Another Food Ponzi Scheme Scam Hit Osogbo, causing Protest

A food stuff store at Odi Olowo, Opposite Nepa office, Osogbo, Osun State, selling items at up to 80% discounted rates for months disappeared this morning after collecting pre-order money from hundreds of traders and customers.

For instance, they sold a 50kg (₦60k-70k) bag of rice for as low as ₦20-30k. An Indomie carton of ₦14k was sold ₦5-7k, depending on the quantity of orders. But, every order took 7-days for processing.

Semovita, Oil, Rice, Beans, Spaghetti; every food stuff was sold for a minimum of 50% discount. This final run, they promoted it on social media, attracting hundreds of interest state-wide.

So, today was supposed to be another pick-up day after taking mass orders from people.

Unfortunately, when the investors arrived the store, it was empty, their numbers weren’t reachable, causing panic that prompted police intervention. They’re now asking police to investigate and recover their money.

Interestingly, it was in the same exact area in Odi Olowo, Osogbo that the infamous Hero’s Merchant or Hero’s Capital happened years ago. Same food stuff scam.

Last year July, someone pulled off the same scam in Auchi.

He was selling ₦60k bags of rice for ₦20k, claiming it was an FG subsidy and palliative. On some days he sold over 100bags of rice.

After collecting money from over 1,000 people, he disappeared. The victims later realized they had collectively been scammed to the tune of ₦20-30 million.