In spite of the financial loss suffered by some Nigerians who participated in the failed Ponzi scheme, Mavrodi Mundial Moneybox (MMM) in 2016, Twinkas, a similar scheme is making wave among many Nigerians.
Investigation by the News Agency of Nigeria (NAN) in Abuja showed that a large number of residents of the Federal Capital Territory (FCT) were willing to take chances with the trending scheme.
Some of the residents, who spoke with NAN on Sunday, attributed their willingness to investment in the scheme to the present economic recession in Nigeria.
According to them, the economic situation has encouraged many Nigerians to participate in money-doubling schemes such as Twinkas, in spite of the possible risks. The residents said the scheme provides them with 100 per cent interest on their investments.
Valerie Dada, a civil servant, said that she was encouraged to participate in Twinkas, because salaries were delayed sometimes. “Salaries are sometimes delayed and I have bills to pay, so I decided to take some of my savings and invest in the scheme.
“There are many schemes that arose after MMM, which is suspected to have crashed and these schemes have better packages and interest rates to attract people.
“I am currently participating in Twinkas because it has proven to be reliable so far, with an interest of 100 per cent on all amounts of money invested. “That is a package I feel is worth the risk, so that I can afford to pay my bills,” she said.
Mrs Teju Akindele, an accountant, said; “we know the risks of these programmes and we know how some people became suicidal after MMM failed, but we have all learned from that. “We know that we have to put in only the money we can afford to lose and not the money we have kept aside for something important.”
He, however, cautioned Nigerians not to invest huge amount of money as well as not to exceed a specific duration. “I took part in MMM scheme for a year and I lost some money at the end of the year.”
NAN reports that the Nigerian Deposit Insurance Corporation (NDIC), had said that an estimated three million Nigerians lost N18 billion to MMM scheme.
The Managing Director of the corporation, Mr Umaru Ibrahim while speaking at the NDIC day at the 38th Kaduna International Trade Fair recently, said more than three million Nigerians were participating in the scheme before December 2016.
Ibrahim said this was before the organisers suspended payment to investors due to its system “experiencing heavy workload.
He stated that when the scheme resumed in January, some new investors joined, while the millions waiting to be paid were disappointed as majority of them were never paid.
The managing director said that in spite of repeated warnings by the Central Bank of Nigeria (CBN), and other anti-graft agencies, Nigerians still patronied the Ponzi scheme.
“Any financial deal done through any Ponzi scheme in form of virtual currencies for medium of exchange, is an internet based transaction not authorised by the CBN, because of the risks involved in its operations.
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