Residents of Flamingo in Minna, Niger State, accuse Mealshare Network of defrauding over 100 people in a bogus food subsidy scheme. Victims paid up to ₦86,000 expecting discounted food items, only to find the outlet shut and operators vanished. Police confirm investigation is ongoing.
Both defendants pleaded not guilty to the charges.
“The offences contravene Section 15(2)(d) of the Money Laundering Act,” EFCC counsel tells Justice Aneke.
“We were asked to pay $200 to continue trading before applying for withdrawal…Those with investments below $1,000 must pay $100.” – Victims
Traders are now able to access their accounts and resume trading with renewed assurance, following weeks of tension and uncertainty.
Many Nigerians lost trillions to CBEX, reflecting a pattern of gullibility driven by misinformation, conspiracy theories, and blind trust in unverified social media claims and fraudulent investment schemes.
“Most of the illicit transactions were routed through crypto wallets outside Nigeria’s jurisdiction,” he said.
‘I will not sit down and tell you that we are going to restitute every victim.’
Promoters insist the platform is insured and have introduced a capital injection system, allowing previous investors to restore account balances by depositing additional funds.
Other suspects – Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim – remain at large.