….”Don’t Fall For PONZI SCHEMES”
Pastor Chris Oyakhilome took to his verified YouTube account, to warn Nigerian Christians about Ponzi schemes.
Something was reported to me recently. I don’t know the full details but I need to warn you about it. I’m informed that there is some form of ponzi schemes that’s going on. Ponzi schemes have taken place many times around the world and in different countries, and a lot of times, many of God’s people fall prey to ponzi schemes. If you don’t know what a ponzi schemes is, I’ll just tell you briefly.
The name ponzi for the schemes is derived from a man that’s originally connected to name of Charles Ponzi, and he had several different names that he went by, but he was known as Charles Ponzi. He was an Italian and eventually carried out his schemes in United States and Canada. Now, how a ponzi schemes works is that, those who invest their money into the scheme, are eventually paying with money that newer investors bring in, which means it’s not really a business.
Money is paid to those who are so called investors by the money brought by others. Which means, somewhere along the line it will collapsed. So, ponzi schemes always collapsed, but because the earlier ones got the money out of it, they help to publicize it and help to get others to join, not knowing that troubles is coming and it always comes, because they can’t sustain the promises that they made, because it’s not really a business.
You are always told that there are some business they are doing, that causes such profit to come, but if it’s a ponzi schemes, it’s always a ponzi schemes.
It relies on the money brought in by the people you bring in. Someone tell you to bring your friends, cousins, everybody and they all bring in their money. Now, I warn you about it because such things always fail. You’re going to get into trouble by that scheme of a thing. Here is another area about the ponzi schemes I’ll like you to talk to you about. Some people are forced into a ponzi schemes, I’ll explain. In good business, it could become a ponzi schemes especially with people who don’t know how to say NO!
It’s simple, here is how it works. How a good person becomes a perpetrator of ponzi schemes and a good business turns into a ponzi schemes. So, I’m doing a good business and everything is going well, then he comes to me and says, can I invest into your business. So, I accept his investment into my business. It’s accidentally turns into a ponzi schemes or it is a ponzi schemes originally, whatever it is.
I’m saying you gonna be careful. Don’t run a ponzi schemes because all ponzi schemes are going to have problems down the road. So, don’t say you are not warned, be warned and those of you who are always looking for where to put your money, and looking for someone who is going to multiply it 100times for you. Sometimes, you are the problem and you don’t steal or take money that is not yours. You borrow money to go and put it there.
I warn you, so don’t say you are not warn and I hope no Pastor is running a ponzi schemes, because you are not sent to do one, don’t do it. The one I know is Jesus Schemes.
NAIJA LIVE TV Quoted a report from the News Agency of Nigeria (NAN) that one of such popular schemes, MBA Forex – which promised its investors 15 per cent Return on Investment monthly, crashed in November leaving its over 100,000 investors stranded.
The Central Bank of Nigeria (CBN) which later froze MBA’s bank accounts, said that the company owned by one Maxwell Odum, had collected over N171 billion from its investors before crashing.
Also, another popular scheme, Baraza Multipurpose Cooperative headquartered in Yenagoa, Bayelsa had in March announced its inability to meet its obligations to its over 40,000 investors whom the scheme promised 25% returns to it’s investors.
The company owned by one Miebi Bribena, a Chist Embassy pastor, had promised to refund investors their capital running into billions but didn’t provide any reasonable timeline to refund their monies.
Pastor Miebi Bribena had later claim to have refunded 100k each to about 109 investors after about 900 investors asked for termination of their investment.
In April 2021, Pastor Miebi Bribena ask his investors to give him a 90days grace without payment to trade and make profits to settle all outstanding money’s he owed his investors.
But Investors of MBA Forex Trading Company on April protested at the Christ Embassy church in Port Harcourt, Rivers State, over the inability of the Chief Executive Officer, Maxwell Odum who’s also a pastor in the church to refund it’s investors their capital.
NAIJA LIVE TV gathered that Odum scammed over 70,000 investors of N171 billion using MBA Trading and Capital investments which operated illegally for over two years.
The investment company, which promised 15% ROI for deposits starting from N350,000, shutdown their operation and absconded their investor’s money last year October.
Before it shutdown last year, Odum was said to have voluntarily donated N1 billion to Christ Embassy out of N171 billion before he went into hiding.
MEANWHILE, the Economic and Financial Crimes Commission (EFCC) has also earlier warned Nigerians against investing their money in fraudulent investment schemes that promise high returns to investors.
Mr Wilson Uwajaren said in a statement in Port Harcourt that the anti-graft agency was worried over the development that had seen thousands lose their life savings to scammers.
Uwajaren said that the commission had received several petitions from victims of ponzi, forex and Bitcoin investment schemes.
“This trend indicates that investment scams has continued to thrive despite the enforcement and public enlightenment interventions by the commission and other stakeholders.
“The direct implication is that hapless citizens are losing their hard-earned money to fraudsters, who by their activities compound the nation’s economic woes.
“Many have lost, and are still losing money to ponzi schemes, forex trading and most recently, Bitcoin trading,” he said.
The EFCC spokesman warned members of the public against taking an unmitigated risk in desperation to earn a windfall on fraudulent schemes.
According to him, investments in Bitcoin and other cryptocurrencies were a high-risk activity especially as the terrain was largely unregulated and prone to fraud.
“The EFCC states that, while it will continue to investigate and prosecute persons complicit in fraudulent investments schemes, it is incumbent on the investing public to be circumspect in their investment decisions.
“Any investment that promises returns that look too good to be true should be considered a red flag.
“Nigerians are by this notice, warned to be wary of fraudulent schemes, and are hereby, enjoined to resist the temptation of quick gain that could end in misery,” he warned.
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