Since the news of the arrest of the 21-year-old Managing Director of Brisk Capital Limited, Mr. Dominic Ngene Joshua, broke, social media has been on fire, with critics lampooning the get rich quick mentality of many Nigerians, especially the youth. Joshua, who is also the chief Executive Officer of his company, was arrested by operatives of the Special Fraud Unit (SFU), Lagos, for allegedly diverting investors’ funds worth over N2 billion.
He was said to have been operating from Uyo, Akwa-Ibom State. Joshua was accused using investors’ funds to sponsor extravagant lifestyles, parties, exotic cars, luxury watches, real estate in Abuja, Lagos and Port Harcourt. The suspect, before his arrest, had been celebrated by some media houses in their reportage. It was also alleged that Joshua donated half a million naira towards the treatment of victims of #End- SARS shootings which occurred at the Lekki Toll-Gate on October 20, 2020. Yesterday, the SFU spokesman, DSP Eyitayo Johnson, refused to tell our correspondent if the suspect was in Uyo or Lagos office of the unit.
When asked, he tersely responded: “I can only tell you that he’s in our custody. There are many interests in this case.” Johnson, however, said that Joshua had refused to show remorse concerning the losses that had befallen his investors. This, it appears, was a disturbing observation.
“The suspect is not remorseful over his actions since he was arrested. Many more victims have been coming to testify against him, revealing how they were lured into investing in the fraud. Three victims personally came to our office to complain. However, those that called to complain on the phone were more in number. We’re still expecting more people to come forward and we’re going to charge him to court as soon as the judiciary workers call off their strike. But presently he is still in our custody.” According to the SFU, Joshua was arrested following petitions by several investors and verified intelligence gathered on his activities which is evident in their Banking Records.
Joshua allegedly used to lure his victims via Social Media platforms such as Instagram, Facebook and LinkedIn as well as via Newspaper publications where he murclaimed to be a Financial Investor of repute, managing funds for individuals and companies. Johnson said: “Victims were conned to invest in Bitcoin, Forex Trading, Real Estate and Oil and Gas with a promise of prompt and accurate 60 percent Return on Investment (ROI) per month on every sum invested, plus guarantee of the invested principal.
The funds, which belong to over 500 investors, were diverted to sponsor extravagant lifestyles, parties, exotic cars, luxury watches, Real Estates in Abuja, Lagos and Port Harcourt. The suspect confessed to the crime but pleaded to be given time to return the money.” The new Commissioner of Police in charge of SFU, Anderson Bankole, advised the public to be wary of investment and portfolio managers that suspiciously promised very high returns.
Meanwhile, social media has been buzzing for days now with conversations relating to Joshua and his invest ment scheme. Some people have also described the investors as greedy. Abubakar Evuti@NgugiEvuti wrote: “I understand tapping into the get-rich-quick mentality of the public. But what I want to understand is how a 21-year-old inspired people to trust a young man with so much money.” Mr. Kermit @O_ssai noted: “I still have a strong belief he was into crypto and the crash in the market means he won’t be able to meet payments to investors.
I may be wrong.” Abdulakeem Sulaimon N4L@iamolasquare wrote: “He was said to have run away with the investors’ money. The crypto crash happened last week and I don’t think they are connected. He is also reported to have been in business for 10 years which means he started when he was 10 years old which is not possible.” Dalhatu Yunusa@dalhatu_yunusa, also has something to say on the matter.
He said: “My fear in all of this is that with the amount alluded to have been stolen, he will get a lawyer who will plead he was young and naive, appeal to the judge to temper justice with mercy and they will scatter the whole matter or delay it forever.” Dr dayo@dayoadesua opined: “It’s not about the economy. Any ROI more than 20 per cent is questionable and most likely a scam. If it’s not greed, how will a sane individual believe a 60 per cent ROI? The victims should be arrested too for being accomplices.”