Two Die, Several Hospitalised Over Failed Investment Scheme in Ibadan

At least two people have reportedly died, while several others have been hospitalised following the collapse of a private investment scheme in Ibadan, the Oyo State capital.

The affected investors, subscribers to the scheme known as Agape Trade and Agape Thrift, disclosed this during a press conference held in Ibadan on Wednesday.

Speaking on behalf of the subscribers, Mr Abiodun Ayobami Mustafa said the investment scheme, founded by Mr Enoch Adeoye, had over 950 subscribers spread across Ibadan and other parts of the country.

According to Mustafa, the scheme commenced operations in Ibadan in January 2024 and initially paid returns to investors for the first three months before payments abruptly stopped.

He explained that repeated efforts by subscribers to recover their investments or receive promised returns since last year had failed, leading to severe emotional, psychological and financial distress among members.

Mustafa revealed that the inability of investors to access their funds had allegedly resulted in the death of two subscribers, while several others were hospitalised due to stress-related complications. He added that many victims had also suffered trauma, humiliation and social pressure arising from the situation.

The subscribers’ spokesman further disclosed that a formal petition had been submitted to the Economic and Financial Crimes Commission (EFCC), calling on the anti-graft agency to investigate the scheme and its founder.

Appealing directly to the EFCC, Mustafa said the subscribers believed the actions of the scheme’s promoter amounted to financial crime and required urgent intervention.

He noted that while members were initially paid returns during the early months of the scheme, payments stopped thereafter, leaving hundreds of investors stranded despite waiting for over a year.

Mustafa expressed confidence in the EFCC’s statutory responsibility to investigate financial crimes and urged the commission to act swiftly to prevent further harm to victims and ensure justice for affected subscribers.

He added that the subscribers were hopeful that the intervention of the EFCC would help unravel the matter and provide relief to the victims of the failed investment scheme.