A 300-level student of the Department of Agriculture, University of Ilorin, Gbenga Favour Olaoye-Akanbi, is reported to have committed suicide after he was allegedly duped by a forex trader, Eseka Chuckwutem Gospel also known as (ESG).
The 19-year-old student was said to have invested over N300 million belonging to his colleagues and friends in a business run by ESG.
A Family sources told newsmen that Olaoye-Akanbi died of a poisonous substance.
A friend of the deceased and an investor with the firm explained how they were duped, he said, “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.”