“It was a hard time to me after I invested my NYSC savings into a Ponzi schemes. Investing N500,000 was the biggest mistake I ever made,” a victim of Ponzi scheme, Nkem, narrates ordeal to Hadiza Musa Yusuf and Musa Sani Aliyu
Ponzi schemes involving fraudulent organisation or individuals operating in different ways to exploit people with promises of enticing returns after a specific period of time, is on the rise in Kano, DAILY NIGERIAN can report.
According to data generated by the Norrenberger Financial Investment scheme, Nigerians have lost over N300bn to ponzi schemes over the last 5 years.
In recent years, thousands of Nigerians have fallen victim to the devious money-doubling platforms, known as Ponzi schemes.
Since the official declaration of economic recession in early 2016, Nigeria has experienced a proliferation of the world’s oldest scam, the Ponzi scheme.
In the wake of the economic crisis of 2016, the Central Bank of Nigeria and the International Monetary Fund had stated that Nigeria’s economy had slipped into recession. The effect was evident through the country’s significant decline in economic activities, such as increased hardship, unemployment, low output, and inflation.
Due to the hardship Nigerians began to seek alternative means of income via scamming that looked viable on surface value but fraught with potentially tragic consequences in the long run.
Hence, when the unorthodox financial system, Mavrodi Mundial Movement, a Ponzi…
