Less than a year after the infamous CBEX collapse drained N1.3 trillion from Oyo State investors, Ibadan is reeling again after a new fraudulent investment scheme allegedly duped more than 950 people, leaving them collectively out of over $200,000.
The platform, operating under the names Agape Trade and Agape Thrift, is linked to the deaths of two victims and several hospitalisations stemming from shock and stress, DAILY POST reports.
At a press conference in Ibadan, aggrieved investors described how they were lured by founder Enoch Adeoye and his associates with promises of “mouth-watering returns” for a minimum investment of $200.
Spokesperson Abiodun Ayobami Mustafa told journalists, “We were initially drawn to Agape Thrift and Agape Trade through street marketers, flyers, and persuasive online ads. We were made to believe it was a government-recognised investment scheme, not a Ponzi scam. Not one-tenth of the investors received returns beyond the first two months, which initially ran into millions of naira. After that, 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), urging a thorough investigation and prosecution. According to the petition, signed by Dapo Akinosi of Swift Magnate Solicitors, the investors are scattered across Nigeria, and many have been waiting over a year for their funds. “This act is not only illegal but criminal,” the petition states.
This latest disaster comes on the heels of the CBEX digital asset platform collapse in April 2025, which shook Ibadan and Oyo State, leaving 27 investors hospitalised from shock and emotional breakdowns. Cryptocurrency expert Amusa Salami Taiwo explained that CBEX siphoned an estimated $847 million in USDT, often converted into Ethereum, leaving investors with empty dashboards. Despite repeated warnings, many Nigerians were lured by promises of 100% returns and failed to verify regulatory approval.
“The recurrence of these scams underscores the vulnerability of Nigerian investors to fraudulent online schemes and highlights the urgent need for stronger regulatory oversight,” Taiwo said.
At Wednesday’s press conference, Mustafa emphasised the human toll of the scam. “Two people have lost their lives. Several others are bedridden from shock. Many are traumatised and humiliated by the failure of the founder to return their investments. This is a matter for EFCC to investigate and prosecute,” he said.
Investors are now demanding urgent action to prevent future schemes and hold perpetrators accountable, warning that the culture of financial scams continues to undermine public trust and destabilise Nigerian communities.
