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HomeNewsSociety NewsUNILORIN Student Who Lost N300 Million To Forex Trade Commits Suicide

UNILORIN Student Who Lost N300 Million To Forex Trade Commits Suicide

A 19-year-old identified as Gbenga Favour Olaoye-Akanbi took his life after a Forex trader, Eseka Chuckwutem Gospel, ESG, scammed him of a whopping N300 million.

The deceased who is a 300-level student of the Department of Agriculture, University of Ilorin, invested the over N300 million belonging to his colleagues and friends in a business run by ESG.

The young undergraduate could not bear the pressure from those who borrowed him the money, he then resorted to suicide.

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Narrating the ordeal, a friend of the deceased who also invested with the firm said:

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“The investment is forex. The guy’s name is Eseka Chuckwutem Gospel. We started the investment together this year. It seems he stopped trading, so he turned indirectly to a Ponzi scheme without the knowledge of those investing.

“He has a particular group. Most people in that group collected money from other people to invest in his business. The late Gbenga collected money from different people to invest with ESG at a certain percentage.

“Later on, the investment crashed, and the guy was arrested. With the help of some senior police officials, he was released. So over time, people that were with ESG as investors( they had borrowed money to invest) were now being pressurized to repay the loan they took. I am one of the investors, too; we were under a lot of pressure to pay up. So I think because of this guy’s age, he is just 19-year-old, he couldn’t withstand the pressure and committed suicide.”

A course mate of the deceased said he assured them that forex is not a Ponzi scheme and that he had back up funds, much enough to pay every one of his investors their capital and profits even if things went wrong.

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“It’s so sad; I have over N5m investment deal with him. He claimed to be the one doing the trading initially, but when the problem started around June, he started mentioning one Eseka Chuckwutem Gospel as his boss. He told us they were arrested together, but that our money was safe with him.

He later promised to pay everyone’s capital before December. I was surprised when I saw people posting his pictures with RIP today.”

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