CSP, Dolapo Opeyemi Badmus has revealed how people can identify a business that’s likely a scam.
She warned people to avoid ponzi schemes that promises huge returns on investment. She added that banks and other financial institution won’t promise such huge turnover on investment.
“Please what’s Binono Business! From all indications scammers capitalize on greed to get you off your hard earned sweat! Whoever is offering you 500k on investment of 100k is definitely a scammer! Even Banks and other financial institutions won’t give you such turnover …….I remember how one of my friends introduced Ponzi or whatever scheme to me then, she told me I will have X2 of any amount I invest….I told my friend that my grandmother had warned me early enough that “Ole lo n so ogun di ogoji”. (Only a thief thinks of free money doubling) you can only work hard to get your money doubled, not just giving to someone and expect it in double! Odikwa risky!!! Upon all my advice to her not to invest, she went ahead and committed all her life savings of almost 5M to the scheme! You want to know what happened!? Your guess is as good as mine…. till now she hasn’t recovered! It’s better I have my hard earned money with me than to commit it to a doomed adventure… Let’s all be careful of money doublers so we don’t fall victim! Scammers are real!!!!”