Connect with us

News and Report

How Dapo Abiola’s Voltac Global Capital allegedly defraud investors of N1.8bn

Published

on

Voltac Global Capital (VGC), a finance and asset management company owned by businessman, Dapo Abiola, has been accused of defrauding investors to the tune of N1.8 billion.

Following its establishment in May 2020, Voltac Global Capital kicked off operations with packages and offers that were eagerly embraced by investors.

According to a report by Foundation For Investigative Journalism, the company promised a monthly ROI of 20 percent on all investments and kept its word, promptly making agreed payments to its customers for the first nine months after its creation. But things would crumble soon.

Baliqees, an undergraduate student at the University of Ibadan, was initiated into VGC’s investment by a colleague who doubled as the company’s business representative in September 2020.

“When he announced the company’s offer to me, he said the return on investment would be 20 percent and it would be paid monthly,” she said.

“As a final year student who needed all the financial support I could get back then, I decided to invest N100,000. After a month, I got a return of N120,000, which means that the 20 percent promised was actually paid.”

Impressed by their first deal, Baliqees reinvested both capital and profit. She added money as well.

“By December 2020, I had raised my equity to N500,000, and when I added it to the ROI that the investment had generated, my money had become N600,000. In January 2021, I decided to add N200,000, which meant that I would have a total investment of N800,000,” explained Baliqees.

She further disclosed that agents who acted as account officers for VGC were also assigned to each investor, and they would regularly visit to give a breakdown of how investments were fairing.

“During this period, the total sum I was supposed to have with VGC was N960,000. Unfortunately, it was then that they stopped paying their investors, finding all sorts of excuses and stories all the time,” Baliqees lamented.

On March 5, VGC sent a memo to investors, informing them that it would start paying ROIs in April, citing CBN regulations, which included an audit and compliance exercise, as reasons.

Three days later, Abiola, the company’s CEO appeared in a video, apologising to investors for any inconveniences caused by an ongoing audit, assuring them that the company was in a good shape.

His words: “VGC still stands, we are not going anywhere.”

He also told the investors to stay calm, and that their money was safe.

However, on March 31, the company released another memo. In it, it claimed that the federal government’s ban on crypto-currency affected the majority of its funds in February and that the ban led to panic withdrawal by investors.

VGC declared that, while trying to make up for the panic withdrawals being experienced, Joshua Kayode, the founder of Quintessential Investment Company, who had traded with a major share of the VGC’s investment, had failed to remit the required amount of $4 million.

It also stated that Kayode’s activities had forced the VGC to invite the EFCC to conduct an appropriate investigation. In the same memo, the company said some investors had obtained a court order to freeze the company’s account, and that the action had prevented the company from carrying out any transaction.

For the first time, the company disclosed that it had recorded a huge financial loss.

Aminat, another affected investor and student, said she only got N36,000 from VGC after investing N360,000.

“My last investment with the company was N360,000, and when the crisis started in June, the company said it would start paying 10 percent of the total money owed every investor. Those with capital in excess of one million naira were to be paid seven and a half percent,’ she said.

“That’s how I received N36,000 of the total amount due. I had also invited a cousin who invested N200,000. During this period, he was paid N20,000. But since then, nothing concrete has been heard from them. At one point, we learned that their accounts had been frozen because of a court order.

“We just don’t know what else to do right now. We are in a very difficult economic situation and we need our funds to meet our pressing needs,” he said.

“I do not have the exact figure, but I am sure hundreds of investors are currently affected by this, and several million naira is involved. The most annoying part was that the company knew all along that it was in crisis, but the owner kept giving false assurances.”

Following the March 31 memo, Abiola released three more videos and continued to assure investors that the crisis would soon be over and things would return to normal. VGC also continued to email its clients, explaining the steps taken to ensure they received their money.

In a July 7 memo, VGC described itself as a victim of Kayode’s payment default, pleading that any investor willing to assist in the recovery of its funds with the trader should come forward.

