Mazugal investment scam involves Aminu Idris as a Lagos investor loses N23m in a failed soybean export scheme with the Kano-based firm. EFCC and police efforts stalled

Mazugal investment scam has left a Lagos resident, operating under the pseudonym Ogbuemuda Ijambada, in financial and emotional turmoil after he reportedly lost N23 million to a fraudulent export investment scheme run by Aminu Idris, the owner of Mazugal General Services Ltd.

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Ijambada told FIJ that a mutual acquaintance introduced him to Idris in 2021 as a trusted Kano-based exporter involved in the international trade of soya beans.

After verifying documents and even checking Mazugal’s website, Ijambada was convinced of the company’s legitimacy.

“Everything checked out. He even gave me what seemed like a real contract and supply documents to Algeria,” Ijambada said.

Between December 3 and 14, 2022, he transferred N23 million to Mazugal, with the promise of earning $47,000 within eight weeks.

However, when the investment matured in early 2023, things began to unravel. Idris provided a fake telex document as proof of an international transaction — which GT Bank later confirmed was forged.

Repeated follow-ups only led to more excuses and inconsistent stories.

Ijambada eventually contacted the Algerian company Idris claimed to have supplied. After several conversations, he concluded that the entire operation was a coordinated scam.

“He claimed payment delays were due to problems with the Algerian government, but everything was fabricated. I believe they’re all in on it,” he said.

Attempts to recover the funds through legal channels also failed. Petitions to the EFCC and the Nigerian Police yielded no results.

Though police traced a registered phone number and NIN linked to Idris, it turned out to belong to an elderly relative — a retired teacher — who unknowingly helped Idris set up the ID.

“The police arrested the man, but they couldn’t hold him due to his health. Once released, Idris vanished. I haven’t heard from him since,” Ijambada added.