The Nigerian forex trading community is grappling with a storm of allegations against Habby Forex, a prominent trading academy founded by Damilare Ogundare. While the academy has built a reputation for offering mentorship programs and trade signals, recent accusations from multiple victims have cast a shadow over its operations.
The controversy gained traction after a trader, @deekay_umar, shared his devastating experience. He alleged that Habby Forex mismanaged his account, leading to a staggering $111,000 loss over two years.
“I gave @Habbyforex_ $111,000 of my hard-earned money, believing it was in the right hands. Instead, he wiped it out like it was nothing,” the victim shared in an emotional post. He further accused Michael Udoh of playing a significant role in convincing him to invest through Infinox with Habby managing the trades.
According to @deekay_umar, he was encouraged to add more funds to “save” the account but ended up losing $62,000 in a single day. What made matters worse was Habby Forex allegedly using screenshots of his account for promotional purposes without consent.
In his own words, @deekay_umar recounted:
“He (Habby) took screenshots of the $10,000 from my account and posted it on his Telegram group… I checked his Instagram and YouTube only to find videos of my blown account being used as bragging material.” “Imagine—this wasn’t even his withdrawal. I made it myself, yet he used it as proof of his so-called expertise,” he said.
The victim described how he was lured into investing through promises of financial growth and stability, after trusting Habby Forex and his associate Michael Udoh. Instead, he faced financial ruin and emotional distress.
The allegations have drawn attention from activists like Very Dark Man, who have been vocal about scams in the forex trading industry. They have warned potential investors to exercise caution and thoroughly verify credentials before engaging with trading academies. Very Dark Man emphasized that flashy lifestyles and promises of guaranteed profits are often red flags in the forex space.
The academy claims to have helped thousands of individuals gain financial independence through its mentorship programs and sniper entry trading strategies.
However, the growing number of complaints has left many questioning its credibility. While some still view Habby Forex as a valuable resource for traders, others see these allegations as evidence of deeper issues within the academy’s operations.
The stories of @deekay_umar and other victims highlight the risks associated with unregulated forex trading platforms. In an industry often plagued by scams and misinformation, these cases serve as stark reminders for investors to remain vigilant and avoid handing over funds without thorough due diligence.
As calls for accountability grow louder, it remains to be seen how Habby Forex will respond to these mounting allegations. For now, trust in the academy appears to be hanging by a thread.
