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As CBN Sustains its Battle Against Unlicensed Financial Operators

Ponzi Scheme

As CBN Sustains its Battle Against Unlicensed Financial Operators

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Data recently released by the Security and Exchange Commission (SEC) show that in the past five years, Nigerians have lost over N300 billion from speculative and dubious unlicensed financial operators or Ponzi schemes as it were.

One of the most successful Ponzi schemes in Nigeria was the Mavrodi Mondial Money (MMM). A lot of Nigerians believed in it and saw it as a legitimate investment until went under, taping in excess N15bn in Nigerian funds. Some of the other Ponzi schemes Nigerians lost speculators lost fortunes to include: Yuan Dong, Galaxy Transport, Famzhi Interbiz Limited, Cowlane, Dureil, Nospecto investors among theirs.

In spite the sustained warnings from the Central bank of Nigeria and the SEC for Nigerians to desist from patronizing those dubious ventures, greedy and gullible Nigerians have continued to defy these warnings and have had their fingers burnt. These patronages have emboldened these fraudsters who have taken their trade further. Some of these fraudsters even have the temerity to now place advertisement on radios, podcasts and other social media platforms, calling for participation in their dubious companies’ various investment plans, which included: logistics/bike investment, customer relationship management investment, education virtual reality for students’ investment, location sponsorship investment, real estate and independent investment, offering incredible returns hovering between 60 to 110 percent. These quanta of promised returns…

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