By our reporter 28.9.2026
Hundreds of Osogbo, Osun State residents found out Monday morning they have lost money after a company running a Ponzi scheme like operation on food commodities suddenly closed down and operators disappear.
According to reports, the company based in the Odi-Olowo area of Osogbo has been trading commodities with massive discounts. For instance, a bag of 50kg rice bag sold for 20,000-30,000 naira instead of 60,000-70,000. Other commodities like semovita, vegitable oil, spagetti, noodles, beverages carried a price tag much lower than what it is obtained in the market.
The company made their customers to pay seven days in advance for them to be able to get the commodities, some regular traders were on social media warning against the scheme, but costumers mocked them saying they were afraid of losing their business.
However, the bubble burst on Monday when hundreds of customers who have paid in advance came to collect their goods only to find out that the company has suddenly closed down and operators unreachable.
There was tension in the area as it dawned on them, they have been scammed of huge sums of money. Sensing a riot government officials deployed six truckloads of policemen to the area to maintain law and order.
Osogbo customers find out they have been scammed...