MBA Trading and Capital Investment, popularly known as MBA Forex has come and gone but its impact still lingers.
According to the EFCC, Nigerians lost about ₦213 billion to this company with its founder, Mr. Maxwell Chizi Odum wanted and on the run.
What Nigerians lost with Ponzi schemes like MBA Forex, a legitimate trading company called OmegaPro has come to restore.
But how do both companies compare and contract?
10 differences between MBA Forex and OmegaPro.
MBA Forex was founded by Mr. Maxwell Chizi Odum, an Ikwere man from Rivers State, Nigeria.
OmegaPro on the other hand is founded by three men.
Mr. Andreas Szakacs, an ex-military personnel from Sweden is the current CEO.
Mr. Dilawar Singh, an Indian born former sports trainer is the current CNO.
Mr. Mike Sims, a notable international entrepreneur from USA is the current Strategic Advisor.
2. Reputation of Founders:
3. Social Media standing of Founders:
OmegaPro and MBA Forex were both registered in 2018 and both started operations in 2019. OmegaPro has steadily grown to over 2 million registered and satisfied users/customers from over 200 countries with constant daily payout since inception.
MBA Forex crashed in December 2020 with mostly Nigerians especially Port Harcourt residents as their investors and had no standing abroad.
Abia State with 3,159 investors;
Abuja with 10,992 investors;
Lagos State with 18,990 investors;
Delta State with 10,619 investors;
Edo State with 6,170 investors;
Cross Rivers State with 2,839 investors;
Others are Enugu State with 2,560 investors;
Imo State with 7,821 investors;
Akwa Ibom State with 2,948 investors and Rivers State (Port Harcourt) with 59,289 investors.
According to the Central Bank of Nigeria, investors from Rivers State (Port Harcourt) made up 43.45 per cent of the total investors in MBA Forex.
5. Minimum Investment:
The minimum deposit with MBA Forex Trading was $1,000 which was almost ₦400,000 based on Dollars to Naira exchange rate back then. MBA Forex was for major investors with big spending power.
The minimum package in OmegaPro called the Start-Up Trader Package is $100 which is comfortably below ₦100,000 based on current Dollars to Naira exchange rate affording more people the opportunity to sign up.
6. Monthly Returns:
MBA Forex promised as much as 15% monthly returns to their investors which is a bit outlandish based on the volatility of the Forex market. OmegaPro on the other hand promises minimum returns of 0.4% per day which amounts to between 8-10% minimum returns per month which is a sustainable amount.
7. Contract Duration:
MBA Forex’s minimum contract period was 6 months while OmegaPro’s contract period is 16 months. With MBA Forex, your contract can’t be cancelled till maturity whereas with OmegaPro, one can cancel their contract and take their money back based on certain terms and conditions.
8. Really Trading Forex?
MBA Forex claimed to trade the Forex Market for its investors but had no evidence to back up this claim.
There are people who got paid by MBA Trading when it was functional but not because they were trading Forex for their investors, they were just collecting money from people and giving it to others. Newer deposits are used to pay out older profits. That’s how Ponzi schemes operate. Ponzi schemes always crash in the end because they always run out of money, since the whole concept is an unsustainable scam. No real values are created, no profits are achieved, just an illegal and dirty game is played with money.
9. SEC Warning:
Nigerians were warned against investing in MBA Forex by the Securities and Exchange Commission (SEC) calling it a Ponzi scheme back in March 2020 months before the crash of the company. OmegaPro has not been condemned by SEC and is not registered with SEC because it’s not a Nigerian registered company but an International firm.
10. Public Figure Association:
MBA Forex on the other hand, never had anyone associate with them.