Top 5 Nigerian Young Billionaires Arrested Over Fraud Allegations

Adewale Daniel Jayeoba

Adewale Daniel Jayeoba is a  24 years old Nigerian businessman with an estimated net worth of $10 million.

Also known as Daniel Wales, he is the owner of Wales Kingdom Capital Ltd., a commodity and currency trading business, and he has been charged with defrauding investors of up to N40 billion.

He is an indigene of Ori-Ade in Osun State, the place he was born and raised.

Adewale was a youth pastor during his undergraduate days at the Federal University of Agriculture, Abeokuta, FUNAAB,

Jayeoba is reportedly aged 24 years as of 2021.

His company Wales Kingdom Capital Ltd lures investors with a 25% ROI on investment.

Things were going fine until 2020 when Adewale announced that the company can’t pay returns for the month of December.

An online report claims that Jayeola’s father was reportedly a director in the business, and had about N18.4 million in five different bank accounts. 

Additionally, it was also claimed that Jayeoba’s mother maintained six bank accounts and had been paid nearly N917 million as a result of Wales Kingdom Capital’s illicit business dealings.

Adewale was apprehended alongside his parent for the alleged fraud.

Invictus Obi

Obiwanne Okeke, popularly known as Invictus Obi, was born on November 9, 1987, in Anambra State, Nigeria. He is the 17th child of a polygamous father.

Okeke was a well-known businessman with holdings in telecom, real estate, agricultural, private equity, alternative energy, and oil and gas. 

He ran his businesses as the “Invictus Group,” with operations in Zambia, South Africa, and Nigeria.

At 28, Okeke was named by Forbes as one of Africa’s Most Promising Entrepreneurs Under 30 in June 2016. 

In 2017, he was a speaker at the Forbes Under 30 Summit EMEA in Tel Aviv and Jerusalem.

Young people look up to Invictus as an inspiration to succeed.

Invictus is a regular face in Forbes magazines sharing thoughts on African investment and entrepreneurship.

His net worth was estimated to be about $12 million.

However, in August 2019, the globally celebrated Invictus was apprehended at Dulles International Airport in Virginia, USA for running an online heist involving fraudulently wiring money transfers in a massive, coordinated, business e-mail compromise scheme.

Okeke had used phishing emails to gain unauthorized access to the email account of the CFO of Unatrac Holding Limited, the UK Export Sales office for Mantrac Group, a subsidiary of American construction and mining equipment manufacturer Caterpillar Inc., according to a sworn affidavit that was published online shortly after his arrest. 

Okeke placed fraudulent transfer orders totalling up to $11 million from the email address stored on the Microsoft Office 365 server, all of which were routed to foreign accounts.

He filed an appeal for his case but later voluntarily withdrew it.

A court in the Eastern District of Virginia has sentenced him to spend his next 10 birthdays in a correctional facility in the United State (US).

Dominic Ngene Joshua

Dominic, a 22 years old acclaimed investor and CEO of Brisk Capital Limited was apprehended by the EFCC after being accused of swindling funds belonging to other investors worthing about N2 billion.

Dominic was born on the 21st of February 2000. He attended the Federal Government College, Ikot-Ekpene, Akwa Ibom and the University of Calabar.

Brosk Capital Limited, located in Uyo, was supposed to be an investment firm in a variety of industries, including finance, real estate, and agriculture, but ended up being a pool of trap for investors.

The 22 years old diverted the funds of more than 500 investors into living a lavish lifestyle of parties, exotic automobiles, designer watches, and real estate in Abuja, Lagos, and Port Harcourt 

Joshua was charged with tricking people into investing in oil & gas, real estate, bitcoin, forex trading, and forex trading with a guarantee of the invested principal and a timely and accurate 60% return on investment (ROI) on every investment.

Fourteen landed properties owned by Dominic Ngene Joshua, M.D./CEO of Brisk Capital Limited, were seized following in 2022 following a ruling by a Federal High Court in Lagos.

He has since remained in detention.

Maxwell Odum

Maxwell Odum is a native of Ikwerre in Obio-Akpor Local Government Area, Rivers State.

His age is not known but he was reportedly born on the 21st of April.

He hailed from Ikwerre in River state.

He is the CEO of MBA forex and capital investment limited.

He is a professional forex trader and finance expert who launched his business forex and capital investment which offers monthly to investors.

His company grew to have 10,000 active investors with more than 10 business locations spanning Nigeria, UAE and the UK.

Maxwell ended up masterminding a Ponzi that defrauded over 100,000 investors of an estimated N213 billion.

Prior to this, Odum is reportedly the biggest tither/donor in Christ’s Embassy.

The business supposedly took a break on December 22, 2020, in order to celebrate the holidays, but it has not yet reopened.

In 2021, he was declared wanted by the EFCC for offences ranging from money laundering, conspiracy, and gaining money through falsehood.

Maxwell has been in hiding since 2020.

Ovaioza

Imu Yinusa also known as Ovaioza is a Kogi-state-born businesswoman. She gained public attention when she was apprehended for running a great heist.

Ovaioza is now a household name and is described by some publications as “swindler”.

The 29 years old, a graduate of Bayero University claims to run agricultural processing, storage, distribution farm produce retailing business under the brand name, Ovaioza Farm Produce Storage Business (OFPSB).

She also reportedly owns Ovaioza Skills Acquisition Center.

In an interview describing her vision of an ideal society, Ovaioza said; “My vision for an ideal society is one where everyone has access to equal opportunities, basic amenities and the right to justice but sadly, we live in a society that is still tied down by so many social and economic inequalities.”

According to an online source, her net worth is estimated to be around $1 million.

Prior to this, Ovioza who got married in January 2022 was accused of living a flashy and lavish lifestyle

Ovaioza’s problem began to loom when she was unable to pay investors their returns. She attributed the delay to the company’s inability to acquire certification from the  Securities and Exchange Commission (SEC).

This led to an outcry from the investors after realizing they’d been scammed and the hunt for her began.

After running the legendary heist, Ovaiza decided to flee the country before she was nabbed with her husband in Abuja.

She was, however, accused of “criminal breach of trust and cheating” after being found guilty of scamming her followers to the tune of 3 billion Naira and buying multiple houses including one in the USA.

She is currently being arrested and undergoing further investigation.