You’d imagine MMM taught Nigerians a big lesson about Ponzis but apparently there’s a new Ponzi Scheme in Nigeria at the moment called Ozone Coin.
Now for those who don’t know, a Ponzi Scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources. Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent.
In simple English, A ponzi Scheme is a system where Emeka brings money to the Operator and Tunde is paid that Emeka’s money then Emeka then gets Paid when a new person, Hassan pays. So, the money being paid is not as a result of investments but essentially being paid other people’s money.
Problem with this is that people that enter early, make their money and the later people get burnt because human beings that can sign up are not endless.
And it seems Nigerians haven’t learned anything from the MMM fiasco as this new Ponzi Scheme at the time of reporting is the number one twitter trending topic in Lagos, Nigeria.
The weird thing is some of the promoters accept it’s a Ponzi Scheme but are promoting it regardless. Wow!
Do you know that “Ozone Coin” is the fastest paying ponzi scheme at the moment??….. simply log on to https://t.co/q6QSSXv4uZ to register.
— Davido (@emmyclef4) March 29, 2017
They promise a 100% profit on your investment in a week and apparently from their website you start out wih ten thousand naira.
I have been making real money since i joined “Ozone Coin” i think you all should join it too….. Just register at https://t.co/odMgzKEkC1
— David Anyanwu (@iamDavidAnyanwu) March 29, 2017
Wow you can make 100% of the money you invest on “ozone coin” in one week….. Don’t dull visit https://t.co/dF49dq1MHl now to register.
— Oba Lagos (@OBA_The_First) March 29, 2017
Their official handle it would seem:
@OzonecoinGlobal gave out $20 yesterday, ozone coin is giving more today for the first 1000 sign in’s, sign up to Ozonecoin Network now now
— Ozonecoin Global (@OzonecoinGlobal) March 21, 2017
Please the Central Bank of Nigeria seriously warns to stay away from schemes such as this. Also, if for nothing else please remember it was reported that three million Nigerians lost eighteen billion naira in MMM.