Business and finance expert Dapo Abiola has denied allegations linking him to fraud in the collapse of the now-defunct Voltec Global Capital (VGC), insisting that the downfall of the firm was triggered by a third-party default rather than mismanagement.
In a statement, Abiola said his reputation has been unfairly maligned, urging the public to dismiss damaging claims against him.
“Those who know me understand what I stand for. I am a man of integrity, and truth has always been my watchword. The story being told about me does not reflect the reality of what truly happened, and I want to share my side,” he stated.
Voltec Global Capital, founded in 2020 to widen access to investment opportunities for Nigerians, reportedly delivered consistent returns to investors during its first 13 months of operation before its collapse.
The company’s fortunes, however, declined after one of its trading partners, identified as Quintessential Investment Company, failed to return over M1.2 billion placed under its management.
“When this crisis hit, I did not hide. I faced our investors directly. I appeared in videos, not with excuses, but with honest explanations. I apologised for the delays and assured everyone that we were doing everything possible to recover the funds,” he explained.
Abiola said VGC formally reported the matter to the Economic and Financial Crimes Commission (EFCC) after efforts to recover the capital failed. According to him, the firm’s case was included in a criminal matter being investigated against the trading partner.
He added that while legal action was being pursued, lawsuits filed by a small group of investors led to the freezing of VGC’s accounts, further crippling the company and making payments impossible.
“Despite these challenges, we still found ways to make payments in some urgent cases, including medical emergencies and school fees in Ibadan, where our office was based,” he noted.
Abiola described the eventual shutdown of VGC, alongside the disruption of its bike-hire subsidiary, as deeply painful. He said the crisis not only affected investors but also left him carrying a heavy personal burden.
“My reputation has been dragged through the mud, and I have been labeled a scammer. I want to publicly declare that this is completely false. I never scammed anyone,” he said.
He added, “This unfortunate event has caused me immense personal pain and damaged my name. I have learned from my mistakes. I offer my sincere apologies to my friends, family, and associates who have been negatively affected by this situation.”
