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Operators of one other Ponzi scheme, FF Tiffany, have pulled a quick one on unsuspecting Nigerian traders, fleecing them of a whole bunch of billions of naira.
The variety of Nigerians who misplaced cash to the scheme, in addition to the entire quantity they misplaced, might, nonetheless, not be instantly ascertained as of the time of submitting this report.
It was, nonetheless, found that the traders are unfold throughout main cities and cities in Nigeria, even extending to quite a lot of Nigerians within the diaspora.
THE WHISTLER‘s investigation uncovered 70 totally different accounts in Microfinance Banks and digital fee platforms via which the operators acquired funds from the traders.
A breakdown of the listing confirmed that 59 of the suspected fraudulent accounts are domiciled in Goldman Microfinance Financial institution, with its head workplace in Asaba, Delta State.
5 of the accounts have been traced to Moniepoint Microfinance Financial institution, whereas two digital fee platforms – GOMONEY and Paga had 4 and two respectively.
Additional investigation revealed that the suspected fraudsters engaged the traders via an elaborate internet web page and a number of WhatsApp platforms.
The traders have been deceived into believing that their funds have been being invested on their behalf in multinational firms like Samsung, Wells Fargo, Nestlé, Rio Tinto, Microsoft, Coca Cola and a number of other others.
The operators of the scheme baited the traders with mouth-watering returns on their investments, with maturity dates various from three days to one year.
The promoters of FF Tiffany claimed to be an funding group primarily based in France, from the place they have been purportedly working a authentic enterprise.
Members of their advertising group, who have been designated HR, displayed overseas phone numbers, which have been suspected to have been cloned.
A few of the phone numbers of the HRs, completely obtained by THE WHISTLER, are: +33773473292, +33748557360, +33774010961, +33773134710, +33748548293, and +1(213)6592630.
Additional checks revealed that the overseas telephone numbers might need been cloned from the platform of a France primarily based telecom agency, Syma Cell.
Syma Cell is the telecom arm of its mum or dad firm, Altice, which can be owned by Société Francaise du Radiotelephone (SFR).
Altice France acquired Syma Cell in Could 2022, following its full operation as a Cell Digital Community Operator (MVNO).
The one native phone quantity the FF Tiffany promoters displayed, was MTN quantity 07048622696. A search on Truecaller recognized the subscriber as Ugo Biyi. Repeated calls to the road failed to attach.
The scheme, which was mentioned to have been launched someday in January, this yr, operated unhindered till June 21, 2025 when the operators shut the traders out of all their internet web page and WhatsApp platforms.
In what turned out to be a mop up technique, the Ponzi operators had on June 19, requested the traders to pay what they termed “Social Safety Fund,” failing which they might lose their investments.
The request was posted on their WhatsApp platforms by a sure “Kenneth”, who claimed to be the “Regional Director” of the scheme in Nigeria.
In line with “Kenneth,” the request for the fee of the mentioned social safety fund, was a directive from the “French Social Safety Administration and the Worldwide Social Safety Affiliation.”
After receiving the funds, the syndicate got here up with one other request the next day, June 20, asking the traders to pay what was termed “Liquidated Damages” or lose all their investments.
Investigation revealed that lots of the traders have been pressured to pay the levies as directed, believing that doing so would allow them recuperate their trapped funds.
Others merely ignored the directive, apparently when it dawned on them that they have been being scammed.
All their operation and transaction platforms have been ultimately shut down on June 21, leaving the distraught traders with nothing.
The “social safety fund” levies imposed by the syndicate, ranged from N4, 500 to N10, 000, 000 relying on the classes of the traders.
The traders have been stratified into 10 classes; from Degree 1 to Degree 10, and have been ranked in ascending order, with these on Degree 10 being the best in rank and with the best funding stakes.
The charges have been as follows: Degree 1- N4, 500; Degree 2- N12, 600; Degree 3- N37, 800; Degree 4- N112, 000; Degree 5- N290, 000; Degree 6- N731, 250; Degree 7- N1, 430, 000; Degree 8- N2, 880, 000; Degree 9- N5, 175, 000; Degree 10- N10, 375, 000.
For “liquidated damages,” the traders have been requested to pay 20 p.c of their whole investments already within the custody of the syndicate.
They have been requested to make the funds via transfers from deposits of their particular person financial institution accounts.
In all transactions, the operators supplied the traders with hyperlinks that led to a number of accounts in Goldman and Moniepoint microfinance banks.