In its last memo released on September 2, the company stated that Kayode had been charged to court and that the Force Criminal Investigation and Intelligence Department (FCIID), Alagbon, was handling the matter.

More importantly, the company stated that it had exhausted all means of making additional payments to affected investors because it currently lacked any form of financial capacity. It also revealed that it would lay off a portion of its staff due to the financial crisis.

“Since September 2, we have had no news from the company,” said Baliqees. “It might mean our money is gone. They had promised in the past that we might get our capital back. But right now, that’s not even sure anymore.”

FIJ learned that Kayode had secured the sum of N1.8 billion from the VGC, promising to return enough money for the business to keep its promise of 20 percent ROI.

Kayode has a history of fraud. FIJ learnt that he once posed as an investment expert to defraud 170 persons of N10.7 billion.

A customer service representative at VGC’s Gbagada office told FIJ the company is currently taking a number of steps to make sure investors are paid.

“As you know, the company is into real estate, automobiles, and other businesses. Soon all of these challenges will be over,” she said.

“There is absolutely no cause for alarm. Investors’ ROI, however, is not promised. They can only get their capital back. What I will not be able to tell you is when exactly the payments will be made.”

September 2 Memo

However, she declined to release Abiola’s telephone number. (THE WITNESS)

News and Report

Organiser unveils speakers, panelists for the 2024 Industry Summit

Published

on

By

 

The organiser of the Industry Summit, an annual gathering for professionals and experts in brand marketing, finance, sustainability, and entertainment, has announced the speakers for the fifth edition of the summit in Lagos.

 

 

 

The event themed: Sustainable Marketing for Growth would feature the marketing director of Nigerian Breweries Plc, Mr. Emmanuel Oriakhi as keynote speaker while the head of unit, sustainability at Access Bank, Mrs. Omobolanle Victor-Laniyan and manager brand, strategy & communications at Stanbic IBTC, Ms. Rita Akao would feature as guest speakers.

 

 

 

The summit, which is scheduled to hold on Friday, May 3rd, 2024 at the Marcelina’s Place Ikeja GRA, Lagos would feature some exhilarating panel sessions with some of the contemporary professionals in the Nigerian brand and marketing industry.

 

 

 

The panelists include; Ms. Chioma Mbanugo, Head of Marketing PZWILMAR, Mr. Abiodun Coker, Team Member Media, UBA, Mrs. Mabel Adeteye, Head, Brand & Marketing Communications, Wema Bank PLC, Mr. Kevin Olumese, Marketing Communications Specialist, and Mr. Adeola Kayode, Head, Brands & Creative Services, 9mobile Nigeria.

 

 

 

Others who have confirmed participation are Ms. Aisha Anaekwe, Head, Brands & Comms, Coronation Group, Mrs. Victoria N’dee Uwadoka, Public Relations, Public Affairs & Sustainability Lead, Nestle Nigeria Plc, Mr. Samson Adeoye, Public Relations Manager, Airtel Nigeria, Mrs. Oluwatosin Odiagbe, Marketing Manager, Simba Solar and Ms. Arinola Shobande, Head of Marketing, Showmax.

 

 

 

While Oriakhi would be speaking to the topic, ““New Age Marketing – Catalyzing Transformation Through Value Chain Innovation, Technology, Analytics & Sustainability”, Victor-Laniyan and Akao would present papers on the topics; “Aligning organizational objectives with sustainable marketing for the good of the people, society and business, and “Reimagining Sustainable Growth Through Green Marketing” respectively.

 

 

 

In the press statement signed by the Publisher of The Industry Newspaper/Convener of The Industry Summit/Awards (TIES), Mr. Goddie Ofose, he said that “The 5th edition of the Industry Summit is focusing on sustainable marketing, which is a purpose-driven practice that works to orientate businesses, brands and society towards a sustainable future, influencing appropriate awareness, aspiration, adoption and action across economic and sociocultural systems by taking necessary accountability for its impacts and opportunities.”

