Huge amounts of money belonging to families, civil servants and other residents of Plateau State are feared trapped following the reported collapse of ‘My Kudi Investment’, a ponzi scheme many investors trusted after years of consistent payouts and glowing testimonies. In this report, KESHIA JANG examines the growing anguish of victims who now count their losses, the explanations offered by the company’s management and the legal and financial implications surrounding the controversial investment platform
Many families in Plateau State are currently battling disappointment, uncertainty and financial hardship following the collapse of the controversial ‘My Kudi Investment’ scheme, which allegedly trapped millions of naira belonging to residents who had hoped to improve their lives through the investment platform.
Among those affected is a 43-year-old police officer, Esther Christopher, who invested her daughter’s tuition fees in the scheme after being persuaded that it was legitimate and profitable. Like many other investors, her hopes were dashed after months of silence and unreturned calls from the promoters of the investment platform.
Seeking an escape from financial difficulties and hoping for a better future, Mrs Christopher reportedly invested an initial ₦3 million and later added another ₦2 million before communication with the operators became difficult.
Family savings trapped in failed scheme
Narrating the ordeal with deep regret, Miss Joy Christopher explained that it took considerable effort to convince her mother to join the scheme because she initially distrusted such investments.
“The money was meant for my Police Academy admission, as the person helping us promised I would get in by 2026. It was not easy for me to convince my mother, who had objected to it. I had to persuade her thoroughly because I had earlier invested and successfully withdrawn my profit and capital,” she said.
Another investor, Zugwai Arung, who invested ₦2 million, lamented that she has remained in the dark regarding both her capital and the promised profits.
“I made payments to Mr Samuel Okposio for the My Kudi Investment. I invested ₦2,000,000 and he has been stalling since November 2025. He has not even refunded the capital. Funny enough, I introduced my friend, and she introduced her boss, and their money is gone too.
“I did not know My Kudi had crashed until I went online. Now, you can imagine. At first, they claimed it was a bank issue, but when two of his staff members whom I knew personally left last year in December, I knew the problem was real. I heard he built a nine-bedroom apartment, so why are you building that kind of flamboyant house if you are still owing people?” she lamented.
Similarly, Mr Lawal Ahmadu, who invested ₦3 million, claimed he paid Mr Samuel in 2026 but has not received any return on the investment.
The experience was similar for Mrs Lohya Itsegok, a civil servant based in Jos, who said she first heard about My Kudi Investment in 2019 through her sister.
According to her, members of the family initially resisted joining the scheme because of previous experiences with failed ponzi schemes such as Fadama. However, repeated testimonies from supposed beneficiaries and visible investments allegedly made by the company’s management convinced them to participate.
In September 2024, she invested ₦1 million while her sister added another ₦1 million, bringing their initial total investment to ₦2 million.
Investors recount mounting losses
Mrs Itsegok disclosed that several members of her family later joined the scheme.
“My mother, who is a retiree, my three sisters, and my neighbour all joined. Together, we invested over ₦6.2 million in My Kudi and Simplicity Concept, a business run by Mr Samuel Okposio. Today, we are asking one question: Where did our money go?” she asked.
She further explained that the family continued topping up their investments after the company allegedly introduced a minimum investment threshold of ₦500,000.
“Our last top-up was in December 2025 and early January 2026, when we added ₦472,000. Then January 2026 came, and our dividend was not disbursed when due. We called and chatted. The response was always today, tomorrow, or next week. In February 2026, he finally paid January’s interest,” she stated.
According to her, the family’s combined investment eventually rose to ₦5.5 million.
“One of my sisters and I paid in ₦1.6 million, my mother paid in ₦1 million, my older sister paid in ₦600,000, and my younger sister paid in ₦1 million. My neighbour, whom I introduced, paid in ₦1.3 million,” she added.
She further alleged that the company admitted prioritising payments to more recent investors.
“He went ahead to tell me directly that he was paying those people who invested from December 2025 to March 2026 first. This is an admission that new deposits were being used to pay earlier investors.
“From September 2024 to January 2026, I received a total of ₦1,150,000 or thereabouts in interest,” she said.
CEO admits management mistakes
Responding to the allegations and concerns raised by investors, the Chief Executive Officer of Simplicity Group, Mr Samuel Okposio, explained that My Kudi Investments was launched on May 2, 2021, as a programme under Simplicity Group.
According to him, the company used investors’ funds to operate multiple POS accounts and paid investors monthly returns beginning at five per cent before later increasing to 7.5 per cent in 2024.
He disclosed that returns later rose to 10 per cent monthly in 2025 and eventually to 12.5 per cent for investors with ₦5 million and above.
Mr Okposio said the company currently has 117 investors, although some operate multiple accounts. He admitted that management failed to promptly communicate the company’s financial difficulties to investors.
“On the 1st of October 2025, we sent a circular to all our investors informing them of our ‘no capital withdrawal’ policy for December 2025 and January 2026,” he explained.
According to him, the circular triggered a massive wave of withdrawal requests, which exposed a major financial gap within the company.
“On the 14th of December 2025, the reports were ready. In the report, we discovered the issue had started in April 2025 from the 12.5 per cent interest we were paying,” he stated.
He disclosed that accountants later confirmed that the company required an additional ₦872,842,000 to fully settle all investors.
“The company was able to raise a total sum of ₦553,750,000 as of February 28, 2026, and paid most of the investors. We were left with a deficit, leaving a balance of ₦278,800,000 remaining to fully settle all investors,” he said.
Mr Okposio acknowledged that management errors contributed to the crisis.
“Yes, there were management mistakes in the decision to increase interest rates without proper calculations and without having a financial expert look into it before implementation,” he admitted.
He, however, maintained that the company possesses landed property and buildings that could be liquidated to offset investors’ funds and assured affected customers that efforts were ongoing to ensure repayment.
Examining the matter from a legal perspective, the Secretary of the Nigerian Bar Association, Jos Branch, and Principal Partner at Forte Chambers, Mafeng Pam, described the activities of the company as both a civil and criminal issue.
According to him, any financial institution that collects investments from customers and fails to fulfil agreed obligations could be liable for breach of trust and cheating under the Penal Code.
“There is no law known to me that prohibits investments or business with registered financial institutions. No financial institution is immune to the law, nobody is above the law, and investors can rightly sue and obtain a favourable judgement,” he stated.
Also speaking on the issue, financial expert, Danjuma Tat, faulted investment schemes that promise unusually high returns within a short period, warning that such models are often unsustainable.
He stressed that any business promising unrealistic profits without sustainable financial backing is likely to collapse eventually, leaving investors devastated.