MBA Forex Blames CBN for Inability to Return Investors’ Funds
By Modupe Gbadeyanka
The management of MBA Trading and Capital Investment Limited, also known as MBA Forex, has attributed its failure to return the funds invested in the country to its owners to the actions taken by the Central Bank of Nigeria (CBN).
The firm, which is involved in foreign exchange (forex) trading and investment in capital investment, said the banking sector regulator in Nigeria “suspended any dealings in our [bank] accounts.”
According to the chief executive of the organisation, Mr Maxwell Odum, “All other payment gateways we normally use for the easy payout of funds have also blacklisted.”
He disclosed that this has made it quite difficult for some investors to get their money back from the company.
Mr Odum explained that the apex bank said it blocked the company’s bank accounts “to carry out some checks to ensure that we have been acting lawfully.”
However, the MBA Forex chief assured that those who invested in the firm would get their funds back as the “process has already commenced while some have already received their funds.”
“Our commitment is to pay back all capital funds. In fact, we have commenced that process by paying out our clients on the N360,000 category (which has the largest volume of persons).
“To this end, we have slowly paid out hundreds of persons before we encountered an unforeseen circumstance,” a statement from the company made available to Business Post quoted Mr Odum as saying.
MBA Forex acknowledged that its business operations faced “market volatility and other unfortunate developments,” which made it difficult for the company to “meet up with the expected outcomes.”
However, it expressed its determination to ensure that investors “do not at least lose your capital,” noting that “where for one reason or the other things do not work out as expected in terms of your returns, the least you would expect is that your capital is safe.”
The management has, therefore, asked for more patience and time from the investors to resolve the current challenges.
“So, please, give us some time to sort things out; no matter how inaudible it appears, we are working zealously for your advantage keeping in mind that the current conditions are exhaustive and depressive.
“Confidently, by the time we are communicating next with you it would be to inform you that we have resumed putting some money in your accounts,” it said.
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