• How to Spot Investment Scams

  • Mar 16 2023
  • Length: 57 mins
  • Podcast

How to Spot Investment Scams

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  • Summary

  • Investment scams are a species of fraud, typically designated as white-collar crime. History is replete with examples of such swindles or “taking from Peter to pay Paul.” In Nigeria, the sordid history of investment scams can be traced back to wonder banks such as Umana Umana and Planwell that held sway in the eighties and nineties. A watershed period was 2015 to 2017, due to an economy in recession; Nigeria witnessed a huge proliferation of Ponzi schemes with the most notable being MMM - Mavrodi Mondial Moneybox. The eventual

    collapse of MMM in late 2016 came at a huge cost as the Nigerian Deposit Insurance Corporation estimated that 3 million Nigerians lost about 18 billion naira. From our records, over 279 billion naira was reported lost to investment scams in 2021.

    This Episode takes a deep dive into the menace of Investment scams with notable Finance and Investment expert Kalu Aja. Enjoy and don't forget to share. Also, download our Investment Scam Handbook at cutt.ly/ngfm-ish
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