IN SHORT: Naira Rain Promo is not a legitimate investment platform in Nigeria. Beware of accounts using that name and offering you a chance to double or triple your money in three hours.
If you’d like to get double of your initial investment back, then Naira Promo Investment is the platform for you, according to this Facebook post.
The 31 July 2023 post reads: “In Naira Rain Promo Investment Platform, You Will Get Double Of The Amount You Paid to Invest As Interest Granted From THE Company In 3,Hrs Straight Into Your Bank Account To Help Nigeria Citizens Eradicate Poverty Privilegedly Agreed And Signed By (Yul-Edochie).”
Yul Edochie is a popular Nigerian actor. He appears in the video attached to the post, supposedly promoting the platform.
Similar posts have been published here, here, here, here, here, here, here, here, here, here, here, here and here.
But is the investment platform to be trusted? We checked.
What is Naira Rain Promo?
Africa Check found that Edochie promoted “Naira Rain Promo” on his X (formerly Twitter) account in February 2021 here and here. But this was not an investment platform.
According to the actor, the website valleytopng.com hosted the Naira Rain Promo. Users were required to register by paying a membership fee of N2,000. Participants had to invite others to join in order to win. We attempted to visit the promo website, but it no longer exists. While we couldn’t verify the details, it sounds similar to many pyramid or Ponzi schemes.
In March of the same year, Edochie warned users against fraudsters posing as Naira Rain Promo, saying it had been suspended due to operational reasons.
In another post in November 2021, the award-winning actor said the Naira Rain Promo had ended long ago. “I’ve been announcing this since March. Scammers copied the promotional videos and posters, re-edited it and started using it to do fraud. Don’t fall for it. It’s fraud.”
Usual signs of a scam
One of the red flags that we picked up about the investment platform being promoted on Facebook was the promise of large returns in a short period of time.
The posts claim that the platform can double your money in just three hours. However, in the examples given, when you invest N10,000, you will receive N30,000. This is triple, not double, of what you invested. Such confusing posts should raise suspicion.
Nigeria's financial crimes watchdog has previously warned users against investing in unsustainable platforms, saying they often crash with people’s money.
Another red flag is posts that ask users to reach out via WhatsApp. This approach is often used by scammers to get users to disclose their personal information, which can lead to identity theft.
Africa Check has previously investigated similar investment scams here, here, here, here and here.
To help protect yourself, read our guide on how to spot risky investment schemes and scams on Facebook in Nigeria.
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