The stinking level of poverty in Nigeria is really affecting the few Middle-Class earners who are trying everything possible, in terms of investments, to ensure that they don’t end up joining the poor masses.
So, this is why those with manageable income, are seen patronizing some investment companies who are seen to have had a structure for development, so as to get some Returns On Investment (ROI) from these companies. These earnings from the companies are meant to support them with certain expenses in the ever-increasing cost of living in Nigeria.
Recently, there are tears on social media about a certain Eatrich Farm which has failed to honour their part in their dealings with investors. The said company is said to have scammed people of Millions, if not Billions. Investors have been crying about the inability of the company to respond to some of their messages, apart from not being reachable at their offices. In fact, some are saying the offices are closed.
The establishment pays you a certain percentage of your Capital, and you’re able to take back your Capital when you want.
It’s sad that Nigerians have been subjected to this type of “you-can’t-do-anything” attitude by fraudulent individuals who float establishments to defraud people of their sweat. And this is because they usually get away with it in a country where the judiciary is poor in performance.
MMM was a Ponzi scheme that hit Nigerians so bad, and many are yet to recover from it. Subsequent ones followed, and the perpetrators keep getting away with the crimes.
I even invested up to 3 million in “Let’s Partner With You Ltd,” after my research on the company. When I found out they’ve been around for years, and that their structure was impressive, I deduced that they weren’t a Ponzi scheme. I did this before MMM happened on Nigerians.
In 2017, the company stopped paying us the agreed percentage of ROI, and when complaints were not being attended to, many opted for withdrawal. Seeing that a mass withdrawal of capitals will affect them, the director – Mr. Patrick Nwokike – issued an order to stop people from withdrawing.
The EFCC was involved in the case, and after five years of back and forth in the court, the judiciary set him free. He was set free earlier this year, without him compensating the investors in any way. The judiciary was sending a signal to Nigerians – that they are very corrupt.
Companies are rising up in different forms, in order to attract people to invest. And in most cases, they end up scamming people. The rumours that these companies could be organized forms of Ponzi schemes like MMM are increasingly becoming loud. One cannot help but imagine that this could be true, seeing that they’re all following the same pattern. And when one cycle of scamming ends, another company springs up from nowhere, and the it continues. It could even
The nonsense economy is always the reason for want of extra income by available means, and this same economy is what the directors of these supposed companies hold on to, in order not to appear guilty.
I think Nigerians should start seeing these companies as gamble. People had High Blood Pressure when “MMM” and “Let’s Partner With You” happened to Nigerians. Some even died afterwards.
Nigerians should stop investing in these companies unless it’s with a money that won’t affect them. When they’re scammed, the judiciary won’t help issues, no matter the amount of evidence being presented.
Nigeria is this bad right now!
Written by: Edward Amah