Gbenga Favour Olaoye-Akanbi, 19, a 300-level student of the Department of Agriculture, University of Ilorin, has reportedly killed himself after losing a whopping sum of 300 million naira to a forex trader, Eseka Chuckwutem Gospel (ESG).
Earlier this month, Gbenga was reported to have defrauded his course mates to a tune N300 million in the name of forex trading.
An ally of the deceased who is also an investor with the firm explained how they were duped.
According to him, the investment is forex and Eseka Chuckwutem Gospel introduced it to them. He revealed that they started the investment together this year, and said “It seems he stopped trading, so he turned indirectly to a Ponzi scheme without the knowledge of those investing.
“He has a particular group. Most people in that group collected money from other people to invest in his business. The late Gbenga collected money from different people to invest with ESG at a certain percentage.
“Later on, the investment crashed, and the guy was arrested. With the help of some senior police officials, he was released. So over time, people that were with ESG as investors( they had borrowed money to invest) were now being pressurized to repay the loan they took. I am one of the investors, too; we were under a lot of pressure to pay up. So I think because of this guy’s age, he is just 19-year-old, he couldn’t withstand the pressure and committed suicide.”
A course mate of the deceased said he assured them that forex is not a Ponzi scheme and that he had back up funds, much enough to pay every one of his investors their capital and profits even if things went wrong.658