Over the years, Ponzi schemes have grown and gained massive heights in Nigeria, with various individuals developing new ideas to siphon investors off their money.
Ponzi schemes are a form of financial fraud that lures investors with the promise of high returns (ROI), but often ends up giving no returns at all, with a possible loss of investors’ total capital.
It is a fraudulent investment operation where the operator, who could either be an individual or an organization, pays returns to its investors from new capital paid into the scheme by new investors, rather than from profit earned through a legitimate investment.
There have been efforts by security operatives in the country to put a stop to this menace, but it has remained futile. This is because oftentimes, these Ponzi scammers make use of popular celebrities or social media influencers to advertise these schemes.
Operators of these Ponzi schemes usually entice their investors by offering high returns within a short period of time.
Even with continuous warnings about the dangers of Ponzi schemes, thousands of Nigerians are still lured into these schemes every year by the promise of quick returns with no risks or hard work.
While some of these Ponzi scheme operators have been arrested, a lot of them are presently on the run with investors’ money running into millions of naira.
Ajetunmobi couple: Bamise and Elizabeth Ajetunmobi convinced many people to invest in their company called Global Solutions Ltd, they…
