In a decisive move to address the growing SkyBet Bank investment scam that has rocked Ikare-Akoko, His Royal Majesty, Oba Alhaji Akadri Momoh IV, Olukare of Ikare, has suspended four high-ranking chiefs accused of acting as guarantors for the fraudulent investment scheme.
The affected chiefs, Chief Balogun Saheed Ajiromoke (Olusa Ishakunmen), Chief Bankole Sunday Ehinmola (Olode Aben), Chief Mogaji Abiodun (Olode Sekute), and Chief Ayuba Salau Ipinola (Okoronmu), allegedly vouched for SkyBet Bank, a financial entity that lured unsuspecting investors with promises of high returns before collapsing.
Investigations revealed that many residents were initially skeptical of the investment firm but gained confidence due to endorsements from the accused chiefs. However, within months, the scheme fell apart, leaving investors stranded with millions of naira in losses.
The Olukare’s decision to suspend the chiefs marks the first significant action by traditional authorities to hold individuals accountable for their roles in the scam. The move signals a strong warning against fraudulent financial schemes in the Akoko region.
Residents have lauded the monarch’s intervention, calling for law enforcement agencies to conduct further investigations and ensure justice for those affected.
The scandal has raised concerns about the growing trend of Ponzi schemes targeting local communities and the need for stricter financial regulations.
Stay tuned for further updates as investigations unfold.
Background Source: O.C. Babajide's Wall