Christ Embassy, Pastor Lose N50m In Forex Scam

Posted by on 2009/01/19 | Views: |

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Christ Embassy, Pastor Lose N50m In Forex Scam

Believersí Love World Incorporated, a.k.a. Christ Embassy, and one of its pastors, Yemisi Kudehinbu, alleged to have lost N50 million in a foreign exchange business, have lodged a complaint against a Lagos businessman, Chidi Eric Nwabuzor, at the Force Criminal Investigations Department Headquarters, Alagbon, Lagos. Kudehinbu claimed that they w...

Believersí Love World Incorporated, a.k.a. Christ Embassy, and one of its pastors, Yemisi Kudehinbu, alleged to have lost N50 million in a foreign exchange business, have lodged a complaint against a Lagos businessman, Chidi Eric Nwabuzor, at the Force Criminal Investigations Department Headquarters, Alagbon, Lagos.

Kudehinbu claimed that they were tricked into the business, believing it to be genuine, but it turned out to be a well researched financial scam. In view of this, they vowed that they are going to use all available legal means to recover their lost money.

In his own account, Chidi Nwabuzor, who did not only claim to be a businessman, but a guru in forex online counter-trade and also a member of Believersí Love World Incorporated, a.k.a. Christ Embassy, started trading in forex since 2006, with outstanding success.

Nwabuzor alleged that when some members of the church, at Plot B, Ikosi Road, Oregun, Lagos, including pastors, noticed his success in his private trade, they began to prevail on him to help them trade in the foreign exchange online. He accepted and traded for pastors Ayotunde Akinboboye, Tunde Okeowo, Bukky Olokunbola and some of the church workers.

He was then called by pastor Yemisi Kudehinbu, who told him that the church will want him to be trading for them and Global Plus Publishing Limited, a company owned by the church. Consequently, he started trading for Global Plus Publishing Limited through Pastor Kudehinbu who is also a director of the company.

The company, in September, 2007, started with N10 million. It was successful and resulted in more than 200% success, culminating in a return of N25 million. There was no dispute then.

Thereafter, pastor Kudehinbu, who saw the business as an avenue to build a big financial empire, pledged more funds so as to make higher returns and made Nwabuzor, herself and Global Plus to enter into an agreement for further transaction, which was executed by the parties.

Fifty millionnaira was then given to Nwabuzor for further trading in online Over Counter Trade. However, as it is the usual practice and custom, pastor Kudehinbu and the company, whenever they advanced money to Nwabuzor, do collect from him an undated cheque for the exact amount which they claim they will fall back on if the forex traders decided to run away with their funds without investing same at the online forex trade. In line with this demand and in good faith, that it will not be used, therefore he issued a cheque to them since he had no intention of running away with their funds.

Nwabuzor further alleged that he invested the N50 million, placing same in the platform account because pastor Kudehinbu and Global Plus Company have no account with GFT Global Market for such trading.

He said he used all his usual skill and diligence to manage the trading, but from January, 2008, when they started, the market became volatile and refused to stabilise whereby he incurred some losses. Consequently, the N50 million was lost, through genuine forex trading, but pastor Kudehinbu and the company refused to take liability, stating that they were only investors.

They turned around and enlisted the support of Deacon Odunayo of Refuge Home Savings and Loans, 66, Opebi Road, Ikeja, to say that the funds belonged to the church; therefore he must repay.

Since Sunday, 17 August, 2008, Chidi Nwabuzor claimed that he was initially detained in the conference room of the church before he was transferred to Alausa police station and the following day he was transferred to the Force CID, Alagbon, Ikoyi, Lagos, and since then the pastor and the church have been using police to harass and intimidate him, to the extent that his house was ransacked and some of his personal belongings, including N1 million, were confiscated by the police. The scam is still being investigated.

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