Back to Africa Check

Nigerians, beware of ‘777 Platform’ promising to double your money in three minutes

IN SHORT: A new investment platform called 777 claims to double your money in less than five minutes. But Nigerians are being urged to be cautious as the platform may be out to scam them.

A Facebook user is calling on Nigerians who want to grow their money to join a new platform called 777.

“About us - 777 PLATFORM is a Big Investment platform where anyone can come and get profit easily. It's a brand new trading site that helps you to trade your money and get your money doubled within 3 minutes. Suppose trading 5 USD and getting 10 USD in return within 3 minutes isn't that amazing?” says the user in a 3 September 2023 post

The post features two links: one for registration and another to join the platform’s “official group” on instant messaging app Telegram. 

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

But is this investment platform legit? We checked. 

777Platform_Scam

What did we find?

Africa Check questioned the legitimacy of the platform and its website link as provided on the post, and found a number of red flags.

The suspicious post claims that “777” is a newly launched platform. But according to WhoIs, a site that stores historical data about other websites, the platform’s website was created in February 2005. The details of the person who registered the platform’s website are “REDACTED FOR PRIVACY”. This is a red flag, as a trustworthy and legitimate business would be expected to be transparent about its operations and ownership.

Website verification tool, ScamAdviser, says the platform’s website could possibly be a scam and gives it “a low trust score”

Furthermore, Africa Check found “poor” online reviews of the “777 Platform”. Most people on Trustpilot, a website that hosts reviews in order to build trust between consumers and businesses, said the platform was a scam and detailed how they lost their money on it.

Platforms that offer to double your money in a short period of time should always raise suspicion as they are unsustainable.

All signs point to “777 Platform” being a scam.

Warning to the public

Facebook users are often urged not to put their trust and money into platforms that promise large returns in a short period of time.

In August 2022, the Cable, a media company based in Nigeria, reported that the country’s Security and Exchange Commission warned of unlicensed operations such as Ponzi schemes, money doubling schemes and other investment platforms. 

Similarly, the Nigeria Deposit Insurance Commission, a federal government agency that supervises banks, warned against fraudulent financial institutions and urged Nigerians not to fall victim to such scams.

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

Republish our content for free

We believe that everyone needs the facts.

You can republish the text of this article free of charge, both online and in print. However, we ask that you pay attention to these simple guidelines. In a nutshell:

1. Do not include images, as in most cases we do not own the copyright.

2. Please do not edit the article.

3. Make sure you credit "Africa Check" in the byline and don't forget to mention that the article was originally published on africacheck.org.

For publishers: what to do if your post is rated false

A fact-checker has rated your Facebook or Instagram post as “false”, “altered”, “partly false” or “missing context”. This could have serious consequences. What do you do?

Click on our guide for the steps you should follow.

Publishers guide

Africa Check teams up with Facebook

Africa Check is a partner in Meta's third-party fact-checking programme to help stop the spread of false information on social media.

The content we rate as “false” will be downgraded on Facebook and Instagram. This means fewer people will see it.

You can also help identify false information on Facebook. This guide explains how.

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
limit: 600 characters

Want to keep reading our fact-checks?

We will never charge you for verified, reliable information. Help us keep it that way by supporting our work.

Become a newsletter subscriber

Support independent fact-checking in Africa.