5 Vital Lessons To Learn From The Glory Osei And Muyiwa Folohunso Scandal
A few days ago, the social media space began buzzing with allegations of scam business ventures and poor treatment of former staff as well as maintenance of a toxic work environment against the founders of Divergent Enterprises, Glory Osei and Muyiwa Folohunso. Osei, in a series of tweets and a separate statement she published on her…
EFCC arrests operators of Ponzi scheme in Rivers
The Economic and Financial Crimes Commission (EFCC) said it has arrested 19 staff of a fake investment company floating an alleged Ponzi scheme that has defrauded the public to the tune of over N2bn.
Activist petitions EFCC over new ponzi scheme
Nigerian human rights activist, Comrade Deji Adeyanju has petitioned the acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, over a new Ponzi scheme called Loom. The scheme, which recently started in Nigeria, promises a return of N8,000 for N1,000 and N104,000 for N13,000 in 48 hours. Loom was first reported in…
Ponzi scheme firm bosses in Benin jailed for 10 years
Two senior directors of an investment firm in Benin were jailed for 10 years each on Thursday following their conviction for defrauding more than 150,000 people in a Ponzi scheme.
Nigerians lost N18 billion to Ponzi scheme operators, says NDIC
The Nigeria Deposit Insurance Corporation (NDIC) has said three million Nigerians lost N18 billion in the Ponzi scheme, popularly called Mavrodi Mundial Movement (MMM).
Don’t gamble your life away
A young man was lamenting recently at a social gathering. He was telling all who cared to listen how he had gambled away his life savings in a ponzi scheme ...