Joshua Adeyinka Kayode, the founder of QUINTESSENTIAL INVESTMENT COMPANY LIMITED, is at the centre of a high-profile financial scandal after allegedly defrauding an investment firm of N1.8 billion, triggering a collapse that left hundreds of Nigerian investors stranded.
The alleged fraud came to light when Voltac Global Capital (VGC), a finance and asset management firm owned by businessman Dapo Abiola, disclosed in an internal memo that Kayode—through his company—had defaulted on a major trade deal involving funds entrusted to him for investment.
VGC, founded in May 2020, had promised investors a 20% monthly return on investment. For nine months, the company lived up to that promise, quickly building a reputation as a trustworthy and high-yield platform.
However, in early 2021, it suddenly stopped paying returns, citing regulatory audits and disruptions caused by the federal government’s cryptocurrency ban.
On March 31, 2021, the company revealed that Joshua Adeyinka Kayode, through QUINTESSENTIAL INVESTMENT COMPANY LIMITED, had been entrusted with a significant portion of investor funds. According to VGC, Kayode failed to remit the required $4 million, a default that destabilized the company’s liquidity and halted its operations.
“While trying to recover from the panic withdrawals triggered by the crypto ban, Kayode, who had traded with a major share of the Voltac Global Capital investment, failed to remit the required amount of N1.8 billion,” the memo stated.
The company subsequently invited the Economic and Financial Crimes Commission (EFCC) to investigate the matter. In a follow-up memo issued in September, VGC confirmed that Kayode had been charged to court and that the Force Criminal Investigation and Intelligence Department (FCIID), Alagbon, was handling the case.
Meanwhile, investors have continued to suffer the consequences of the financial collapse. Some received as little as 10% or 7.5% of their investments, while many got nothing. The firm has since suspended operations, frozen withdrawals, laid off staff, and admitted it lacks the financial capacity to process further payments.
“Since September 2, we have had no news from the company,” said Baliqees, a final-year university student who lost nearly ₦1 million to the scheme. “They had promised in the past that we might get our capital back. But right now, that’s not even sure anymore.”
According to findings by the Foundation for Investigative Journalism (FIJ), this is not the first time Kayode has been accused of fraud. He allegedly posed as an investment expert in an earlier scheme that defrauded 170 Nigerians of ₦10.7 billion.
In the current case, he reportedly obtained ₦1.8 billion from VGC under the promise of growing the funds through trade and returning profits to sustain the company’s 20% ROI structure. His failure to deliver on that promise has now left a trail of financial devastation and legal fallout.
Despite the charges, Kayode has not made any public statement regarding the allegations.
As of now, investors remain in limbo—awaiting justice, restitution, or even a response.
