On my quest for investment, I remembered one of my old friends. I asked him to link me up to his business. He told me that he is into Forex trading. I asked him how it is and he tried explaining things to me. After, I became interested and asked him to teach me. He created an account for me and thought me a lot. But because I haven’t learnt much , I decided to give him money to trade for me on his own trading account with an oral agreement of giving me a monthly return of 10% to 15% of my capital. He gave me a 10% return after the first month. On the second month, he told me that he lost my money and his to trade. So now I am confused and don’t know what to do. Please I need an advice. Should I report him to the police?
I'm going to give you clear, practical advice because situations like this are very common — especially with Forex trading and informal agreements. First — What Happened (Reality Check) What you described has 3 major red flags: He traded on his own account (not yours) No written agreement (only oralRead more
I’m going to give you clear, practical advice because situations like this are very common — especially with Forex trading and informal agreements.
See lessFirst — What Happened (Reality Check)
What you described has 3 major red flags:
He traded on his own account (not yours)
No written agreement (only oral agreement)
Promised fixed monthly returns (10–15%)
These are very high-risk signs. In fact, promising fixed monthly returns in Forex is not realistic. Forex trading returns are never guaranteed.
Even professional traders lose money sometimes.
Should You Report Him to Police?
Here is the honest answer:
You can report him — but success depends on:
Whether you have evidence of payment
Whether you have messages showing the agreement
Whether he intentionally defrauded you
If you sent money via bank transfer, WhatsApp chats, or voice notes, you have a case.
You can report to:
Nigeria Police Force
Economic and Financial Crimes Commission (EFCC)
Securities and Exchange Commission Nigeria (SEC Nigeria — if it’s investment fraud)
But Before Reporting (Better First Steps)
I recommend this 3-step approach:
Step 1 — Talk to Him Calmly
Ask him:
What exactly happened?
Where is the trading history?
Can he refund gradually?
Sometimes traders genuinely lose money. But he must show proof.
If he refuses to communicate or show proof, that’s suspicious.
Step 2 — Gather Evidence
Collect:
Bank transfer receipts
Chat messages
Voice notes
Screenshots
Account details
This strengthens your case.
Step 3 — Send a Firm Warning
Tell him politely but clearly:
You want a refund plan
If not, you may report formally
Many people start paying back when they see seriousness.
Important Lesson (Very Important)
Never:
Give someone money to trade in their own account
Accept guaranteed returns in Forex
Invest without written agreement
If you want Forex exposure in future:
Trade your own account
Or use regulated investment platforms
Or avoid Forex entirely (many beginners lose money)