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Nigerians lose more than N500 billion to Ponzi schemes
Posted: February 8th, 2024, 8:00 am
by CarolinaBaby1
Again, the Securities and Exchange Commission (SEC) has warned Nigerians against investing in outfits that offer unreasonable returns and not registered by the commission, even as it disclosed that Nigerians lose up to N500 billion to Ponzi schemes.
Ponzi scheme forms of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
While fielding questions from the Senate Committee on Capital Market and Institutions during a courtesy visit to the Central Securities Clearing System (CSCS), the Executive Commissioner, Legal and Enforcement, SEC, Reginald Karawusa lamented that a lot of activities going on in the illegitimate market despite the commission’s efforts in addressing Ponzi scheme challenges.
Source: https://businessday.ng/news/article/nig ... -recovery/
Nigerians lose more than N500 billion to Ponzi schemes
Posted: February 8th, 2024, 10:41 am
by Jared
MMM was the pacesetter. If anyone thinks Ponzi had ended in Naija, dey play!
Nigerians lose more than N500 billion to Ponzi schemes
Posted: February 9th, 2024, 9:20 am
by Deon
These ponzi creators has taken it as a full time business.
Open one now, crash it when least expected. Another one pops out immediately. Same pattern.
Nigerians lose more than N500 billion to Ponzi schemes
Posted: February 12th, 2024, 3:29 pm
by YoungA
Deon wrote: ↑February 9th, 2024, 9:20 am
These ponzi creators has taken it as a full time business.
Open one now, crash it when least expected. Another one pops out immediately. Same pattern.
Same pattern honestly, as if it's one person that is running the platform.
Nigerians lose more than N500 billion to Ponzi schemes
Posted: February 12th, 2024, 3:55 pm
by Jared
YoungA wrote: ↑February 12th, 2024, 3:29 pm
Deon wrote: ↑February 9th, 2024, 9:20 am
These ponzi creators has taken it as a full time business.
Open one now, crash it when least expected. Another one pops out immediately. Same pattern.
Same pattern honestly, as if it's one person that is running the platform.
It's not same person. But they use same fundamental formular.
Even.the victims know. They just want to cash out early. Many will still.be trapped.
That's why I don't expect anyone to complain. They know what they're getting into joor
Nigerians lose more than N500 billion to Ponzi schemes
Posted: February 13th, 2024, 7:52 am
by CarolinaBaby1
Jared wrote: ↑February 8th, 2024, 10:41 am
MMM was the pacesetter. If anyone thinks Ponzi had ended in Naija, dey play!
Vistalog, another one is here, and many Nigerians are still falling victim
Nigerians lose more than N500 billion to Ponzi schemes
Posted: February 13th, 2024, 10:25 am
by Jared
CarolinaBaby1 wrote: ↑February 13th, 2024, 7:52 am
Vistalog, another one is here, and many Nigerians are still falling victim
Never heard of that.
Vista what?
Nigerians lose more than N500 billion to Ponzi schemes
Posted: February 13th, 2024, 6:25 pm
by CarolinaBaby1
Jared wrote: ↑February 13th, 2024, 10:25 am
CarolinaBaby1 wrote: ↑February 13th, 2024, 7:52 am
Vistalog, another one is here, and many Nigerians are still falling victim
Never heard of that.
Vista what?
Vistalog, it's trending on Facebook
Nigerians lose more than N500 billion to Ponzi schemes
Posted: February 15th, 2024, 12:33 pm
by Ernest
This is much
Nigerians lose more than N500 billion to Ponzi schemes
Posted: June 16th, 2025, 12:34 am
by Deon
CBEX didn't made it to this stats
Nigerians lose more than N500 billion to Ponzi schemes
Posted: June 16th, 2025, 5:42 am
by Jared
