Despite several awareness programmes and anti-fraud initiatives put together in the past by private and government institutions, Nigerians have continued to fall prey to their multi-billion naira schemes.
Like them, FIJ continues to publish numerous fraud stories in order to expose these fraudsters while also sensitising the general public on their modus operandi.
On FIJ’s second anniversary, we present you the 10 top scam stories out of the 128 published between January 20, 2022 and now.
TOBI IFABIYI OF FABZ CAPITAL (N80M)
In February 2022, Tobi Ifabiyi, the owner of Fabz Capital, an Abuja-based forex trading company, introduced his investors to a mouth-watering venture.
While selling his product to the investors, he promised them that the investment cycles would fetch them as much as 100 percent Return On Investment (ROI) upon maturity, and depending on the agreement signed.
He also assured the investors that their capitals were safe because Fabz Capital had a capital reserve that could be used in bailing the company out in the event of any financial loss while trading.
READ ALSO: Tobi Ifabiyi of Fabz Capital Squanders Over N80m Investors’ Money
When trading started in full swing, Ifabiyi was initially able to pay the investors their capitals and ROIs on maturity dates.
In the end, however, the investment crumbled. With this, he could no longer make good his promise and the investors ended up losing over N80 million to him.
FARMFUND’S…
