A Lagos resident, Taiwo Adekeye, is raising alarm after losing his ₦1 million investment to Goldvest Nigeria Limited, a company allegedly founded by Shaibu Joseph. Nearly five years after investing in September 2020, Adekeye has received neither his capital nor the promised returns—and Joseph’s latest response was a blunt: “Go and do your worst.”
According to an independent investigative report:
Guaranteed in four months, unpaid to date
Joseph assured investors they would receive both capital and ROI within four months. The payout never materialized; instead, Adekeye’s account on the Goldvest portal was abruptly blocked just weeks before maturity.
Insurance claim falls flat
Adekeye says he invested only after his cousin insisted Goldvest’s plans were insured by Leadway Assurance Company Limited. When he tried to confirm the coverage, Leadway declined to disclose policy details “to a third party.”
Dead ends and disappearing partners
After repeated failed calls, Adekeye visited the Lekki address listed by Goldvest—residents in the area claimed no knowledge of anyone named Joseph operating there. Other investors who went to locations described as “Goldvest farms” reported that the company’s partners had vanished.
Authorities notified, no traction
Victims pooled resources for legal representation and filed complaints with the Economic and Financial Crimes Commission (EFCC). However, the case reportedly stalled after investigators failed to locate a key figure—Joseph’s brother-in-law—who allegedly managed one of the company’s farms.
Bold new ventures, old debts
Despite unresolved liabilities, Joseph has reportedly shifted into real estate development, still offering only vague promises to aggrieved investors when pressed for repayment.
A spreadsheet obtained during the investigation shows that Goldvest Nigeria Limited owes over ₦36 million to individuals who invested in 2020 alone. All attempts to contact the company have failed: emails bounce, text messages go unanswered, and phone calls do not connect.
Warning Signs for Investors
Unverified insurance claims
Always demand direct confirmation from the insurance provider, not from the investment intermediary.
Sudden loss of platform access
This is a major red flag and may signal a broader exit scam.
Communication blackout
Reputable firms maintain multiple reliable contact channels.
Business pivot amid unpaid debts
Scammers often launch new ventures while unresolved financial obligations remain.
What You Can Do
Conduct due diligence on all investment platforms.
Verify CAC registration and office location.
Demand written agreements and proof of insurance.
Report fraud promptly to the EFCC or your nearest law enforcement agency.
