Home Breaking News How To Avoid Ponzi Schemes in Nigeria (A Thread)

How To Avoid Ponzi Schemes in Nigeria (A Thread)

by Nwani Chisom
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Rising inflation, perceived poor performance of the capital market, as well as low returns on government securities have caused several Nigerians to indicate interest in dubious schemes, popularly called ‘ponzi, Oyogist reports.

It was earlier reported that Nigerians lost a whopping N300 billion to Ponzi as of last five years.

At the start, these dubious schemes attract their members with lucrative ROI, which they pay for a specific period, so more people invest.

But as the popular saying goes, ‘what has a beginning also has an ending.

Here are the Steps To Take In Order To Avoid Ponzi Schemes In Nigeria

1. DYOR (Do Your Own Research) It is always very advisable for one to research properly before venturing into any said online investment platform.

By so doing, such an individual would map out his strategy clearly.

2. Be Clever: Reason with me. All the banks in Nigeria have cash in their vault.They borrow cash from CBN at 13%. If these Ponzi were real, all banks will place N100b with them and double their deposits.

Also, it is noteworthy that if you’re about to venture into any platform, it’s always advisable that you check out if such platform is registered or not.

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