A 300-level student of the Department of Agriculture, University of Ilorin, Gbenga Favour Olaoye-Akanbi, has committed suicide after he was allegedly duped by a forex trader, Eseka Chuckwutem Gospel (ESG).

The 19-year-old student was said to have invested over N300 million belonging to his colleagues and friends in a business run by ESG.

Speaking to SaharaReporters, a friend of the deceased and an investor with the firm explained how they were duped.

He said, "The investment is forex. The guy's name is Eseka Chuckwutem Gospel. We started the investment together this year. 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.

"It's so sad; I have over N5m investment deal with him. He claimed to be the one doing the trading initially, but when the problem started around June, he started mentioning one Eseka Chuckwutem Gospel as his boss. He told us they were arrested together, but that our money was safe with him.

He later promised to pay everyone's capital before December. I was surprised when I saw people posting his pictures with RIP today," he told SaharaReporters.

Nbotee:
How did a 19yr old get access to 300m ?

doggedfighter:
This took me down memory lane in the University of Benin years ago.

We called him F D. He used forex trading investment to dupe people, made students collect money to the tune of millions.

And he claimed to be a campus fellowship pastor of Daystar then.



And then he disappeared.


Rest on ,young Lad

I'm sure you didn't set out to lose people's money reason you couldn't live with yourself.


It's a harsh world !!

Fmghewzy:


Sit down there and be asking jamb questions.

Making money online is easy if you know what you are doing.



I just wonder how those mumu Yahoo boys doing charms to get client and dupe them.
Can't they branch into forex and use same charms.

Nbotee:


So why did he commit suicide since he can easily get back the moniesp he lost?

Nbotee:


So why did he commit suicide since he can easily get back the monies he lost?

osamz007:
FOREX NOT FOR THE FAINT HEARTED .

bigjackass:
weep not, the boy is actually alive and this is just a fake death hoax to escape from the debts

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."

Agbegbaorogboye:
Won ti gba Manna

wink2015:


It is not the BUHARI ADMINISTRATION that needs to put regulation to prevent fraud.

IT IS THE HUMAN GREED for quick wealth that needs to be controlled.

But WILL HUMAN EVER LEARN FROM THEIR MISTAKES? That is the question.

MMM came and Nigerians got deceived.

Others followed the same story.

THEY WILL STILL NEVER LEARN?

Control your human greed for quick wealth.