MBA Forex Investment Capital Recovery
Did you invest in MBA FOREX and your money is now stuck with no clear path to getting it back?
There is hope.
On 10 February 2021, following the failure of MBA Forex and Capital Investment Limited (now re-named as MBA Trading and Capital Investment Limited) to repay investors/depositors’ funds from October 2020 till date, the Central Bank of Nigeria, acting pursuant to Sections 56, 57 and 97 of the Banks and Other Financial Institutions Acct, 2020 (as amended) applied to the Federal High Court, Port Harcourt Judicial Division, for an order to freeze debit transactions on the accounts of MBA Trading and Capital Investment Limited in 10 Nigerian banks
On 11 February 2021, the Federal High Court granted the order freezing all debit transactions on all listed MBA Trading and Capital Investment Limited accounts (read order here). Discreet inquiries indicate that the accounts are funded but not sufficient to discharge all liabilities of MBA Trading and Capital Investment Limited to its investors/depositors.
Working with our partner law firm, we sought to intervene with the CBN, the Economic and Financial Crimes Commission, the Securities and Exchange Commission, the Federal High Court, and other regulatory bodies for refunds to verified depositors/investors.
To this end, our partner law firm sent petitions to the CBN (read the petition here) and EFCC (read the petition here) demanding that they commence refunds to verified depositors.
Upon the failure of these regulators to act, we filed an action on behalf of 190 investors/depositors at the Federal High Court, Port Harcourt in Suit No. FHC/PH/CS/131/2021 seeking leave to compel the CBN, EFCC, and SEC to perform their statutory duty of refunding depositors’ funds. On 9 September 2021, the Federal High Court granted us leave as sought.
While granting leave, the Court ordered a stay (freeze) of all debits on accounts held by or linked to MBA Trading and Capital Investment Limited, World Citizens Equity Partners Limited and their respective shareholders/directors in eleven (11) banks (read the order here).
The Court also ordered MBA Trading and Capital Investment Limited, World Citizens Equity Partners Limited and their respective shareholders/directors to appear in court to show cause why they should not be compelled to explain to the Court, the movement of depositors’ funds that were in their custody and pay compensation to depositors.
Other applications have been filed in the proceedings, which will be heard when the parties appear before the court.
This is a limited duration offer to anyone whose funds are still tied up in MBA Trading and Capital Investment Limited to join our intervention.
At the time we initiated this intervention, we offered no guarantee of a full, partial or any recovery at all. All we offered, and continue to offer, is a good faith effort to see that you recover as much of your investment as humanly possible.
To this end, at the beginning, we did not ask anyone to pay any money upfront as fees for a successful recovery, in exchange for which, we charged a 20% commission on the sum recovered, payable only upon a successful recovery.
Since then, we have received and are processing claims approaching One Billion Naira (N1,000,000,000.00) from over Four Hundred (400) investors (and still counting).
The present application in Suit No. FHC/PH/CS/131/2021 was filed only on behalf of the depositors who scaled through our stringent documentation and verification processes.
The cost outlay of this recovery is huge. We can no longer accommodate new claims unless such intending claimants contribute towards the cost of the recovery.
In the circumstances, we have modified our terms of engagement and will now require new claimants to:
- pay a non-refundable administrative charge of Twenty-five Thousand Naira (
N25,000.00) as your contribution towards the cost of the ongoing intervention; AND - make a written commitment to pay us 10% of any money we are able to recover on your behalf (instead of 20% as previously charged).
This offer will lapse on 31 August 2023.
Initially, we anticipated that the recovery effort will take 3 – 6 months, with an upper limit of 12 months, but the dilatory tactics employed by CBN (coupled with its recent unfreezing of MBA’s accounts despite pending court orders freezing them) may extend the timeline for recovery. However, we are doing all we can to curtail the delay.
We will need your written authorization to act on your behalf. You can give it by proceeding to the next page and giving us some transactional information.
If this is acceptable to you, indicate below by providing and validating your email address and proceed to the next page to give us additional information with the link you will receive in your provided email address.
Authored by Oyintare Dite-Ojoko
Chief Operating Officer
RecovaDebt Limited