Published 27th Nov, 2021

By Emmanuel Uti

Moses Adebayo Samuel, the Chief Executive Officer (CEO) of Oba Forex Global Trading, a foreign currency and investment company, is on the run after defrauding investors of over N2 billion.

When Samuel launched his investment company in March 2019, he said his goal was to deliver quantifiable results to his clients based on a sound methodology and solid experience.

He promised its investors a 25 percent returns, stating that integrity and transparency were his watchwords.

However, two years later, he has abandoned his sobering investors and no longer answers their calls.

Tayo-Bamidele Bimbola, a pastor who invested N3 million in Samuel’s company, said the CEO must have had a plan to steal from Nigerians before disappearing. When Bimbola invested in the company in March, she was told she would get 25 returns by June.

“When I did not get my money, I had to go to the company’s headquarters in Jos and ask the CEO why I did not get my money. He explained that he had run into trouble, adding that he was selling his property,” she said.

“I thought he was selling them to pay investors, but I later learnt that he was selling them to travel out of the country. And although he promised to pay me off by the following weekend, he never did. Since then, he has not answered my calls.”

Ayodele Dotun, an investor with Oba Forex, has a quite different story. He invested N100,000 twice in March. While he got N25,000 in the same month, he got N50,000 in April.

“I thought it would continue smoothly, but in April, they stopped paying. They then began to tell stories. The CEO later promised to pay what he owed by August, but failed to do so,” said Dotun.

Dotun, who asserted that Samuel ran away with over N2 billion, said the company did not keep to their words.

“I know about five people who invested N20 million each. I can bet anything; they ran away with over N2 billion. It cannot be less. I am sure of that,” he said.

In January, Chima Eze, a businessman, invested N100,000 in Oba Forex after acquaintances persuaded him to join the scheme. When he became convinced, he joined and soon began to cash out. However, this did not end well.

“They paid me N25,000 in February, March, and April. I was finally going to be convinced that Oba Forex was real, but in May, they did not pay me. Since then, they have not paid other people,” Eze said.

Narrating his experience, Emmanuel Imeh, a security professional who invested N200,000 in the company, told FIJ that until the scheme crashed, he did not know he was dealing with a liar.

“Every time, the CEO kept giving different excuses. Today, he would say he would create an app where everyone would access their money. Tomorrow, he would say something else,” Imeh said.

In April, Imeh invested N100,000 twice but got only N20,000 before the company folded up. Now, he is wondering why people testified that the company was truthful.

A part of their Memorandum of Understanding

FIJ contacted Oba Forex via the two phone numbers displayed on their website, but they did not connect. A text sent to the phone numbers was also not responded to.

FIJ found several fraud claims against Oba Forex on the internet. One Izu Michaels, a Twitter user, said the company was a scam. According to him, they have abandoned their investors and have refused to answer their calls.

For the record, #ObaforexIsAScam @Obaforex_global had to fold up and run away with people's investments with them.

For long, they don't respond to chats from those who want to know the reasons for the sudden disappearance.

In case you want to invest into forex, don't try them. pic.twitter.com/xoDCptIksm
— I Z U (@heisizumichaels) September 3, 2021

On Twitter, the Oba Forex page is private. Their Facebook page is filled with comments from people who either want their money back or are accusing the company of fraud.

Although the company’s last post is dated October 2, its comment section is locked. People now comment under previous posts.

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