Kola Adepoju’s Fight for Justice Amid Trapped Funds and Broken Promises
Kola Adepoju, a Nigerian trader, is sounding the alarm on E-Wealth Electronic Wealth Connect, an online bitcoin bidding platform he accuses of betraying thousands through coercion and exploitation. In a heartfelt letter to Arise NewsTV’s Morning Show, Adepoju, a victim himself, details how E-Wealth’s sudden policy shift has trapped millions of naira, including his investment, leaving traders in financial ruin.
A Dream Turned Nightmare
Launched five months ago by Ada Ijeoma, known as Ada Dollar Winner, E-Wealth promised traders 50% returns on investments within 21 days. Adepoju was drawn to the platform’s simple pitch: commit funds, trade for 6, 12, or 21 days, and cash out freely. A ₦500,000 investment, for example, would yield ₦1 million. “It seemed like a lifeline in Nigeria’s tough economy,” Adepoju writes. But three weeks ago, everything changed.
E-Wealth introduced a “recommitment” policy, requiring traders to reinvest half their payout to withdraw funds. For Adepoju, this meant his ₦1 million cashout was locked unless he recommitted ₦500,000—money he didn’t have. “My investment and gains are trapped,” he laments, noting that even those who recommit face delays or non-payment. Adepoju links this shift to the collapse of CBEX, another crypto platform, which sparked trader withdrawals that E-Wealth seemed desperate to curb.
Victims in Crisis
Adepoju’s letter paints a grim picture of widespread distress. Many traders, including those who borrowed funds, are “bleeding and gnashing their teeth.” One woman, unable to repay a loan, begged E-Wealth to return her investment, forgoing profits. Another threatened suicide. “I’ve collected scores of complaints,” Adepoju writes, vowing to share them with the media. His financial strain mirrors that of countless others, trapped by a platform he believes has abandoned its founding principles.
A Call for Accountability
Adepoju suspects E-Wealth’s tactics resemble Ponzi schemes, exploiting Nigeria’s regulatory gaps. The Securities and Exchange Commission (SEC) warns against unregistered platforms, but enforcement is weak, leaving traders vulnerable. Adepoju’s plea to Arise NewsTV seeks to amplify these voices, urging regulators like the SEC and Economic and Financial Crimes Commission (EFCC) to investigate E-Wealth and its leader, Ada Ijeoma.
Stakeholders Magazine echoes Adepoju’s call for action. Traders should document their experiences and report to the SEC, EFCC, or Consumer Protection Council. Policymakers must strengthen crypto oversight to prevent further exploitation. The public is urged to verify platforms and seek financial literacy through sources like CoinGecko.
Adepoju’s fight is a stark warning: unregulated schemes thrive on desperation. As he awaits justice, his story demands urgent stakeholder intervention to protect Nigeria’s crypto traders.
Take Action:
Traders: Preserve platform records and file complaints with regulators.
Regulators: Probe E-Wealth and bolster crypto laws.
Media: Amplify victims’ stories for accountability.
Citizens: Research investments via trusted platforms.
Share your experience with Stakeholders Magazine.
