MICHAEL AKINOLA
The Police in Lagos and custodians of the dreaded Okija shrine in Anambra State have reportedly begun a manhunt for the Chief Executive Officer of EBL Network Marketing, Madam Lillian, popularly known as Madam Timeless, over an alleged N500 million fraud.
Madam Timeless is being sought alongside her sister, Blessing Chioma, and her business partner identified simply as Ebere.
The trio are alleged to have defrauded hundreds of victims in Alaba International Market, Trade Fair Complex, Ladipo Market and other commercial centres in Lagos.
According to the victims, the suspects lured them with a promise that was too good to ignore: 100 percent interest on any money deposited in the company.
A trader who deposits N500,000 was allegedly told he would get N1 million back. A woman who deposits N1 million was allegedly promised N2 million within a short period.
The company, victims said, started operating early this year. In the first few months, it paid early investors promptly. That early payment, victims now believe, was the trap.
How The Trap Worked
When the first set of people received their profits, they went back to their shops and told others. Market women told their neighbours. Apprentices told their masters. Drivers told their passengers.
Soon, whole shops in Alaba and Ladipo were pooling money to invest in EBL Network Marketing.
Some victims sold their goods to raise money. Some took loans from cooperatives. Some borrowed from family members with the hope of doubling the money and paying back quickly.
One victim, a phone accessories dealer at Alaba, who spoke on condition of anonymity, said he deposited N3.2 million.
“I saw my friend collect his money with profit. I thought it was real. I went and carried all my shop money and put it. Since then, I have not seen one naira,” he said.
Another victim, a mother of three who sells provisions at Trade Fair, said she deposited N850,000 meant for her children’s school fees.
“I have not been able to sleep. My children are asking me why they have not gone back to school. I cannot tell them I used their fees to invest,” she said, fighting back tears.
Frustration Of The Victims
The frustration of the victims is now visible in the markets.
Some have closed their shops because they have no capital to restock. Some have been chased out of their shops by landlords over unpaid rent. Some have had their marriages threatened because they invested family savings without telling their spouses.
Several victims told http://P.M.EXPRESS that they have been going from one office to another, from one police station to another, begging for help, but nothing has changed.
“We are not thieves. We worked for this money. We sweated for it. Now we are begging to get our own money back. It is painful,” one victim said.
Another victim said he has developed high blood pressure since the incident.
“I cannot eat. I cannot sleep. Every time my phone rings, I think it is them calling to refund us. But it is never them,” he said.
When the victims could no longer reach the suspects, they reported the matter to the Police at Ojo Division, Lagos.
Police sources confirmed that a complaint was lodged and investigation has commenced, but the suspects have since gone into hiding.
It was also learnt that the suspects have closed their offices in Lagos and in other states where they were operating, making it difficult for victims to trace them.
Victims Turn To Okija Shrine
Frustrated by the slow pace of recovery and unable to get their money back, one of the victims reportedly went to the Okija shrine in Anambra State to report the suspects.
Okija shrine is widely feared in the South-East for its alleged spiritual powers to expose and punish offenders.
Victims who supported the move said they had lost faith in the normal process and wanted traditional justice to intervene.
“We have reported to police. We have reported to everybody. Nothing happened. That is why we went to Okija. Let the gods judge them if man cannot judge them,” a victim said.
Sources close to the shrine said the matter has been accepted and traditional processes have begun to locate the suspects.
Police authorities, however, have urged victims to remain calm and allow investigation to take its course, warning them not to take laws into their hands.
A History That Keeps Repeating Itself
What happened with EBL Network Marketing is not new in Nigeria. Network marketing and Ponzi schemes have defrauded millions of Nigerians over the years.
The most notorious was MMM Nigeria in 2016. MMM promised 30 percent monthly interest. Millions of Nigerians, including civil servants, students and traders, invested billions of naira. In December 2016, the scheme crashed. Many victims never recovered their money. Some reportedly died from shock.
Before MMM, there was the Wonder Bank and other similar schemes in the 1990s and early 2000s that promised huge returns and disappeared with depositors’ funds.
In recent years, there was MBA Forex, which promised huge returns on forex trading. The company allegedly collected billions from investors across Nigeria before it collapsed. Its founder was later arrested, but many victims are still waiting for refunds.
There was also Loom, Racksterli, Twinkas, Ultimate Cycler and many WhatsApp-based contribution schemes that promised double payment in days. All of them followed the same pattern: pay early investors, attract a crowd, then disappear.
Experts say the pattern is always the same. The operators pay the first set of people with money collected from new investors. When new investors stop coming, the scheme collapses.
Financial experts have repeatedly warned Nigerians that any investment that promises 100 percent return in a short time is not a real business. No genuine business in Nigeria can double money that quickly without fraud.
Yet, because of hardship, high cost of living, and desperation to survive, many traders and low-income earners continue to fall for the promise.
For the victims of EBL Network Marketing, the warning has come too late.
They say all they want now is their money back, or to see the suspects arrested and prosecuted.
As at the time of filing this report, efforts to reach Madam Timeless, Blessing Chioma and Ebere for their reactions were unsuccessful, as their phones were switched off and their known offices remain locked.
Police say investigation is ongoing.