Tobiloba (not real name) and three of his co-workers invested over N1 million in Breach Menders Investment in January. But it became an investment gone bad shortly.
Mayowa Olukehinde, the Chief Executive Officer (CEO) of Breach Menders, had promised one of Tobiloba’s colleagues a future of financial abundance if they invested in his forex trading firm and benefited from its 20 percent returns.
After keying into the scheme, a colleague of Tobiloba informed him and three others who would invest a sum of N950,000. Tobiloba also invested N100,000.
In February, he expected his first payment of N20,000 but did not get anything.
“Olukehinde told us that we would get a 20 percent commission on our capital at the end of every month, but it shocked me when I did not get my money in February and March. He told us he had changed his mind on the monthly payment and would only pay at the end of the third month,” Tobiloba said.
PATIENCE, AND THEN FRUSTRATION
Tobiloba still chose to be patient after Olukehinde assured him he would be paid in April, but again, his patience did not bring him any good luck.
In July, Tobiloba’s patience ran out and he refused to listen to Olukehinde’s well-orchestrated lies. By perusing through the WhatsApp group he and other investors belonged in, he found that he had been fleeced.
“Most people in the group were also complaining. When I noticed this, I followed the group closely and saw that he had not paid anyone. But he would always claim he had paid some people and block anyone who used strong words,” Tobiloba told FIJ.
“At this point, I was determined to get my money back. But Olukehinde began to plead for more time. He said the money had gone with the wind as the forex market crashed. And even though he presented himself as the trader when we decided to invest, he told me he was not the main trader, but I didn’t care.”
Tobiloba and his colleagues tried their best to get Olukehinde to refund their money, but he would not. At some point he said his corporate account was frozen by the Central Bank of Nigeria (CBN), and at another time he claimed to have sold his personal belongings to pay some investors.
Now, he is unreachable. “If you call him, he will hardly answer his call,” Tobiloba told FIJ. “And if you call him several times, he’d block you. His office at Agege is closed too.”
FIJ made several calls to Olukehinde, but his line was switched off. A text message sent to him was also not responded to.
Investors said Breach Menders swindled them out of N50 million. On his LinkedIn account, Olukehinde says his law firm is Breach Menders Legal Practitioners.