A few of the hyperlinks additionally directed the traders to some accounts in GOMONEY and Paga, two digital fee platforms working in Nigeria.
Whereas the scheme was ongoing, the operators had discouraged the traders from sharing details about their operations wherever exterior the WhatsApp platforms they created for the aim.
They cited “legal guidelines” in “our dwelling nation” governing the operations of firms of their line of enterprise and the massive penalty that non-compliance attracts.
“That was once I began smelling a rat, but it surely was too late,” one of many victim-investors, who didn’t need his identify in print, advised THE WHISTLER throughout investigation.
Weighed down by a burden of disgrace and guilt, majority of the victims have resigned to destiny, selecting to quietly lick their wounds and transfer on.
One of many traders had put the variety of victims of the scheme at shut to 3 million, unfold throughout the nation.
The quantity consists of some diaspora Nigerians who have been persuaded to put money into the scheme by pals and kinfolk in Nigeria.
Members of the syndicate are believed to have fleeced their victims of a whole bunch of billions of naira, with no one in sight to be held accountable.
Particulars of the 70 particular person account holders within the listed microfinance banks and fee platforms, obtained by THE WHISTLER, are printed on this report. (see above desk).
Checks revealed that Goldman Microfinance Financial institution has its head workplace handle listed as: Visitors Gentle Junction, 3B, Ezenei Avenue, Umuezei, Asaba 320242, Delta State.
Calls to a phone contact listed within the handle – 07035553441, indicated that the road had been deactivated. The subscriber is listed in Truecaller as Shola Improbable.
Fearful by the rising circumstances of Ponzi schemes in Nigeria, the Senate had final Wednesday, got here down exhausting on monetary regulatory and safety companies within the nation for failing to stem the tide.
The lawmakers, throughout a debate on the problem, particularly knocked the Safety and Alternate Fee (SEC), Financial and Monetary Crimes Fee (EFCC), and the Nigerian Monetary Intelligence Unit (NFIU) amongst others, for being remiss of their duties.
In line with the senators, laxity on the a part of these monitoring our bodies and their counterparts within the anti monetary crime enforcement companies, has continued to embolden perpetrators of the schemes.
The legislative physique rued the implications of the pattern on Nigerians who’re frequently falling sufferer to the fraudulent schemes.
Not a couple of of the senators cited situations the place some victims of the schemes misplaced their total life financial savings, forcing a few of them into melancholy whereas some others dedicated suicide.
The lawmakers blamed the involved authorities companies for creating the enabling atmosphere for such schemes to flourish via their inaction.
They regretted that the state of affairs has continued to erode public belief in authentic monetary establishments amongst Nigerians, thereby posing systemic dangers to the economic system.
The senators additionally blamed the erosion of investor confidence in Nigeria on the unchecked actions of the Ponzi scheme fraudsters.
They famous that the ugly improvement was a part of the explanations overseas traders are exiting the nation in droves in latest instances.
Lots of the lawmakers blamed the victims for his or her greed and their determined lust after fast monetary achieve.
They, nonetheless, insisted that regardless of their flaws, the Nigerian authorities nonetheless owed its residents the accountability of defending them from monetary and financial predators.
To exhibit its dedication to tackling the menace headlong, the Senate, via a decision, has mandated its related standing committees to conduct a complete investigative listening to on the matter.
The committees tasked with the investigation are the Committees on Capital Market; Banking, Insurance coverage and Different Monetary Establishments; Anti-Corruption and Monetary Crimes, and ICT & Cybercrime.
The investigation, with a four-week deadline, is being led by the chairman of the Senate committee on Banking, Insurance coverage and Different Monetary Establishments, Senator Tokunbo Abiru.
The controversy was sparked by a movement moved by Senator Abiru who represents Lagos East senatorial district, with Senator Osita Izunaso (Imo West) as co-sponsor.
Ponzi scheme syndicates have frequently preyed on the greed and gullibility of many Nigerians to steal a whole bunch of billions of naira and vanish into skinny air afterwards.
The lengthy listing of the fraudulent schemes embody thee Pyramid, MMM in 2016 and MBA Foreign exchange in 2020.
The latest one being Crypto Bullion Alternate (CBEX), a digital funding platform that robbed hundreds of thousands of Nigerians of an estimated N1.3tn ($847m).
The EFCC had made some arrests and recoveries within the CBEX case, as investigation into the rip-off was nonetheless ongoing.
Nevertheless, there have been no indications that the revelant safety and regulatory companies had made any transfer in opposition to the FF Tiffany syndicate as but.
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