Business

Forex Trading: Ventezo Winds Up, Blocks Nigerian Clients’ Withdrawals

Last year, many traders from the Philippines and Iran reported issues related to fund withdrawals and poor customer service.

Published

9 months ago

October 10, 2025

OCHEFA

452 Views

Cover image: Naira to Dollar

Seychelles-based Ventezo, a forex market trading broker, has ceased its operations, resulting in financial losses for Nigerian clients.

Last year, many traders from the Philippines and Iran reported issues related to fund withdrawals and poor customer service.

“My trading broker, Ventezo, folded up with $1,500 (about N3 million) with them over two months.

Now, we never hear from them.

“They keep promising that they will refund Nigerian clients, but till now, I have never seen anything,” lamented one of its dealers.

Background checks by this Reporter reveal that Ventezo is an electronic communication network (ECN) forex broker offering online trading services in currencies, oil, precious metals, stock indices, and cryptocurrencies.

Established in 2021, Ventezo is registered with the St. Vincent and the Grenadines Financial Services Authority (SVG FSA).

According to Wikibit, although Ventezo claims to have a team of experienced traders and financial professionals, there is a lack of transparency surrounding its ownership and management structure.

The company’s official website (currently offline), provides minimal information about its founders or key personnel, which is a common trait among potentially fraudulent brokers.

Related Topics:Featured Ventezo Forex broker Ventezo Forex broker Nigerian clients

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BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

1 hour ago

June 30, 2026

Charles Flames

11 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

5 hours ago

June 30, 2026

OCHEFA

17 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”