A Lagos resident, Daniel Oluwatobiloba Popoola, has alleged that a company operating as Universal Magdala Solution Group (UMSG) lured him into what he described as a Ponzi scheme, disguised as a government-sponsored agricultural empowerment programme, and has since refused to refund the N100,000 he paid into the scheme.
Popoola, in an account detailing his experience, explained that he received a WhatsApp broadcast in July 2026 from UMSG, a company he said is located at 29a, Alhaji Mulli Street, Oregun, Lagos, with a sub-office at 8, Bisi Ogabi Street, Allen, Ikeja, opposite First Bank.
He said the broadcast came with a designed graphic flyer advertising an empowerment programme, with the sender claiming it was an agricultural initiative sponsored by the Lagos State Government and assuring him he would never regret attending.
According to Popoola, upon arriving at the venue, attendees were lectured into believing that partnership businesses were the only viable ventures left, and that any business outside that model would not last.
He disclosed that an identification card was issued to him within seconds, after his passport photograph had been quickly taken with a phone.
He further alleged that later that same day, the company’s Chief Executive Officer, identified as Dr Abiola, invited him into his office, brought out a POS machine, and persuaded him to pay N100,000, covering both a capital contribution and a registration fee, to begin enjoying the benefits of membership.
Popoola said he was told that a contribution of N1 million would grant access to more packages, but he informed the CEO that he did not have such funds and would prefer to invest gradually, after which the CEO allegedly persuaded him further by claiming that many beneficiaries had travelled abroad through the scheme.
Popoola disclosed that months after making the payment, he came to believe the scheme was fraudulent, stating that there was no evidence of any actual empowerment initiative, but rather what he described as a strategic means of siphoning people’s money.
He said his suspicion was reinforced by an internal rule barring participants from exchanging contact information with one another at seminars, a practice he considered unethical.
Following this discovery, Popoola said he approached the president of the organisation, Dr Peter Abiola, to request a refund of his capital, informing him that he was no longer interested in continuing with the scheme. He alleged that he was told a refund was not possible.
Popoola disclosed that upon reviewing the company’s partnership terms and conditions document, he found clauses stating that capital paid into the scheme was strictly non-refundable under any circumstance.
The document’s Clause 4, titled “Non-Refundable Capital,” states: “All capital paid into the UMSG Partnership is strictly non-refundable,” adding that “no demand for refund, charge back or reimbursement shall rise under any circumstance.” Clause 5.2 further states that “no cash refund, compensation or damages shall be payable by UMSG” in the event a participant withdraws or loses interest in the scheme.
Popoola said the discovery left him confused, and he questioned whether there was any law in Lagos State that permitted such organisations to bar investors from retrieving their capital.
