Selective: Maxwell Odum Donations to Christ Embassy
The Claim
Maxwell Odum scammed over 70,000 persons with MBA Trading & Capital Investments but donated investors' money to his church.
News posted on
Emerging story
Nigerians took to Twitter to call out the CEO of the company, Maxwell Odum, whom they alleged had donated part of the proceeds to his church, Christ Embassy, last year. A tweet by Adetutu Balogun alleged Odum scammed over 70,000 investors using MBA Trading and Capital investments. The investment company promised 15% ROI for deposits starting from N350k.
Misbar’s Analysis
Misbar's investigation into the claim reveals a confusion of facts and unclear claims. Our investigation found that Maxwell Odum was declared Christ Embassy's highest partner/donor for 2020. He also won a Presidential handshake and trophy. Nevertheless, no evidence directly connects his donation to the church with investors' claim in MBA Trading & Capital Investment.
A video of Pastor Chris Oyakhilome addressed Ponzi's schemes and warned his members not to fall prey. It also unveils that the church had earlier distanced itself from such investment offers. An attempt by Misbar to get the church's comment specifically on Maxwell Odum's donation to the church and MBA Trading & Capital Investment. The church did not respond to compiling this report.
MBA Trading & Capital Investment Twitter handle and a LinkedIn page is represented as a registered company that 'enables investors to earn up to 15% ROI (return on investment) every 30 days. Such are the promises Ponzi's schemes and quick return offers are known to make to unsuspecting individuals.
Our checks also reveal that the claim that over 70,000 persons have their investment tied up in the scheme cannot be verified as reported by Sahara Reporters. However, the CEO himself admitted that many investors had already commenced while some had already received their funds.
According to him, the company's inability to pay investors is due to market volatility and downturn, which has hindered it from making progress and, as such, the resultant failure of the company to pay out investors as promised. He also attributed his company's inability to pay investors to CBN's actions.
Maxwell Odum's company indeed received investors' funds with the promise of a 15% ROI within three months. There is no evidence connecting Maxwell Odum's donations to Christ Embassy with the company's investment funds. The total number of persons affected is not determined.
