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Beware of ponzi schemes this Christmas, Osinbajo’s aide warns Nigerians


ponzi scheme, mmm

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.

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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!!”