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Crowdfunding mess is a function of regulatory failure in Nigeria – Nnamdi Chife, Chive GPS

Ponzi Scheme

Crowdfunding mess is a function of regulatory failure in Nigeria – Nnamdi Chife, Chive GPS

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More Nigerians continue to fall victim to investment and crowdfunding fraud by the day. While many have become homeless, out of school and indebted as a result of their financial decisions, they have constantly hung on to the hope that one day, all that is lost would be restored.

In this interview with Nairametrics, Nnamdi Chife, the managing partner at Chive GPS speaks on trends in the industry and the part that debt recovery agencies could play in helping to retrieve lost funds… Excerpt

What is Chive GPS and what is the company about?

CHIVE GPS is a conflict resolution company that specializes in debt recovery, background checks, geolocation intelligence, asset tracing and security services. We have recovered funds in Dubai, USA, CANADA, UK and Nigeria. We track individuals who are evasive or out of the country, including asset tracking.

What strategies do you adopt in helping to retrieve funds and which agencies do you partner with?

Strategies include issuing demand notices, legal action, petitioning law enforcement to initiate criminal investigations into debts related to fraud. We also conduct asset tracing and geo-location to aid funds retrieval. We partner with the EFCC and FCID (INTERPOL) in respect to these cases.

In recent times, crowdfunding has become a mess in Nigeria. How did we get here?

Some persons with fraudulent intent took advantage of the success of MMM, the infamous Ponzi scheme, and launched all kinds product-backed Ponzi schemes…

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