{"id":144626,"date":"2022-02-05T12:14:42","date_gmt":"2022-02-05T11:14:42","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=144626"},"modified":"2022-02-05T12:42:29","modified_gmt":"2022-02-05T11:42:29","slug":"how-covenant-university-graduate-tobi-ifabiyi-allegedly-squandered-n80million-investors-money","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/02\/05\/how-covenant-university-graduate-tobi-ifabiyi-allegedly-squandered-n80million-investors-money\/","title":{"rendered":"How Covenant University Graduate, Tobi Ifabiyi, Allegedly Squandered N80million Investors\u2019 Money"},"content":{"rendered":"<p class=\"first\">Owner of Fabz Capital, Tobi Ifabiyi has been accused by some Nigerian investors of squandering over N80million belonging them.<\/p>\n<p class=\"first\">According to reports, Tobi Ifabiyi, a <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/18\/covenant-university-sacks-lecturer-arrested-for-allegedly-raping-17-year-old-student\/\">Covenant University<\/a> graduate established Fabz Capital, a foreign exchange trading outfit in September 2021.<\/p>\n<p class=\"first\">The company reportedly introduced its investors to cycles that were supposed to fetch as much as 100 per cent return on investment upon maturity, depending on the agreement signed.<br \/>\nFor the first few months after floating the forex company, Ifabiyi could pay investors their capitals and ROIs upon maturity.<br \/>\nAs time passed, however, it turned out he was just another &#8216;scammer&#8217;.<\/p>\n<p class=\"first\">Adebiyi (not real name), who works with an investment firm, heard about Ifabiyi\u2019s company through an old friend.<br \/>\nAfter doing a background check and getting assurances that the activities of Fabz Capital were legitimate, she invested N1.2million.<\/p>\n<p class=\"first\">\u201cWhen 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 a proof that his company was registered,\u201d FIJ quoted him as saying.<\/p>\n<p class=\"first\">\u201cHe further assured me that investors\u2019 money was safe because his company had a capital reserve that could bail it out in the event of any loss while trading.\u201d<\/p>\n<p><span class=\"ds-1col file file-image file-image-jpeg view-mode-embedded centered clearfix block-story-object block-story-object-resource block-story-object-resource-image\"><span class=\"block-story-object-asset\"><img decoding=\"async\" class=\"media-element file-embedded\" src=\"http:\/\/saharareporters.com\/sites\/default\/files\/styles\/normal_medium\/public\/0D6FDEF5-29B1-430C-9B3B-4AC5C1078827.jpeg?itok=-7Yh9xXH\" alt=\"\" \/><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-144627\" src=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2022\/02\/chioma_adebiyi\/2022\/02\/05\/0D6FDEF5-29B1-430C-9B3B-4AC5C1078827.jpeg\" alt=\"\" width=\"500\" height=\"668\" srcset=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2022\/02\/chioma_adebiyi\/2022\/02\/05\/0D6FDEF5-29B1-430C-9B3B-4AC5C1078827.jpeg 500w, https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2022\/02\/chioma_adebiyi\/2022\/02\/05\/0D6FDEF5-29B1-430C-9B3B-4AC5C1078827-225x300.jpeg 225w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/span><\/span><br \/>\nWith strong assurances from the company owner, Adebiyi invested in April 2021, hoping to get a 100 per cent ROI after seven months.<\/p>\n<p>An agreement drafted by the company\u2019s lawyer was also signed.<\/p>\n<p>The agreement stated clearly that the paid capital was in the form of a loan.<br \/>\nAn investor, who asked not to be named, had initially invested some money with Fabz Capital and got paid his capital and ROI in full.<br \/>\nWith the belief that Ifabiyi\u2019s forex outfit was one that could be trusted, he decided to invest $10,000 in July 2021.<\/p>\n<p>\u201cI 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.<\/p>\n<p>\u201cHe made us all believe that he was a trading expert that was capable of investing wisely,\u201d the investor said.<br \/>\nHowever, after investors deposited millions, the narrative changed.<br \/>\nIfabiyi became defensive whenever investors called him to ask for a progress report.<\/p>\n<p>\u201cWhenever 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,\u201d said another investor.<\/p>\n<p>\u201cHe became very petulant and would snap at investors. He got so extremely pompous and arrogant that at a point he said our money was \u2018chicken change.&#8217;\u201d<br \/>\nIn the end, the investors suspended their queries until their respective investments were mature.<br \/>\nWhen investors\u2019 money was due in late 2021, Ifabiyi was unable to pay.<\/p>\n<p>\u201cWhen I reached out to him to demand my money late last year, he brazenly told me he didn\u2019t have the money. He even went as far as saying people had defrauded him too,\u201d said an investor.<br \/>\n\u201cIt 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.<\/p>\n<p>\u201cTo 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,\u201d Adebiyi said.<br \/>\nWhen investors asked him to suggest a pay-back time, Ifabiyi did not respond.<br \/>\nIt was later revealed that the fraud Adebiyi committed in 2021 was not his first.<\/p>\n<p>\u201cIn 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,\u201d an investor said.<\/p>\n<p>\u201cHe 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,\u201d said Adebiyi.<\/p>\n<p>\u201cI need that money back to save my job.\u201d<br \/>\nWhen contacted Ifabiyi for comments, he ended the call, requesting that a text message be sent to him instead. While responding to the text message subsequently sent to him, he said:<\/p>\n<p>\u201cGood afternoon. I am very certain that no Fabz Capital Investor will allege that the company is yet to pay them ROIs since early 2021.<\/p>\n<p>\u201cDue communication has been given to all clients regarding all business developments and our communication channels are still open as they have always been.<\/p>\n<p>\u201cShould 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Owner of Fabz Capital, Tobi Ifabiyi has been accused by some Nigerian investors of squandering over N80million belonging them. According to reports, Tobi Ifabiyi, a Covenant University graduate established Fabz Capital, a foreign exchange trading outfit in September 2021. The company reportedly introduced its investors to cycles that were supposed to fetch as much as [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":144646,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[3],"tags":[2684,14536,29373,29372,29371],"class_list":["post-144626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local","tag-covenant-university","tag-graduate","tag-investors-money","tag-squandered","tag-tobi-ifabiyi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Covenant University Graduate, Tobi Ifabiyi, Allegedly Squandered N80million Investors\u2019 Money<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/05\/how-covenant-university-graduate-tobi-ifabiyi-allegedly-squandered-n80million-investors-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Covenant University Graduate, Tobi Ifabiyi, Allegedly Squandered N80million Investors\u2019 Money\" \/>\n<meta property=\"og:description\" content=\"Owner of Fabz Capital, Tobi Ifabiyi has been accused by some Nigerian investors of squandering over N80million belonging them. According to reports, Tobi\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/05\/how-covenant-university-graduate-tobi-ifabiyi-allegedly-squandered-n80million-investors-money\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/askteekay\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-05T11:14:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-05T11:42:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2022\/02\/ola_peter\/2022\/02\/05\/how-covenant-university-graduate-tobi-ifabiyi-allegedly-squandered-n80million-investors-money.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" 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