Nigerian Motivational Speaker Joseph Nantomah Accused of $4.4 Million Real Estate Fraud by U.S. SEC

The United States Securities and Exchange Commission (SEC) has filed a fraud complaint against Nigerian motivational speaker and self-styled wealth coach Joseph Nantomah, accusing him of defrauding investors of more than $4.4 million through unregistered real estate schemes. Court documents obtained by Peoples Gazette reveal that Nantomah, also known as “Dr Money,” was sued along with two companies he controls—Investorade Club and Oilblock Investment Group—at the U.S. District Court for the Eastern District of Wisconsin.

According to the SEC’s complaint, Nantomah raised about \$2 million from investors via Investorade Club, claiming the funds would be used for real estate ventures. However, only \$720,000 was spent on actual property-related expenses, while over \$1.2 million was allegedly diverted for personal use, and \$56,000 paid out as supposed returns to earlier investors. In a separate scheme run through Oilblock Investment Group, he collected over \$2.4 million from at least 105 investors, promising short-term real estate investments in the U.S. The SEC said many of the properties involved either never existed or were never purchased.

Between June 2019 and October 2021, Nantomah targeted members of the Nigerian community in the U.S., promising returns ranging from 15 to 50 percent within months through investments like house flipping. Investigators allege he used much of the money to fund his lifestyle and other undisclosed ventures. The complaint also states that Nantomah failed to register the investment offerings with the SEC and used new investor funds to pay returns to earlier investors in a Ponzi-like scheme, while misrepresenting the business’s operations and hiding the risks.

The SEC’s complaint notes that many of Nantomah’s representations to investors were false, with some properties never acquired and promised returns undelivered. The case was filed on August 1, 2025, and remains active as of August 8, with the SEC seeking civil penalties, fund restitution, and a permanent injunction against Nantomah and his companies.

Nantomah, who has built a large online following among diaspora Nigerians through motivational videos and “wealth coaching” seminars, often shares luxury lifestyle photos and financial advice. He has yet to respond publicly to the allegations, and attempts to reach him via Instagram were unsuccessful.