have an account?【sign in】list of ponzi schemes in nigeria: A Comprehensive List of Ponzi Schemes in Nigeria
balaguerauthorA Comprehensive List of Ponzi Schemes in Nigeria
Ponzi schemes have become a significant concern in Nigeria in recent years, with numerous individuals losing their hard-earned money in these fraudulent activities. These schemes often promise high returns with minimal investment, but in reality, they are designed to steal from the victims. This article aims to provide a comprehensive list of Ponzi schemes in Nigeria, helping investors and the general public to be aware of the risks associated with these fraudulent activities.
1. ML Securities (2016)
This was one of the most high-profile Ponzi schemes in Nigeria in recent years. The company, which was registered as a securities broker, allegedly deceived investors into believing that they were investing in a diversified portfolio of stocks, bonds, and other financial assets. In reality, the company used the investment funds to pay off earlier investors, rather than investing in the stock market. ML Securities collapsed in 2016, leaving thousands of investors with no recovery.
2. Enterprise Investment Scheme (EIS)
This was another major Ponzi scheme in Nigeria in 2017. The scheme, which was marketed as an investment opportunity, promised high returns to investors. However, it turned out that the funds were being used to pay off earlier investors, rather than investing in any genuine business opportunities. The operator of the scheme was later arrested and charged with fraud.
3. Diamond Trust Investment Limited (DTIL)
This Ponzi scheme was operating in various states across Nigeria between 2013 and 2015. The company, which claimed to be engaged in real estate investment, deceived investors into believing that they were investing in real estate projects. In reality, the company used the investment funds to pay off earlier investors, rather than investing in any genuine real estate projects. The operator of the scheme was later arrested and charged with fraud.
4. Golden Gate Investment Limited
This was another major Ponzi scheme in Nigeria in 2018. The company, which claimed to be engaged in investment opportunities in various sectors, deceived investors into believing that they were investing in profitable business projects. In reality, the company used the investment funds to pay off earlier investors, rather than investing in any genuine business opportunities. The operator of the scheme was later arrested and charged with fraud.
5. Wealthy Global Investment Limited
This was another major Ponzi scheme in Nigeria in 2019. The company, which claimed to be engaged in investment opportunities in various sectors, deceived investors into believing that they were investing in profitable business projects. In reality, the company used the investment funds to pay off earlier investors, rather than investing in any genuine business opportunities. The operator of the scheme was later arrested and charged with fraud.
Ponzi schemes are fraudulent activities that target investors, often promising high returns with minimal investment. They are designed to steal from the victims by using the funds raised from new investors to pay off earlier investors, rather than investing in any genuine business opportunities. The list of Ponzi schemes in Nigeria mentioned above is just a small fraction of the numerous schemes that have operated in the country in recent years. It is essential for the public to be aware of the risks associated with these fraudulent activities and take the necessary steps to protect themselves from becoming victims. Investors should always conduct due diligence before investing in any scheme, and seek professional advice if needed.