Seye Onigbinde, Brother of popular Political Critic and Founder of BudgIt, Seun Onigbinde, has been arrested by men of the Lagos State Police Command for allegedly defrauding 354 Nigerians to the tune of over N500m in illegal foreign exchange deals.

PUNCH Metro gathered that Onigbinde, who operates under the business name, Blueprint Business and Consulting, convinced over 354 Nigerians to invest in his foreign exchange business after successfully helping the first set of investors to make returns on their investments.

Onigbinde, while conducting the business, gave his office address as No. 13 Hughes Street, Alagomeji, Yaba, Lagos (which also houses BudgIt), but was operating from his place of residence on No. 7 Eyiowuawi Street, in the Pedro area of Shomolu, Lagos.

It was learnt that the initial investors were also responsible for convincing a significant number of the victims whose money had yet to be recovered.

Onigbinde, who had been operating without the requisite licence, was said to have promised his investors extraordinary profits, but when the investment went bad, he allegedly made attempts to abscond with the victims’ money.

He, however, was tracked and arrested by detectives led by the Area Commander, Area ‘F’, ACP Akinbayo Olasoji, through his yet-to-be-identified wife, who had threatened to run to America with their only child when she discovered the husband’s illegal dealings.

Detectives had tracked his wife’s phone number after several petitions from his victims.

When contacted, the state Police Public Relations Officer, Bala Elkana, said Onigbinde had been arrested, adding that he had been charged with the crime.

He said, “The command is investigating an alleged case of fraud, cheating, money laundering, obtaining of N574,251,261,01 by false pretences through a Ponzi scheme by Tosin Onigbinde and three others, Adeyanju Tijani, Olumuyiwa Adebayo and Adewemimo Onigbinde.

Seye has since been charged to court.

Source- https://punchng.com/ex-banker-defrauds-354-nigerians-of-over-n500m/
More stories Here - https://www.nairaland.com/5637994/seye-onigbinde-former-banker-defrauds
Here - https://www.pulse.ng/news/metro/ex-banker-lands-in-police-net-over-n500-million-scam-deal/rp1ffzq

Only if Onigbinde senior had accepted and stuck with the position given to him by the government and use his "possible" wealth of knowledge—as portrayed as a critic of this government— to help his brother and many Nigerians out of this economic conundrum.

I mean how can Onigbinde understand the economy of Nigeria as a whole so much and yet he can't even tell his brother that his investment would end in disaster

Always easier said than done!

[s]

Officialgarri:
Only if Onigbinde senior had accepted and stuck with the position given to him by the government and use his "possible" wealth of knowledge—as portrayed as a critic of this government— to help his brother and many Nigerians out of this economic conundrum.

I mean how can Onigbinde understand the economy of Nigeria as a whole so much and yet he can't even tell his brother that his investment would end in disaster

Always easier said than done!

[/s]

Seye is with my money as well oh.