The investment scheme collapse has left families grieving, investors ruined, and regulators under pressure to confront rising unregulated financial schemes.
The tragic fallout from a failed financial venture in Ibadan, Oyo State, has reignited public concern over the dangers of unregulated investment platforms operating across Nigeria.
The collapse of the investment scheme has reportedly resulted in the deaths of two individuals and the hospitalisation of several others, according to affected subscribers.
The scheme, known as Agape Trade and Agape Thrift, attracted hundreds of participants with promises of steady financial returns.
However, what initially appeared to be a reliable income opportunity soon spiralled into a distressing episode of loss, trauma, and unanswered questions for investors and their families.
During a press conference held in Ibadan, distressed subscribers revealed the scale of the crisis.
Speaking on their behalf, Mr Abiodun Mustafa, who serves as the group’s spokesperson, disclosed that more than 950 people invested their money in the scheme, which was founded by Mr Enoch Adeoye and began operations in January 2024.
According to Mustafa, early payouts created a sense of confidence among investors. Subscribers reportedly received returns during the first three months, reinforcing trust in the platform and encouraging additional investments.
However, payments suddenly stopped after that period, leaving participants stranded without explanations or refunds.
For over a year, investors said they have made repeated attempts to recover their funds or resume returns, but all efforts have failed.
Mustafa explained that the prolonged silence from the scheme’s promoter deepened anxiety among subscribers, many of whom had invested personal savings, cooperative funds, or borrowed capital.
The emotional toll of the collapsed investment scheme has been severe.
Mustafa alleged that two investors died after suffering health complications linked to the stress of losing their investments, while several others were hospitalised.
He added that many subscribers have faced humiliation, family conflicts, and financial instability as a direct result of the failed scheme.
Beyond the personal tragedies, the incident has exposed broader vulnerabilities within Nigeria’s informal investment space.
The ease with which such schemes attract large numbers of participants highlights persistent gaps in financial literacy, regulation, and enforcement, particularly at the grassroots level.
Mustafa noted that subscribers are not limited to Ibadan alone, explaining that members of Agape Trade and Agape Thrift are scattered across different states in the country.
Representatives of various sub-groups attended the press conference, reflecting the widespread reach of the scheme and the depth of the losses suffered.
After months of frustration, the investors jointly resolved to seek institutional intervention.
A formal petition has been submitted to the Economic and Financial Crimes Commission (EFCC), urging the agency to investigate the promoter and the operations of the scheme.
Addressing the EFCC, Mustafa emphasized that the commission was established to combat financial crimes that erode public trust and damage the moral fabric of society.
He argued that the actions surrounding the investment scheme amount to alleged financial misconduct that should be thoroughly examined under existing laws.
He stressed that the petition is not driven by vendetta but by a collective demand for accountability and justice.
According to him, many subscribers are ordinary Nigerians who invested in the hope of improving their livelihoods but are now facing long-term financial setbacks.
The incident has also sparked renewed debate about the rise of informal thrift and trading platforms that operate outside strict regulatory oversight.
Financial analysts warn that such schemes often thrive during periods of economic hardship, when individuals are more susceptible to promises of quick or guaranteed returns.
Experts continue to advise Nigerians to verify the registration status of investment platforms, understand the risks involved, and avoid schemes that lack transparency or clear regulatory approval.
