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bakryauthorA List of Ponzi Schemes in Nigeria for 2023
Ponzi schemes have been a significant issue in Nigeria in recent years, with many people losing their hard-earned money in these fraudulent investments. To help you stay away from these scams, we have compiled a list of the most notorious Ponzi schemes in Nigeria for 2023. Be cautious and always do your due diligence before investing in any scheme.
1. Invitation Securities Limited (ISL)
This is one of the most famous Ponzi schemes in Nigeria. ISL claimed to be a securities trading company, but it was actually a scam that duped thousands of people out of their hard-earned money. The company was closed down by the Nigerian Securities and Exchange Commission (SEC) in 2018.
2. Capital Gold Investment Limited
This is another Ponzi scheme that targeted Nigerians, promising them returns on their investment in gold mining projects. However, the company never had any gold mining activities and was eventually shut down by the Securities and Exchange Commission (SEC) in 2017.
3. Prime Wealth Management Limited
This Ponzi scheme was run by a self-proclaimed financial expert named David Mark. He promised investors high returns on their investment in various projects, including real estate, oil and gas, and other industries. However, the company was shut down by the SEC in 2016 after it could not provide evidence of its investment activities.
4. Prosperity Capital Investment Limited
This Ponzi scheme was run by a self-proclaimed financial expert named Chibuzo Ogbonna. He promised investors high returns on their investment in various projects, including real estate, oil and gas, and other industries. However, the company was shut down by the SEC in 2015 after it could not provide evidence of its investment activities.
5. Global Capital Investment Limited
This Ponzi scheme was run by a self-proclaimed financial expert named Chidi Chukwuma. He promised investors high returns on their investment in various projects, including real estate, oil and gas, and other industries. However, the company was shut down by the SEC in 2014 after it could not provide evidence of its investment activities.
Ponzi schemes are illegal businesses that target unsuspecting investors, promising them high returns on their investment. However, these schemes usually operate as frauds, with the owner using the investors' money to pay off earlier investors, rather than investing it in the projects they claim to be investing in.
As a result, it is crucial for Nigerians to be aware of these scams and always do their due diligence before investing in any scheme. Always check the credibility of the company or individual offering you to invest, as well as its financial records and track record. If you have already been a victim of a Ponzi scheme, report it to the relevant authorities for investigation and assistance.