On December 5, 2020, Peter Akerele, a medical lab scientist, put one million naira in the investment scheme of Gem Incorporations, a supposed forex broker owned by Tayo Adetayo.

Akerele first heard of the company from a colleague who had invested two million naira in the company’s scheme. According to him, his colleague would constantly sing the praises of Gem Incorporation, saying it was insured.

After much conviction, Akerele and three of his colleagues invested the sum of N9.5 million.

READ ALSO: FIJ Launches Directory of Nigeria’s Biggest Investment Scammers

Gem Incorporation promised Akerele and many other investors a 20 percent return on investment (ROI) for three to six months.

“I am yet to get my money or hear anything from Gem Incorporations. They just disappeared with my money. They assured me that nothing would happen to my money, yet since January, they have been silent,” Akerele said.

“I did not even get a 20 percent ROI once before they packed off. Now, I can’t reach them. They are gone.”

Akerele invested on December 5, 2020, but on December 29, the company posted on its Instagram page that it would not take new investments and would neither answer phone calls nor reply to texts until January 18.

READ ALSO: After Promoting Her Daughter’s Business, Ireti Doyle Distances Herself From Scam

In January, they stopped communicating with Akerele and other investors. The last post on their Facebook page was on December 25, 2020, while their last post on Instagram was on February 25, 2021. Their website is also unavailable.

FIJ placed several calls to GEM Corporation’s phone number, but it was switched off. A text message sent to the company was also not replied to.