Man Loses ₦26 Million Naira in Ponzi Schemes
In this video, Tech YouTuber, Fisayo Fosudo shares details about Ponzi Schemes, how it works, and things to look out for to avoid similar situations.
Ponzi and Pyramid Schemes have become the order of the day, targeting unsuspecting Nigerians and swindling them of their hard-earned money. They usually come under the guise of making fast money (usually high return on investments) on a consistent basis and need more referrals to let older entrants cash out.
One of the biggest Ponzi schemes in Nigeria, MMM has stolen millions from Nigerians despite the founder having a 4-year jail sentence years prior to the entrance of the scheme in Nigeria & Africa.
Many Ponzi and Pyramid schemes these days even have CAC records and licences to operate as “investment” companies. In the end, if an “investment” seems too good to be true, promises overtly consistent returns like 10-30% returns every month. It probably is a scam.
Have you (or someone you know) been affected by a Ponzi Scheme? What’s your story? and how do you know what to look out for in order to spot a Ponzi scheme?