In December 2020, Michelle Adigun* transferred ₦300,000 (roughly $750) to Brisk Capital, a company she found on Instagram, which guaranteed a 30% monthly return on her investment for three months.
Initially, the firm kept its word, paying her the promised returns along with her original investment. Encouraged, Adigun upped her stake to ₦700,000 in March 2021, expecting the same result. However, when the first payment for April didn’t arrive, trouble began.
After weeks of pressing Dominic Ngene Joshua, the founder of Brisk Capital, on Instagram, she finally received the delayed payment, but no further returns followed. May came and went without payment.
Adigun’s sister also invested but received no returns either. Together with two other anonymous victims, they found themselves trapped in a scam disguised as a legitimate investment opportunity in Nigeria.
Joshua, a 21-year-old self-proclaimed ‘Investment Maestro,’ is currently facing charges for fraud and theft. The Nigeria Police Force has accused him of diverting ₦2 billion from over 500 investors, spending the money on lavish parties, luxury vehicles, and properties in cities like Abuja, Lagos, and Port-Harcourt.
How did a young man manage such a feat in just six months?
The Rise of Brisk Capital
Brisk Capital first appeared on Twitter in October 2020. In his first Instagram post that same month, Joshua claimed he was returning after a year-long hiatus during which he worked on “building a legacy focused on financial security.”
As time went on, his social media presence became more polished, showcasing a successful, wealthy image. When the EndSARS protests occurred, he posted sympathies and called for calm, which helped him further build credibility.
Despite his flashy persona, Joshua continued promising to empower others, pledging to give away $100 to five business owners every Friday through his “#fundsfriday” initiative. Although his social media giveaways weren’t unusual for influencers, they played a significant role in drawing in potential investors who believed in his success.
The Deceptive Pitch
Joshua’s investments were marketed as a mix of real estate, forex, and high-end fashion like Chanel, with claims that he was a licensed distributor getting discounts on products. Nnamdi Chife, a debt recovery expert, investigated Brisk Capital and found that there was no concrete evidence to back up these claims, calling the operation a Ponzi scheme.
Nevertheless, Joshua’s charm worked. Some victims, like Adigun, were persuaded to invest after a dinner party featuring performances from local musicians. Nigerian artist Rema even posted about his returns from Brisk Capital, further fueling the illusion of legitimacy.
The Cracks Begin to Show
By April 2021, Joshua’s operation began to unravel. After a promising start, he failed to fulfill payment obligations. His communication channels, including WhatsApp and social media, went silent. Posts stopped appearing on Brisk Capital’s Instagram and Twitter accounts in March.
Chive GPS, a firm involved in background checks, stepped in after a client who invested ₦200 million in December failed to receive a return. Chive GPS sent Joshua a demand notice, and the case was handed over to the Nigeria Police’s Special Fraud Unit, which tracked Joshua to the point where he was reportedly preparing to flee the country.
The police have since recovered some of the properties purchased with the defrauded money. Joshua is expected to be charged in a Federal High Court once the judicial strike ends.
Lessons Learned
Victims of the scam express regret over their lack of due diligence and trusting a 21-year-old promising excessive returns. Despite the obvious red flags, many were drawn in by Joshua’s confident presentation and the endorsements of people within their circle.
Now, they hope that legal action will lead to the return of their investments. But, like other Ponzi schemes, the likelihood of full recovery remains uncertain.
Joshua has reportedly admitted his crimes and is seeking time to repay his victims. For Adigun, the priority is simple: she just wants her refund.
Note: Names have been changed or withheld to protect identities.
