IN SHORT: A Facebook post is offering users a chance to double their money. But this is just another scam.
A post on Facebook promises to “assist the less privileged and also reduce the rate of unemployment” in Nigeria, through a programme that will, apparently, “double money”.
The post, dated 24 May 2023, also says: “DON'T NEED TO DEPEND ON YOUR PARENTS FOR SCHOOL FEES AND OTHER EXPENSES FOLLOW THE LINK BELOW.”
A video is attached to the post, where a woman encourages users to join the platform, saying: “It is working, it is real.” She also claims it worked for her.
Like many similar schemes we have debunked, this post also includes a WhatsApp number for further engagement.
We also found similar posts here, here, here and here.
But is this another scam? We checked.
Signs of scam
Africa Check has investigated several posts promising to double users’ investments.
One of the signs that this post is also a scam is the poor writing, with spelling errors and no punctuation. It is also written in capital letters – another red flag.
The page identifies the investment platform as Earn double money plc, but we found no such business registered with the Corporate Affairs Commission. The commission is responsible for regulating the formation, registration and management of companies in Nigeria.
The page also has no followers and is not verified by Meta.
It would be expected that a legitimate business would have at least some followers on its social media pages.
All these signs point to a pattern of scams Africa Check has uncovered before.
Nigerian financial crimes commission warns users
A platform that offers unrealistic returns and no risks for an investment may be a sign of a Ponzi scheme, where existing investors are paid from new investments, therefore incentivising those involved to keep on recruiting new people.
In November 2022, the Economic and Financial Crime Commission (EFCC) flagged a number of schemes out to defraud Nigerians. The EFCC is responsible for fighting financial crimes in the country.
The commission also urged users to be wary of similar schemes offering huge returns.
With the high cost of living in Nigeria, people looking for ways to make money could fall prey to such scams.
Africa Check has previously investigated similar false investment schemes here and here.
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