Published 29th Apr, 2022

By Emmanuel Uti

James Odunewu (not real name), a public servant, has accused Ibrahim Oyeniyi, the founder of IBR Global Market, a forex trading company, of defrauding him of N1.3 million.

Odunewu told FIJ that Oyeniyi fleeced him of his hard-earned money under the guise of operating a forex brokerage in October 2020.

The public servant also said he decided to invest his capital with the company during the said period, after his colleague would not stop singing its praise.

“I paid Oyeniyi N700,000 and $1,500 after confirming that the company was legitimate. This was because IBR Global Market gave the assurance that I will be paid a Return on Investment (ROI) of 50 per cent on my capital, at the end of every month, for six months,” Odunewu said.

“After I sent the money, Oyeniyi refused to me give me a Memorandum of Understanding (MoU). I requested it several times, but he ignored me. At the end of the first month when he was supposed to pay me, he started telling me stories.

“Oyeniyi said he had issues with his business and the police. He also said this was why he could not focus on his business. Also, he said some people were after his life. I gave him the benefit of the doubt, but he misused it.”

Odunewu said Oyeniyi stopped communicating with him after he failed to pay him the promised ROI in November 2020.

“He would only take one out of every forty calls I make to him,” Odunewu said.

“After a while, he would only talk to my colleague about my investment. After that, ‘things went totally south’. That was when he told my colleague to tell me to get a lawyer.”

The public servant said his lawyer wrote to IBR Global Services in 2021, but got no response.

“After my lawyer’s letter, IBR Global Services, sent an MoU signed and sealed by their lawyer. Oyeniyi acknowledged in the MoU that he was owing me,” Odunewu said.

Odunewu told FIJ that despite the MoU that Oyeniyi sent to him, the forex trader still did not pay him his money.

The public servant also said that he went to the Economics and Financial Crimes Commission (EFCC) office in Ibadan to file a petition against IBR Global Market, but nothing came out of it.

When FIJ reached out to Oyeniyi for comment, he said that the company would pay Odunewu whenever it had the means to.

He also stated that the public servant was aware of ‘what he was getting himself into’ before investing with his company.

“Based on the terms and conditions of the company, which he (Odunewu) is well aware of, he chose to invest with us. Nobody forced him to. However, we are doing what we can to resolve the issue,” Oyeniyi said.

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