Mr. Maxwell Chizi Odum, founder and CEO of MBA Trading and Capital Investment Limited, also known as MBA Forex, has been declared wanted by the Economic and Financial Crimes Commission (EFCC). A statement issued on Wednesday by the EFCC's Head of Media and publicity, Mr Wilson Uwujaren, confirmed the development.

The self-proclaimed investor is reportedly wanted on fraud charges involving up to N213 billion. The EFCC said his last known address was in Port Harcourt, Rivers State, and urged members of the public to come forward with important information, releasing contact details in the "Wanted".

Event background

About nine months ago, MBA Forex, which is engaged in foreign exchange trading and capital investment, claimed that the company was unable to return investors' funds due to actions taken by the Central Bank of Nigeria (CBN).

MBA Forex said Nigeria's banking regulator had "suspended any transactions in our account". Mr. Maxwell Chizi Odum, founder and CEO of the company, said that all other payment gateways used by the company to pay funds have also been blacklisted, which means that some investors have difficulty getting their funds back from the company.