IN SHORT: A Facebook account using the name and logo of the Federal Ministry of Industry, Trade and Investment is promising to double investors’ money. But users should not trust the account and the platform with their money as they may be out to scam them.
“Here is How We Operate, We Trade On Crypto Currency Locally Known As Bitcoin, We Make 3 Tripple Of Your Donation And Send You Two Part & We Benefit One Part,” reads part of a poorly written post on Facebook.
The 11 June 2023 post by the Facebook account Federal Trade Investment Platform invites users to invest through a platform of the same name via the WhatsApp link attached.
The post features a video of a man who claims “it is the best platform so far in the world”.
Bitcoin is a type of digital currency that has no centralised regulators or government intervention.
The account uses the name and logo of Nigeria’s Federal Ministry of Industry, Trade and Investment.
But does Nigeria’s trade ministry run an investment platform that can double people’s money? We checked.
Account might be out to scam you
The Facebook account in question was created on 10 June and only has 15 followers.
We found the ministry’s verified page, which was created on 20 January 2016 and has 19,000 followers. But we couldn’t find any posts about an investment platform on this page.
The suspicious page’s profile picture is of a coat of arms with the phrase “climate action” written around it in different languages. The profile picture of the official account also shows the Nigerian coat of arms, but with the words “Unity and Faith, Peace and Progress” below it, as can be seen in other images of official government events.
The suspicious Facebook account lists a Gmail email address under its contact details and not a government-hosted email on the .ng domain.
When we clicked on the WhatsApp link provided on the post, it said: “Link no longer valid.”
A search of “Federal Trade Investment Platform” on Nigeria’s business register brought up no business by that name. A business not registered with the Corporate Affairs Commission cannot be trusted.
All signs point to a fake Facebook account promoting an illegitimate investment platform.
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