Beware of Ponzi Schemes in Nigeria. Download Ishaya Bako’s Easy Money Short Film
Hi, guys. I know this blog is dedicated to mainly internet and mobile technology tips but today I'd like to share a financial tip with regards to get rich quick schemes that seem harmless on the surface and have suddenly started spreading fast in the country.
As some of you may already know, my journey online started with Strictly Online Biz (which I sold over a week ago ‘cause I couldn't focus on two sites at the same time) and over the course of 4 years of running it, I came face to face with a lot of make money online scams and of the lot, the Ponzi schemes or Pyramid schemes as they are also called, seems to be the one that's wreaking major havoc on our society.
A Ponzi scheme is literally an investment fraud in which early investors are paid with money taken in from new investors. It sometimes comes in the form of Chain Mail schemes or High Yield Investment Schemes.
Basically customer A brings in N5,000 and is promised N10,000 at the end of say 2 weeks or 1 month. When customer B joins the scheme and pays his own N5,000, that money is used to double customer A's investment and that's how he get's the N10,000 returns he was promised. Customer B as well gets paid when customer C joins the cycle and it continues from there.
Payouts are always made regularly to entice you into investing more and more money. Cashing in on the euphoria that has been instilled in the customer by all this *easy money*, the Ponzi scheme managers zone in on particular investors who seem too eager, greedy or easily persuaded and ask them to increase their investment like say from N5,000 to N20,000.
If the Ponzi scheme is a well funded one, your N20,000 investment easily becomes N40,000 further drawing you deep into the scheme. Before you know it, you're asked to invest something as huge as N500,000 to N1 million and that's probably when the *long story* begins and before you know it, the company suddenly folds, vanishes without a trace and your money is gone.
A friend recently told me her mum lost close to N8 million to a particular high yield investment scheme
Beware folks! Even well educated folks with 5 master degrees, PhDs or whatever fall for this scheme.
The Securities and Exchange Commission of Nigeria has created a mini-movie titled Easy Money to explain this whole Ponzi scheme mess and it's my wish that you take time out to either watch it online right away or download it to your mobile device or computer and watch at a later time when you're free
Click here to download this video or watch the video straight away by hitting the play button below.
Please endeavor to take a few seconds to share this on Twitter and Facebook, so your family and friends get in on the whole scheme and learn to *shine their eyes well well*
Remember: If it seems too good to be true, it probably is
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