Some prominent figures in the multi-level marketing (MLM) industry are facing accusations of colluding with a Dubai-based company, Omegapro Forex and Investment Trading Company, in defrauding Nigerian investors. Dr. Ope Banwo, the Coordinating Attorney of Omegapro Action Nigeria Class (OANC), a group representing affected investors, singled out individuals such as Tomiwa Orunnipin, Samuel Ajibare, Leo Bonaventure, and others for their alleged involvement in duping Nigerians of over N100 billion.
The fraud unfolded with the emergence of Omegapro Forex, which initially promised Nigerians a pathway to financial success. Investors, including widows, retirees, high-net-worth individuals, and young individuals, fell victim to what turned out to be one of Nigeria’s largest investment tragedies.
The alleged promoters, including Daniel Onoja, Tomiwa Orunnipin, Samuel Ajibare, Leo Bonaventure, and MLM Diamonds leaders, created a deceptive narrative of a foolproof investment opportunity with high returns. Top agents aggressively marketed the venture, vouching for its legitimacy and potential for lucrative earnings. The influencers leveraged their status, convincing thousands to invest their money in Omegapro, creating a false sense of credibility.
Investors, trusting the due diligence supposedly conducted by promoters, invested their life savings, pensions, and even sold properties. The top promoters reportedly received a 10% commission from Omegapro Dubai for every investor they referred.
Investigations reveal that experts had been warning about Omegapro as a scam for three years, but top agents ignored these warnings. The scam reached its climax in September 2022 when Omegapro announced a system hack, freezing payments to investors worldwide. Subsequent attempts to salvage the situation, such as migrating accounts to a new company called Brokers Domain and later forming Go Global, proved futile.
In August 2023, Omegapro owners claimed they couldn’t pay investors due to a freeze by the United States CFTC. The company abruptly closed its doors, leaving thousands of investors, including over 250,000 Nigerians, in despair.
The alleged masterminds, including the Dubai-based owners and top agents, reportedly made millions of dollars from over 70 countries, with an estimated N200 billion from Nigerian investors. Amidst calls for investigations and a class-action lawsuit, questions arise about the complicity of Omegapro agents worldwide. Were they knowingly involved, unwitting victims, or willing accomplices? The demand for accountability includes a minimum refund of commissions earned from the illegal forex trading scheme.