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It’s a scam! ‘Oil Well Investment’ on Facebook won’t double your money within 10 days

IN SHORT: A Facebook post is promoting an investment platform called Oil Well, saying it will double investors’ money within 10 days. But be warned, it’s a scam.

A Facebook post claims that a newly launched investment platform in Nigeria will double your money within 10 days. 

The post reads: “Oil Well is Performing Well Invest and let your money double in 10 days. It was launched 2 days ago Minimum investment of 1000 Welcome Bonus of 250.”

We found similar posts here, here, here and here.

But how legit is this? We checked. 

Oil well scam Facebook post

It’s a scam

Our investigation brought up a few red flags about the investment platform and its website.

We found no record of “Oil Well Investment” on Nigeria’s Corporate Affairs Commission as well as the Security and Exchange Commission. This means it is not registered and licensed to operate in the country.

We clicked on the link provided by one of the Facebook posts promoting the platform and found that the platform’s website had been suspended.

ScamAdviser, a website verification tool, warns users to be careful when using the platform’s website. It says “there is a strong likelihood” that it is a scam. 

According to Topi Info, a Nigerian-based information verification site, Oil Well is a “Ponzi scheme and a scam platform that may crash anytime”. A Ponzi scheme is a type of scam where earlier investors are paid with the funds invested by new ones. It is not sustainable.

To help protect yourself against online scams, read our guide to Facebook scams and how to spot them.

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