Unilorin student, 19, loses N300m to forex, commits suicide

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A 19-year-old University of Ilorin student, Gbenga Favour Olaoye-Akanbi, has ingested poison and died after he was reportedly scammed of N300 million on foreign exchange (FOREX) trading.

The student was said to have died on Sunday.

Sahara Reporters reported that the 300-level student of the Department of Agriculture invested the money, which he sourced from different investors with a forex trader, Eseka Chuckwutem Gospel (ESG).

A friend of the deceased stated that ESG later informed him (Olaoye-Akanbi) that he lost the money, and he was arrested but eventually secured his freedom through the help of some senior policemen.

“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,” the friend said.

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