A finance question posed by a financial analyst simply identified as Kalu Aja has spurred many Nigerians to share their heartbreaking experiences with various Ponzi schemes.
Ponzi scheme is a form of fraud that lures investors with attracting promises, pays profits to earlier investors with funds from more recent investors. This is similar to a pyramid scheme that is solely dependent on funds from new investors.
The scheme leads victims to believe that profits are coming from legitimate business activity, and they remain unaware that other investors are the source of funds.
One of the most popular ones in Nigeria was called MMM was an online investment scheme in 2016 that promised 30% interest to investors. Many had invested their hard-earned money with the hope of making high returns. The scheme, however, eventually crashed, causing many investors endless nightmares.
Before and after MMM, many other Ponzi scheme platforms have been introduced and several Nigerians have fallen victim.
In an attempt to examine their experiences, the finance coach via his Twitter handle @FinPlanKaluAja1 on Sunday asked a question which reads;
If you have been duped or your money stolen by an “investment” “Ponzi” scheme
Reply here.
Name the Instution.
If you have been duped or your money stolen by an “investment” “Ponzi” scheme
Reply here.
Name the Instution.
— Kalu Aja (@FinPlanKaluAja1) March 28, 2021
Responding the question, many Nigerians flooded his comment section with various experiences that will leave you shocked and sad.
Take a look at some of the comments below;
MBA forex oo. I was told it was a forex company that also had a school where they teach people forex trading. I invested 4million Naira and also convinced my sister who just lost her job due to covid19 issues to put her 500k, I was paid my RIO once, but my sister never got a dime
— -being (@_Being0) March 29, 2021
I can’t believe I gave my hard earned #200,000 to this fraud😣😣😣 pic.twitter.com/hLyekW4oC4
— Christian C. (@omorogiec) March 28, 2021
Swiss golden.. I invested N450k in 2017 hoping to get N1M but shigbin I no get till date.. Lost money though we move
— brotherly (@Jay_1883) March 28, 2021
I know the guy that brought swissgold to Nigeria. Baba looked, sounded as shady as they come.
But the greed in people will always blind them to the signs. These schemes are working because of the greed in people.
You want to invest 100k to collect 500k in 3 months. Maddddd
— Seyi Ojeleye (@SeyiOjeleye) March 29, 2021
Hmmm
In December, I lost 13.5M investment capital. Forex traders(MBA and WKC) have made me miserable in the last 3months.
I’ll gladly share my capital if you have means of recovering it.— MR REBEL (@Oka4Nwa) March 29, 2021
Lolz. Twinkas. I invested 5k built it by reinvesting all the returns till it was 95k. I added 10k from my allawee to make it total investment of 105k and that was whén the 🎺 sounded
— Nwa Ani (@Aniogb) March 28, 2021
My dream was to become a millionaire through MMM in my 200 level days in school. I was never a millionaire and my 170k never returned to me. MMMMMMMMM
— Amichi (@Mich_mich_007) March 28, 2021
Saidi agbaje of samur farms . Many people invested millions in his agric investment through nairaland 3yrs ago , till now no produces, money nor his whereabout known . I was affected by this too. pic.twitter.com/3Hdf812gry
— Bidemi Arems (@Bidosko) March 29, 2021
Same thing here brother. Wales Kingdom Capital and Quintessential Investment Company took all the money I’ve ever gotten. EVERYTHING SINCERELY! I’ve been reduced to someone that live on cruise since then since suicide is never an option.
— Àdúràmọ́mi (@toheebadura) March 29, 2021
Company: B2 Consults
ROI promised: 10% monthly
Date I Invested: August 2019It’s 19 months now, and I haven’t gotten back my capital not to mention the ROI.
B2 Consults a Fraud with CAC
😒😒 pic.twitter.com/A7jYozFr8I— Za Emir 👳🏽♂️ (@jaiye_jaye) March 28, 2021
CAC is different from financial regulators(CBN or SEC). We Nigerians shld not fall dumb to all this investment schemes. I keep telling my peeps, if it’s not regulated by SEC or CBN flee cos there’s not security guiding ur money. U trusted banks with ur money cos of CBN
— Hearto❤ (@kingsley_obyno) March 29, 2021
Hahaha.
Ecg over 2M
Samfx over 3M
Quintessential over 5MAnd its not even play.. the yeye MOU still dey my phone..
I’m a fucking millionaire on paper 😅🤣
— Toluwalope Skyy (@FineManArtist) March 29, 2021
Real Estate company called PWAN. Paid for two plots of land and another three plots in wife’s name since 2014. No land till now. We hear others are still buying and the marketing is strong.
— DoxaEffects (@KINGGBENGA1) March 28, 2021
nobody Even mention TBC… The billion coin
I bought 500coins thru a friend Vanessa, #410,000
Nothing comes out from it, the friend that collected money from me did not pick call again— Poolman Abdgafar (@PAbdgafar) March 28, 2021
This thread is so painful. 😩
Make a ONE-TIME purchase of valuable and highly effective personal care products @ N14,000, and tell others to buy too.
Earn N3900 on every referral (no limits, could be 1 or 100) for life.
Is it not better?
— Sister Joy (@anafricandiva) March 29, 2021
Lost 1.1million naira to execel forestry investment…the man have been lying to me till date.
Lost 450k to DNG investment Dec
Man claim he is into bonding in Australia.
All these happened between October and January.Me that is just starting life…I thought I was investing
— Us (@Bellowalterz) March 29, 2021
Flashback 13yrs ago….i was in 300L. I took all my savings, 100k…and invested in Flagship Asset Managers…they gave me the option of monthly withdrawals but i gladly chose to “rollover”. I got rolled over😂
Since then, no more schemes.— Chukwuma B.C (@chukumabenedict) March 29, 2021
The company’s name is Wales Kingdom and the CEO is Daniel Wales and I hope they get to pay people their money because millions of money is involved and I think we have petitioned EFCC and the case is in court as well, it’s really tough out there.
— Gemini-Man (@Care2Love_) March 28, 2021
Luxuriant Wealth (LXW).I invested 50k and got ROI once then put in another 100k making 3 different accounts no ROI no capital. They said they had changed management and so to secure your account you pay 10k for each account to get a secured payment voucher. Voicemail till now🥺
— Lamie (@ladybugfly01) March 28, 2021
https://t.co/IAq49jZt5N a USA based crypto investment platform that had people from around the world as investors, I started with a $100 back in 2016, the day I raised my investment to $3k was the same day a major withdrawal was made in new York that cleaned out over $4m.😂😂😂
— Mazi_ikemba Al Ameen (@Alhaji_Ikemba) March 29, 2021
Ultimate Cycler
MMM
ECG (God punish this very one)😪— Digital Marketing, Adverts|Icon|Marketing (@validpromoter) March 28, 2021
