Tobi Ifabiyi, a company’s owner, has been accused by certain Nigerian investors of squandering about N80 million belonging to the firm.

In September 2021, the Covenant University graduate founded Fabz Capital, a forex trading firm.

According to FIJ, the company exposed its investors to cycles that were expected to yield up to 100% on investment at maturity, depending on the agreement signed.

Ifabiyi was able to pay investors their capital and returns upon maturity for the first few months after launching the FX company.

However, as time went on, it became clear that he was merely another con artist.

Ifabiyi’s company was introduced to Adebiyi (not actual name) by an old buddy who works for an investment firm.

She invested N1.2 million after conducting a background investigation and receiving confirmation that Fabz Capital’s operations were legitimate.

The N1.2 million investor said, “When I spoke with Tobi Ifabiyi, our conversation was very thorough. He assured me he was not a middleman, and that he traded personally. He also assured me that his company was registered.

“He further assured me that investors’ money was safe because his company had a capital reserve that could bail it out in the event of any loss while trading.”

Adebiyi invested on April 2021, expecting a 100% return after seven months, based on pledges from the firm owner.

A contract created by the firm’s lawyer was also signed.

The agreement indicated unequivocally that the paid capital was a loan.

An investor who did not want to be identified made an initial investment with Fabz Capital and was fully reimbursed for both his capital and ROI.

In July 2021, he chose to spend $10,000 since he believed Ifabiyi’s forex firm could be trusted.

The investor said, “I felt I could trust him with a higher amount. That was why I invested $10,000 with an agreement that I would get a 50 percent ROI after seven months.

“He made us all believe that he was a trading expert that was capable of investing wisely.

The story changed after investors put in a lot of money.

When investors called to ask for a progress update, Ifabiyi became hostile.

One investor said, “Whenever we called him to know how business was going, he would give cold replies, demanding to know why we were checking on him. There were even instances when he would respond nastily to our queries.

“He became very petulant and would snap at investors. He got so extremely pompous and arrogant that at a point he said our money was ‘chicken change.”

Finally, the investors decided to put their questions on hold until their capital matured. Ifabiyi was unable to repay investors when the money was due in late 2021.

Another investor said, “When I reached out to him to demand my money late last year, he brazenly told me he didn’t have the money. He even went as far as saying people had defrauded him too.

“It later became clear that, contrary to what he made us believe, he had been staking our collective money on schemes put out by now-defunct investment scammers like BBQ Fest Ltd. and Quintessential Investment Company. The amount that we could trace that he had put out was more than N80million.

Adebiyi said, “To add salt to injury, rather than draw out repayment plans, he sent us petitions he wrote to the EFCC and the Inspector-General of Police. I told him that whatever loss he had recorded was not our business. He signed an agreement with us and he had to pay back all that he owed.”

Ifabiyi did not answer when investors asked him to establish a payback time.
It was eventually uncovered that Adebiyi’s 2021 scam was not his first.

“In late 2021, we discovered he had defrauded people in 2020, even before he came up with Fabz Capital. He is a chronic investment fraudster who has been doing this for a long time,” an investor said.

Adebiyi said, “He simply has no remorse. My job is now on the line. Last year, I was unable to meet my target because of the decision to invest in his company. To make matters worse, I still cannot recover the capital I invested. I need that money back to save my job.”

Ifabiyi abruptly ended the call when phoned to get comments and requested that a text message be sent instead.

In response to a text message that was later sent to him, Ifabiyi said: “Good afternoon. I am very certain that no Fabz Capital Investor will allege that the company is yet to pay them ROIs since early 2021.

“Due communication has been given to all clients regarding all business developments and our communication channels are still open as they have always been.

“Should you have other questions regarding client payments and associated information, please do so with a consent letter from said client requesting us to release information of their portfolio to you.”