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Beware of scam – these investment schemes are not approved by Nigeria’s central bank

IN SHORT: A fraudulent investment scheme, exposed as a con in November 2022, has resurfaced online using similar tactics. It remains a scam, protect your money.

A post shared on the Facebook page Nigeria CBN investment trading platform suggests that the country’s central bank has approved or runs two investment platforms.

The post identifies them as “helping hands investment trading platform” and “lovecaincryptocurrency trading platform”.  

Because the platforms have the blessing or backing of the central bank, users can invest in peace, the post says. It asks those interested to contact a Mr Musa Solomon, whose mobile phone number is given.

The post includes an image of what appears to be Solomon's working pass, purportedly issued by the Central Bank of Nigeria (CBN).

The post provided several WhatsApp links for interested users to send messages to. 

We found similar posts with the same investment schemes but with different names and phone numbers here, here, here, here and here.

But are the investment schemes legitimate? We checked.


CBN distances itself from fake investment schemes

We clicked on one of the WhatsApp links in the post and, pretending to be interested, had a conversation with someone believed to be Solomon. He provided a registration form with a CBN logo on it.

This was followed by a lengthy message detailing the various amounts in the local naira currency that could be invested in the scheme and the associated return on investment.

However, when we asked for the link to the investment scheme on the CBN website, he stopped responding.

Another link provided in the post prompted us to join a WhatsApp group with over 332 members, suggesting that some people may have fallen for the scam. 

The investment schemes were not from the central bank, spokesperson Isa Abdulmumin told Africa Check. The work ID card in the post was “fake”, he said. 

In November 2022, Africa Check found “helping hands investment trading platform” to be fake. It is still fake a year later, along with “lovecaincryptocurrency trading platform” and many other fraudulent investment platforms.

Protect your money, read our guide on how to spot risky investment schemes on Facebook here.

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