Less than a year after the CBEX Ponzi scheme wiped out N1.3 trillion in Oyo State, another fraudulent investment platform has reportedly duped over 950 investors in Ibadan, leaving them collectively out of more than $200,000.
The scheme, operated under the names Agape Trade and Agape Thrift, has also been linked to the deaths of two victims, while several others are reportedly bedridden from shock and stress.
The development was revealed at a press conference in Ibadan by aggrieved investors, who alleged that they were lured by Enoch Adeoye and his associates with promises of “mouth-watering returns” on a minimum investment of $200.
Speaking on behalf of the investors, Mr. Abiodun Ayobami Mustafa said: “We were initially drawn to Agape Thrift and Agape Trade through various channels – street marketers, eye-catching flyers, and persuasive online ads. We were made to believe it was a government-recognised investment scheme, not a Ponzi scam.
“Not up to one-tenth of the investors were able to collect any returns beyond the first two months, which ran into millions of naira. After the initial payment, the operational office at Ago Tapa, Mokola, was locked, and the whereabouts of the man in charge remain unknown.”
The victims have formally petitioned the Economic and Financial Crimes Commission (EFCC) through its Ibadan zonal office, demanding a thorough investigation and prosecution of those responsible.
In the petition, signed by Dapo Akinosi of Swift Magnate Solicitors, the investors stressed: “We have 950 members across Nigeria, many of whom have been waiting for over a year for the return of their investments. He paid during the first three months, then stopped. All efforts to recover funds have been abortive. This act is not only illegal but criminal, and we call on your office to investigate and hold the culprits accountable.”
This latest Ponzi scheme comes months after the infamous CBEX digital asset platform collapsed in April 2025, sending shockwaves across Ibadan and the wider Oyo State. The CBEX crash, which involved over N1.3 trillion in investor funds, resulted in at least 27 hospitalisations due to shock and emotional breakdowns. Victims reported frozen accounts, restricted access to support channels, and suspicious “verification” demands requiring additional payments.
Cryptocurrency expert Amusa Salami Taiwo explained that around $847 million in USDT (Tether) had been siphoned from CBEX investors’ funds, often converted into Ethereum, leaving users’ dashboards empty. He noted that despite repeated warnings, many Nigerians were lured by promises of 100% returns and failed to verify the platform’s regulatory approval.
The recurrence of such scams underscores the ongoing vulnerability of Nigerian investors to fraudulent online investment schemes and highlights the urgent need for stronger regulatory oversight to protect the public from financial predators.
