Osun: Tension as Investors Loot Warehouse Belonging to Food Ponzi Scheme
Customers who paid for discounted rice, oil and spaghetti returned to a locked shop as police said the case had not been reported.
- On Monday, residents of Osogbo, Osun State, discovered a food vendor had vanished after collecting advance payments, leaving customers at the Odi-Olowo shop with locked premises and unreachable operators.
- The vendor lured victims by selling items at giveaway prices: 50kg bags of rice for N27,000, 25 litres of cooking oil for N30,000, and spaghetti packs for N10,000, all requiring advance payment.
- Victim Bola paid N765,000 for various food items, while Tunde Kolapo paid N135,000 for five bags of rice, describing the incident as a "well-planned fraud" after introducing family members to the business.
- An intense uproar broke out in the Odi-Olowo area as customers demanded money recovery, though community leader Chief Ajagbe Oladunjoye remarked that victims should have expected this outcome when seeking unusually cheap goods.
- Osun State Police Command spokesperson Abiodun Ojelabi said the matter had not been reported to the command, while circumstances surrounding the sudden business closure remained unclear.
13 Articles
13 Articles
Osun: Tension as investors loot warehouse belonging to food Ponzi scheme
Tension escalated in Osogbo, Osun State, on Tuesday as residents looted a warehouse linked to the Global Food Initiative, a cheap food scheme whose operators reportedly disappeared after customers paid millions of naira for food items. The development followed Monday’s uproar at the organisation’s facility in the Odi-Olowo area of the state capital, where residents […] Osun: Tension as investors loot warehouse belonging to food Ponzi scheme
Nigeria: Uproar in Osun As Food Vendor Bolts With Customers' Money
There was an intense uproar in Osogbo, Osun State, on Monday after food was nowhere to be found, despite the collection of millions of naira from residents as upfront payment for the supply of food items.
Osogbo residents lost millions of Naira in food Ponzi scheme
By Shina Abubakar, Osogbo There was panic in Osogbo, Osun State, on Monday after a food outlet allegedly operating an investment scheme shut its premises, leaving hundreds of customers worried about funds they had paid for food supplies. The outlet, Global Food Initiative, reportedly began operations in early August around the Odi-Olowo area of the […]
Gunshots, Rain as Residents Loot Food Warehouse in Osogbo
Residents of Osogbo, Osun State, on Tuesday looted a warehouse operated by Global Food Initiative after investors reportedly failed to access food items linked to their investments in the scheme. The incident occurred amid heavy rainfall and police gunshots as residents from nearby communities joined investors at the warehouse. Several investors had returned to the […]
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