Published 27th Apr, 2023

By Tarinipre Francis

Udoh Boaz has narrated to FIJ how Opeoluwa Opeyemi Oluwatimilehin, the director of First Gate Communications Ltd., obtained N99,500 from him for its value in bitcoin and a private virtual server network with which he could commence profitable forex trading.

It’s been almost two months since Boaz made the payment, and he has yet to receive any bitcoin.

Payment receipt of N20,000 from Boaz to First Gate Comm Ltd

Boaz first met the First Gate Communications Ltd. director at a restaurant in Ikota Shopping Complex, Lagos State. Their introduction was casual. Boaz was unemployed, and Opeyemi, widely known as Yemi, introduced Boaz to his forex scheme and boasted of having created a software robot that could trade forex for people and make significant profits for them.

Yemi told Boaz that he could subscribe to any of his company’s three trading packages, which ranged from $1,000 to $1,000,000, with daily profit targets of one, three and five percent.

After much soliciting, both in person and over the phone, Boaz said he finally agreed to invest in Yemi’s forex scheme but could afford none of the subscription packages.

He told FIJ, “Since I could not afford even the least package, he (Yemi) introduced me to a forex broker prep firm, myforexfunds, and told me I could purchase a 2000 USD account from them at an affordable price and take advantage of his proposition by only paying the monthly subscription fee for the robot.

“I couldn’t purchase the 2000 USD account from the broker firm with my naira account, so I was required to pay using crypto currency.”

This was when Yemi suggested Boaz send the naira equivalent of the bitcoin to him and that he would contact a crypto merchant who would credit Boaz’s crypto wallet with the value in crypto currency.

Payment receipt of N79,500 from Boaz to First Gate Comm Ltd

On March 7, Boaz sent N79,500 to Yemi for the bitcoin, to add to an earlier payment of N20,000 for the setup of a virtual private server on which the software robot would trade in forex for Boaz on March 4.

Boaz said he was never credited with any bitcoin. He said he complained to Yemi but nothing came out of it.

“After the passage of two days without seeing the funds reflected on my crypto account, I decided to opt out of the business and requested that my money be refunded to me,” Boaz said to FIJ.

Yemi agreed to return Boaz’s money but again failed to hold up his end of the bargain.

Boaz said he was yet to be refunded and that Yemi had now refused to answer his call.

“I borrowed money from these online loan givers that is already due for payment, and I am currently receiving disturbing calls and threats to penalise me for not paying it off in due time,” Boaz told FIJ, adding that he had had to borrow from other loan providers to survive and was now in a great deal of debt.

“This situation has plunged me into great debt, as I have had to access more loans from other loan companies on the basis of the farcical promise he has been making that I will recover my money.”

On April 17, when FIJ phoned Yemi to respond to the allegations, he said he had no funds at the time as his money was tied down but that he had applied for a loan that would be released within the week. He asked that Boaz give him a one-week grace period to refund his money.

Although reluctant due to repeated failed promises, Boaz agreed to give him the one week he asked for.

One week has now passed, and Yemi has yet to refund Boaz’s money. Boaz says he has also refused to take his calls.

FIJ phoned Yemi again, and he said he was occupied at the time, that the organisation could go ahead with the report and that he would phone later. When FIJ phoned him after the agreed-upon time had passed, he did not respond.

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