unusually high returns.
The recurrence of Ponzi scams underscores the vulnerability of Nigerian investors to fraudulent online platforms and highlights the urgent need for stronger regulatory oversight.
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