Ponzi Schemes, easy money promised through an elaborate network in which participants pool money for individual’s benefit, may have cost Nigerians more than 486 million dollars (N200 billion) in recent years, financial experts have said.
The experts, Mr Yomi Babalola; Mr Tunji Adepeju and Mr Eric Akinduro, made this known to the News Agency of Nigeria (NAN) on Sunday in Ibadan, in respect of the Wealth of Nations, a media skills development programme, run by the Thomson Reuters Foundation.
They, however, predicted a surge in the revenue loss, unless the Federal Government urgently address the factors affecting the economy.
NAN reports that people were being wooed via social media daily to invest in the schemes, also known as the pyramid scheme or wonder banks with promises of attractive short- term returns.
In the schemes, people are being promised double returns on their investments in two hours, 48 hours, two weeks or six weeks with further promise of bonuses, if they refer others as well as monthly profits in addition to their capital.
NAN recalls that the Economic and Financial Crimes Commission (EFCC) had announced the arrest and prosecution of no fewer than 10 Ponzi scheme operators, who had allegedly defrauded Nigerians of over 28 million dollars (N12 billion) between October 2020 and August 2021.
Also, the Nigeria Electronic Fraud Forum (NEFF), under the Central Bank of Nigeria (CBN), weighed in with revelations that the Nigerian investing public lost…
