Ponzi Scheme in Nigeria – The rise and rise of Twinkas

Filed in Others by on April 19, 2017 0 Comments
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Ponzi Scheme in Nigeria | The rise and rise of Twinkas

Ponzi Scheme in Nigeria

Ponzi Scheme in Nigeria | The rise and rise of Twinkas – 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.

Source: The Guardian

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