By DAYO ADESULU
A growing digital fraud network has been exposed for allegedly using doctored and misleading videos of prominent Nigerians — including Aliko Dangote, Zenith Bank founder Jim Ovia, and respected journalists Rufai Oseni and Reuben Abati — to promote a suspected fake investment platform linked to Modmount.
The scam, which largely targets Nigerians and Africans on Facebook and other social media platforms, relies on unauthorised video clips, manipulated audio, and deceptive advertising narratives to lure unsuspecting victims into parting with their money.
Whether the public figures involved are aware of this misuse remains unclear. What is clear, however, is that their identities and reputations are being weaponised to give credibility to a platform now widely flagged by users and independent reviewers as high-risk and likely fraudulent.
How the Modmount Investment Scam Operates
Findings from user reports and digital scam trackers reveal a consistent pattern.
Victims are drawn in through Facebook ads showing videos of respected Nigerian business leaders and media personalities. The ads often suggest that these figures are endorsing or secretly backing an “exclusive” investment opportunity.
Once users click through, they are redirected to Modmount-linked websites or WhatsApp contacts, where they are pressured to deposit funds quickly, usually with promises of guaranteed returns, limited slots, or “government-approved” investment windows.
After deposits are made, many victims report:
Inability to withdraw funds
Aggressive pressure to invest more
Sudden silence from “account managers”
Requests for additional fees to unlock withdrawals
These are classic indicators of advance-fee investment fraud.
Identity Hijacking of Trusted Nigerian Figures
Aliko Dangote and Jim Ovia
Videos and images of Africa’s richest man, Aliko Dangote, and Zenith Bank founder Jim Ovia are reportedly repurposed to imply elite backing or insider financial schemes.
Neither man has made any public statement endorsing Modmount or similar platforms.
Rufai Oseni and Reuben Abati
Well-known journalists Rufai Oseni and Reuben Abati, both recognised for their credibility and public trust, have also had their media appearances manipulated to sell false narratives of “verified investment breakthroughs.”
In some cases, AI-generated voiceovers and edited captions are layered onto old interviews, creating the illusion of endorsement.
This form of deception exploits public trust in journalism and business leadership.
Facebook Ads and the Platform Accountability Question
Despite repeated warnings about online investment scams, these fraudulent ads continue to appear on Facebook, often:
Disguised as news interviews
Promoted through sponsored posts
Targeted at users searching for financial opportunities
Digital safety advocates argue that weak ad vetting systems allow scammers to recycle content and accounts faster than platforms can shut them down.
While Meta has policies against impersonation and financial fraud, enforcement remains inconsistent, particularly in emerging markets.
What Independent Reviews Say About Modmount
Independent consumer review platforms and scam watchdogs consistently flag Modmount-related operations as unsafe.
Common findings include:
No verifiable regulatory licence
No transparent company ownership
Repeated complaints of blocked withdrawals
High-pressure sales tactics
In short, there is no credible evidence that Modmount is a regulated or legitimate investment platform.
Legal and Ethical Implications
Using a person’s image or likeness without consent for commercial gain is illegal in many jurisdictions. When done to commit fraud, it escalates into criminal impersonation and cybercrime.
For victims, the damage goes beyond financial loss:
Emotional distress
Loss of trust in legitimate institutions
Long-term financial instability
For the public figures involved, reputational harm is a serious concern.
What Victims Should Do Now
Experts advise anyone affected to:
1. Stop further payments immediately
2. Document all transactions and communications
3. Report to banks and request chargebacks
4. File complaints with EFCC and Police Cybercrime Units
5. Avoid so-called recovery agents demanding upfront fees
Early reporting increases the chance of fund recovery and helps authorities map fraud networks.
A Call for Public Awareness and Platform Responsibility
This case highlights a dangerous trend: the industrial-scale abuse of trusted Nigerian identities to fuel digital fraud.
Public awareness, swift law enforcement action, and stronger accountability from social media platforms are urgently needed to protect citizens from increasingly sophisticated online scams.
Until then, Nigerians are urged to treat any investment opportunity promoted via social media ads — especially those claiming celebrity or elite backing — with extreme caution.
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