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Failed investment: More aggrieved investors raise alarm, tag Adama Adama a professional scammer

SINCE The ICIR reported on the failed investments of the Enadama Group owned by Benue State-born Adama Adama, more aggrieved investors have continued to express regrets, tagging the business owner a professional fraudster.

Many have expressed their discomfort on the failed venture and delayed payments.

The angry investors are asking Adama to commence immediate payment of their principals even if he cannot meet up with the returns on investments (RoIs).

The ICIR had exposed how the firm defaulted on its payment agreements with investors, breached the investments guidelines developed by the Nigeria Security and Exchange Commission (SEC) and shut down communication channels with the investors, including its corporate offices in Abuja.


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But shortly after the report, Adama faulted the article, describing it as ‘malicious, untrue, and paid for.’ He failed to acknowledge a section of the article which also reflected the reasons for his delayed payment of investors.

Regardless, several investors have given credence to the report, describing it as true as Adama shuts down communications with them.

The investors have tagged him a professional scammer and fraudster who has continued to deceive them.

For instance, Ose Sam, an investor on February 24, disclosed how he invested N3 million, yet the firm blocked every available communications with him.

“This is so true,” Sam said.

“Adama and his cohorts have not paid me either. I have over N3M with them; so frustrating with their lies and no communication from them via calls, emails, or their social handles. Kindly do help in recovering our funds.”

Aiseosa Ogunbor, who invested over N6 million, disclosed how his lawyer attempted to submit a letter to the firm’s corporate office over non-payment but found the place locked.

According to him, the lawyer was forced to send an electronic copy on January 17, yet, for more than a month, no one had acknowledged the letter.

“I have your Whatsapp number and I sent you messages on the 18th of November 2021, 19th of November 2021, and 13th of December 2021 respectively. Did you revert? The answer is NO. I can also screen grab all the messages I sent to you via WhatsApp and make them public.

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“This clearly implies that you are not an honest individual. More investors will come out to back this story that you claim is malicious don’t worry,” Ogunbor fumed.

Adama Adama professional scammer, fraudster

Another investor, simply identified as Julius, was more concerned about how Adama got recognised by a top royal father. This online newspaper had earlier reported the firm’s chief executive was appointed by the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, as the managing director of Royal African Farm.

Also on March 1, Tobi, another investor, warned prospective investors against falling victims to such investment firms. He stressed that as of the time of filing this report, he was yet to be paid despite Adama’s earlier promise to pay in the first quarter.

Another investor, Sam, disclosed that it had been over three months since his RoI dropped into his electronic wallet but it had been difficult accessing the money.

“It keeps pending anytime I try to withdraw it and have tried to get across in contact with the so-called customer assistant person of which none of them picked. Sent over ten emails to their e-mail no response and the office in Lagos is scant, no staff was on duty when I paid them a visit to complain. I only met a man called Mr. Sunday, who promised me that I will get paid and till now I have not been paid…”

“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 a number of investors, if this is true he should publish this for everyone to see and 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).

Olivera, another investor, said Adama still owed him, his wife, and his siblings for over eight months. “Fraudster indeed,” he added.

Olawale shared how most of the investors had reportedly gone into depression due to the non-payment of their benefits despite their huge investments.

“Since October 2021, till now, I have not gotten my money from your organization. Is that how you run things? All your offices you claim are locked, investors cannot communicate with your agent they won’t pick up, you been silent till now to all your investors nobody knows what going on, abeg, for the sake of your mother and your family pay our money abeg.”

Others are Amoo Abdulwasiu Olamide, who was expecting N5.32 million with his RoI, Ajose Modupeola, Monica (N8 million), Abubakar Hamza (N1.26m), Femi (N15m), Esther, Joshua (N324, 000), and the likes.

In all, The ICIR estimated about N33.4million as the amount put forward by the few complainants who reached out to this organisation.


April 2022 set as repayment deadline

Meanwhile, in the petition submitted to anti-graft agencies and security organisations through Adama’s lawyer, S.O.S Napoleon Esq., on January 10, he vowed that none of the investors would lose their money.



    He gave a repayment deadline as Thursday, March 31, and the second week of April 2022.

    “Our clients will not rest until in their efforts to make sure all the investors under the contract are fully paid. To this end, our clients hereby undertake that all the investors’ entitlement would be fully liquidated no later than the end of March 2022 and the third week of April 2022.

    “This is an undertaking given in absolute honour based on our clients’ track records and the efforts on ground.”

    The lawyer sought the opportunity to plead for special security support for his client, staff, and family members against possible attacks, kidnap, and death from aggrieved investors and hirelings.


    Olugbenga heads the Investigations Desk at The ICIR. Do you have a scoop? Shoot him an email at [email protected]. Twitter Handle: @OluAdanikin

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    1. He is a big time fraudster . He will not know peace in his life if he did not pay our money since November 2021. He texted sent email even at critical periods when I needed this money. He deceived many of us that he will start paying last year April 2022. Even my son that invested as little as 100k did not receive anything nor message.
      He think he is wise.
      Not at all.

    2. The same Adama Joseph Adama’s organization is holding on to my over N28M (principal+RoI)
      Adama played game with investors through out year 2022 with several failed promises.
      Right now, he has stopped communicating with investors – having had enough time to perfect his plans.
      Also, Adama’s anchor man in Lagos (Eddy) deceived me in 2022 with assurance that they will pay my money by December 2022.
      Right now, Eddy does not want to talk to me again!
      Investors should not allow this well thought-out fraud to succeed.


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