General
Beware of ponzi schemes this Christmas, Osinbajo’s aide warns Nigerians
![ponzi scheme, mmm](https://cdn.wuzupnigeria.ng/wp-content/uploads/2020/11/24142417/a1-17.jpeg)
Philip Obin, an aide to Vice President Yemi Osinbajo, has warned Nigerians against falling for ponzi schemes this Christmas period.
In a series of tweets, Obin said that those behind the defunct MMM ponzi scheme which defrauded many Nigerians in the past are the same people operating the different fake forex trading websites out there.
He said that while there is genuine business on the internet, those which promise quick and free money are a scam.
He said, “Thousands of Nigerians are going to lose money to fake forex trading websites this Xmas season. We never learn! The same guys behind MMM are the ones you are still dealing with again.
“There’s no quick and free money on the internet. Yes, some internet businesses may be cheap to start, easy to do and pay good money, however, it would require some hard work and patience. Anything else is like a scam. Remember that once you get greedy, even a goat can cheat you!
“Any investment scheme promising more than 10% ROI per month is likely a ponzi scheme or what I call Digging-a-hole-to-fill-a-hole or Robbing-Peter-to-pay-Paul business model. They simply collect from some investors to pay others, in order to woe more unsuspecting investors! Run!!”
Thousands of Nigerians are going to lose money to fake forex trading websites this Xmas season. We never learn! The same guys behind MMM are the ones you are still dealing with again… pic.twitter.com/yOoJiaGyvn
— ?????? ???? (@PhilipObin) November 23, 2020
-
Trending22 hours ago
Porn, betting sites recorded 162m Nigerian visitors in June – StatiSense
-
News24 hours ago
Protest is a constitutional right – Actor Chidi Mokeme
-
Metro23 hours ago
Oyo man attacked by unknown gunmen
-
Metro20 hours ago
Explosion at Yobe market leaves one injured
-
News20 hours ago
Cross River gov approves N10bn for pensioners
-
News24 hours ago
Police arrest two for suspected banditry in Kastina
-
Entertainment18 hours ago
Hijab controversy: ‘I’m not bothered’, Nancy Isime drops cryptic response
-
Metro23 hours ago
Edo market women protest against Iyaloja leadership change