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Nigerians, beware of Facebook page impersonating WapTV to promote false investment scheme

IN SHORT: A Facebook account impersonating WapTV is promoting a false investment scheme with the aim of scamming Nigerians. It claims the investment platform can double your money within an hour, but this is not true.

The Facebook page WAP TV is calling on users to join Rubies Investment Platform if they want to grow their money quickly.

The page uses the name of WapTV, a family entertainment TV channel established in 2012 by Wale Adenuga Productions. It is based in Lagos state, Nigeria.

One of the page’s posts, dated 9 August 2023, reads: “CLICK THE WHATSAPP BUTTON BELOW TO JOIN US **RISK TAKERS AND BELIEVERS ARE THOSE WHO SEE SUCCESS EASILY IN LIFE* *DOUBTING WON'T PAY YOUR BILLS BUDDY* *BELIEVE AND TRUST ME WHEN I ANNOUNCE THAT THIS PLATFORM IS REAL.”

The post features a video of a woman who claims to have received her payment from “Rubies”.

It has over 100 comments, mostly from users who say they’ve doubled their money through the platform and those looking to join.

Similar posts can be found here, here, here, here, here and here.

But is the investment scheme genuine? We checked.

NigeriaInvestment_Scam

Signs of scams

Unlike official and genuine accounts of brands and organisations, fake Facebook accounts have a common pattern of not only making errors, but having fewer followers and less reach.

In this case, the official Facebook page of WapTV has 360,000 followers while the suspicious account has just one. 

Africa Check found that a microfinance bank named Rubies does exist. It is a digital banking platform insured by Nigerian Deposit Insurance Corporation.

To apply for investments, users are directed to use the “money market feature” on the bank’s mobile app. We found no evidence of a WhatsApp link being used, as is the case in the Facebook post.

Credible investment platforms will also not promise to double your money within a short period of time. For more tips, read our guide on how to spot social media scams.

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