Many Nigerians will not be in a hurry to forget their experiences with Ponzi scheme operators because of the bitter taste they leave in the mouths of those who bit into the fruit of their quick route to success or wealth.
Many Nigerians became victims of the scheme known as easy money promised through an elaborate network, in which participants pool money for individual benefit.
The Ponzi scheme, also known as the pyramid scheme or the wonder banks with promises of attractive short-term returns, may have cost Nigerians more than $486 million (N200 billion) in recent years.
Scheme promoters often lured gullible participants or investors with promises of an unrealistic return on investment.
They were courted through social media every day to invest in schemes with the promise of double returns on their investments in two hours, 48 hours, two weeks or six weeks.
They are also offered an additional promise of bonuses, if they refer others, as well as monthly earnings on top of their capital.
In order to earn a commission, members had to deposit any amount and complete certain tasks at different levels.
Thousands of Nigerians, at this moment, however, are licking their wounds after investing billions of naira in the fraudulent official schemes.
They lament after losing their hard-earned money in the scheme as the operators charmed their wallets with quick-riches offers.
The desperate were duped into investment offices by helpful and certified staff members who were…
