The investing industry is one of the most common industries in which CEOs have committed fraud by stealing people’s investments.
When we hear of CEOs, we always think of rich elites with forward-thinking companies delivering much-needed public services.
However, money and corruption have played a role in the rise and fall of some CEOs. Some of them have let their greed get the best of them, ruining their entire businesses and stealing other people’s money.
Investment fraud is on the rise globally, and Nigeria is not immune. In investment, companies request funds from investors with the promise of overnight appreciation. The investors don’t realise the hoax until the managers of the investment firm have vanished into thin air.
Here are 5 CEOs who disappeared with people’s investments.
1. Dominic Joshua Ngene
Dominic Joshua Ngene is a self-acclaimed investment banker in Nigeria. He is the managing director of Brisk Capital Limited, an investment firm.
Dominic Joshua duped his unsuspecting victims of more than N2 billion and took off after multiple complaints were filed against him. The Lagos State Police Command’s Special Fraud Unit (SFU) eventually arrested him in May 2021.
In what looks to be a Ponzi scheme, Ngene guaranteed investors a 60% return on investment. He claimed to have managed funds for over 100 people and businesses.
He lured over 500 investors to invest in Bitcoin, forex trading, real estate, and oil and gas, according to CP Anderson Bankole, the officer in command of the Police Special Fraud Unit (PSFU).
Ngene spent some of the money on parties, exotic automobiles, fancy watches, and real estate in Abuja, Lagos, and Port Harcourt.
2. Adewale Daniel Jayeoba
Adewale Daniel Jayeoba, also known as Daniel Wales, owns Wales Kingdom Capital Ltd., a commodity and currency trading company that has been accused of defrauding investors of up to N40 billion.
The company, which was founded in March 2019 in Abeokuta, Ogun State, attracted investors by promising them a 25% monthly return on investment.
Everything was fine until Jayeoba declared on December 7, 2020, that the company would be unable to pay returns for the month.
One of the company’s affiliates, who chose to be anonymous, recounts, “The company claimed it was into forex trading. It also had a physical office in Abeokuta. Two categories of people traded with Wales Kingdom Capital. It had affiliates and direct investors.
“The affiliates are not only investors with the company, they also work as agents for it. They have official accounts and are expected to bring in customers. The minimum monthly target for each of them was N40 million.”
The affiliate further said there were times when a single affiliate brought in N100 million in a month.
Jayeoba claimed that the company’s huge capital loss was caused by unstable market conditions brought on by the Covid-19 epidemic, among other factors.
He told investors that the company was on the mend and that their money would be returned in a due cause but reneged on this promise and eloped.
Consequently, the Economic and Financial Crimes Commission (EFCC) arrested and paraded Jayeoba’s parents in June. The commission accused them of colluding with their son to swindle people of N935 million through FX trading.
The location of Adewale Jayeoba is still unclear. Some of his associates claim he is in Turkey, while others claim he remains in Africa.
3. Gloria Igberaese and Muyiwa Folorunsho
Gloria Igberaese and Muyiwa Folorunsho, a Nigerian couple, are still wanted by Interpol for their role in a multi-million dollar investment fraud.
The entrepreneurs reportedly founded Divergent Enterprise, which owns companies including Landlagos, PorkMoney, Hyberfactory, and Porkoyum, among others.
They allegedly used these brands to defraud thousands of Nigerians through Ponzi schemes.
The suspects, dubbed as ‘Bonnie and Clyde’ on social media, were accused of defrauding investors of N1 billion in one case.