In Nigeria, CEO accused of multi-million naira investment fraud, allegedly eyes election into National Assembly

Olugbenga ADANIKIN April 24, 2022

ADAMA Adama, the Chief Executive Officer (CEO) of Enadama Group, accused of multimillion-naira investment fraud, might be eyeing the National Assembly (NASS) as a federal lawmaker come 2023.

Though he was yet to declare officially, his campaign poster, which has gone viral on social media, indicates that the entrepreneur could contest under the ruling All Progressives Congress (APC).

He would represent the people of Apa/Agatu Federal Constituency of Benue State if he contest and win the election.

On Sunday, April 24, this reporter reached out to Adama to find out if he was contesting for any political position, but he is yet to respond as of the time of filing this report.

The ICIR shared the poster with him through his WhatsApp channel, but there was no response.

Repeated calls by this reporter to his mobile line did not go through. A text message sent to the same telephone number was not replied.

Adama had been in the news for good and otherwise in recent times.

Before the poster became public, Adama, through his multiple investment platforms – Ceepass, Viablex, Farm4me allegedly defrauded investors who put their money into the venture.

Investors expect to rake in between 50 to 15 per cent of Return on Investment (RoI) after four months.

Those who spoke to The ICIR said they were yet to get their capital, and even the RoI.

The affected persons had since formed a WhatsApp group to communicate and coordinate efforts towards repayment.

This newspaper, on February 23, had earlier published the agonising concerns of the investors, including a petition written to the anti-graft agencies and security operatives over Adama’s contract breach.

By March 4, more aggrieved investors criticised the entrepreneur turned politician.

He was called several unprintable names and labelled a professional scammer.

“He said he is assuring Nigerians that they will not lose their money, but for the past months, he has not been communicating with his investors, be it on the Instagram, Twitter, Facebook or Telegram; he has practically blocked his investors from commenting in the Telegram group of more than 2,500 subscribers and deleted all comments of people, investors not being paid.

“He is claiming that he has paid several investors; if this is true, he should publish this for everyone to see because the most painful part of it is that innocent Nigerians who probably do not know about this ongoing situation will also fall victim to this scammer (Adam. J. Adam),” an investor who identified himself as Sam said.

On January 4, the accused promised to start payment by the end of March and the third week of April 2022.

“This is an undertaking given in absolute honour based on our client’s track records and the efforts on the ground,” Adama stated through his lawyer.

However, none of those who reached out to The ICIR has confirmed payment as of the time of filing this report.

Also, no one could validate any form of payment in the group set up to monitor awaited costs.

Adama was also asked about the payment commitment he made via his lawyer, but no response came forth.

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