Angry investors in failed MBA Trading and Capital Investment have urged Christ Embassy church to prevail on the embattled founder of the company and financial pillar in the church, Maxwell Weli Odum, to return their money stuck in the firm.
This protest against the MBA Forex, the second in one week saw the protesters match to the Port Harcourt territorial headquarters of Christ Embassy where the failed business owner, Odum is said to have contributed N1 billion to the church in 2019
The protesters, accompanied by the Rivers State Civil Society Organisations, RIVSCO, have been counting their losses after the scheme which hitherto pays 15-percent return on investment, crashed in November last year.
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The Central Bank of Nigeria had said 125, 397 investors deposited a total of 171, 128, 219,041 into accounts belonging to the company.
The Apex bank in a suit with suit Number FHC/PH/MIsC/35/2021, before the Federal High Court sitting in Port Harcourt on the 10th of February, filed an exparte motion seeking an order of the court to stop all debit transactions from MBA accounts.
The on the 11th of February, the court ordered that accounts maintained in any bank in Nigeria by the company be forthwith frozen for a period of time sufficient for the Central Bank of Nigeria to conclude the ongoing investigation and inquiry into the affairs of the Company.
The accounts include 39 Naira bank accounts domiciled in Access Bank, EcoBank, FCMB, GTB, Suntrust, Stanbic IBTC, Sterling Bank, UBA, Union Bank, Unity Bank and Zenith Bank.
Others are 8 dollar accounts domiciled in FCMB, Ecobank, Stanbic IBTC, UBA and Sterling Bank.
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According to a court document, the company has a total of 14 branches which include Aba with 3,159 investors and deposits of N3,721, 930,689; Abuja with 10, 992 investors and deposits of N20, 508, 696,314; Allen Lagos with 10,164 investors and deposits of N13, 068, 196, 850; Asaba with 3,406 investors and deposits of N4,177,475,745; Benin with 6,170 investors and deposits of N7,016,573,157, Calabar with N2,839 investors and deposits of N3,377,292,827 and Eliozu Port Harcourt branch with 30, 138 investors and deposits of N41, 956,413,079.
Others are Enugu with 2,560 investors and deposits of N6, 972, 471, 039; Lekki with8,826 and deposits of N14, 224,187,177; Owerri 1 with 2, 545 and deposits of N2, 908,274,471; Owerri 2 with 5,276 investors and deposits of N6,752,547,834; Uyo with 2,948 investors and deposits of N4,274,056,414; Warri with 7, 213 investors and deposits of N9,766,552,367 and Port Harcourt waterlines branch with 29,151 investors and deposits of N32,403,449,045.
According to the CBN, investors from Port Harcourt made up 43.45 per cent of the total investors.
Reacting to the court order, MBA in a management statement told its investors that it would refrain from further actions or statements that may affect or influence the ongoing investigation as the matter is now subjudice.
The firm stated, “We have gathered that the actions of the Central Bank of Nigeria are well within the confines of their statutory obligations and was instigated by some investors against our earlier advise.
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“These disruptions have interfered with our plans and incapacitated the steps we have initiated towards the realization of the repayment of capital investments.
“Flowing from the above, we may not be able to continue to comment on any matter relating to our operations pending the determination of the investigation initiate by the Central Bank of Nigeria”.