 

 

 

“In today’s ever-evolving world, debating whether to incorporate sustainability into business strategy is no longer an option. Considering a values-driven approach when developing business strategies can be vital to long-term success” he said.

 

 

 

Therefore, we have carefully selected these professionals and experts to deliberate on the subject matter, highlight challenges and proffer solutions where private and public sectors could take lessons from and improve upon whatever they have been doing,’ Ofose added.

 

 

 

The Industry Summit/Awards is a brainchild of The Industry Newspaper Limited, publishers of The Industry Newspaper (theindustry.ng) and 789marketing.ng.

 

 

 

The summit is designed to bring together industry leaders across the continent in all sectors in the quest to rev up conversations that will move the Nigeria business, economy and communication industry forward.

Continue Reading

News and Report

IBEDC records 1,459 energy theft cases in January, February

Published

on

By

The Ibadan Electricity Distribution Company said it has recorded 1,459 cases of energy theft by its subscribers between January and February 2024.

This was disclosed in a press statement signed by the firm’s Chief Key Accounts Officer, Mr. Johnson Tinuoye, on Tuesday.

IBEDC added that it is actively pursuing investigations and legal actions against individuals and businesses involved in the theft in collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences.

Identifying the cases, IBEDC said they included various offences such as meter bypass and illegal meter tampering, which resulted in significant financial losses amounting to hundreds of millions of naira for the company.

The statement read, “We want to send a clear message to our customers that energy theft will not be tolerated. Our collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences underscores our commitment to ensuring a fair and just electricity distribution system.

“Energy theft not only undermines the integrity of our operations but also deprives IBEDC of the revenue necessary to provide quality services to our customers.”

Tinuoye emphasised that under the Electricity Act, energy theft is now recognised as a criminal offense, carrying severe penalties including imprisonment stressing, “In the Osun region, two individuals were apprehended for stealing energy through meter bypass and illegal connections. Their cases have been formally charged in court for prosecution.”

IBEDC further urged customers to refrain from engaging in any form of energy theft, emphasising that the consequences can be severe, as there is no room for negotiation with the SIPTEO Task Force team, which is actively patrolling and investigating instances of energy theft for prosecution.

Continue Reading

News and Report

Copyright Breach: NCC Drags MTN, Others To Court Over Musician’s Works

Published

on

By

The Nigerian Copyright Commission (NCC) has filed criminal charges against MTN Nigeria Communications Ltd. and four others over alleged copyright infringement.

The charge with number FHC/ABJ/CR/111/2024 filed in the Abuja Division of the Federal High Court was obtained by journalists on Monday.

News Agency of Nigeria (NAN) reported that the four other defendants in the case include the chief executive officer of MTN Nigeria, Karl Toriola; Nkeakam Abhulimen, Fun Mobile Ltd.; and Yahaya Maibe.

In the three-count charge, NCC alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business’’, infringed the musical works of an artiste, Maleke Idowu Moye, without his consent and authorisation.

The commission alleged that the defendants used musical works and sound recordings of Mr Maleke with subsisting copyright as caller ringback tunes without the authorisation of the artiste.

The musician’s musical works and sound recordings allegedly infringed upon included 911, Minimini-wanawana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No Bother.

The defendants were also alleged to have distributed the musical works to their subscribers without authorisation, thereby infringing on the rights of the artiste.

In the third count, the defendants were alleged to have in their possession, other than for their private or domestic use, the artiste’s musical works and sound recordings.

According to NCC, the alleged offences are contrary to and punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

The case has yet to be assigned to any judge, and no date has been fixed for the mention.

Meanwhile, no official statement has been released by any of the defendants as at the time of filing this report, while all efforts to get reactions from MTN by New Telegraph proved abortive.

Continue Reading

Trending