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Nigerians, beware of Facebook posts promising to double your money with ‘Olymp Trade Investment’

IN SHORT: A Facebook post claims an investment platform known as Olymp Trade Investment can double users' money in two hours. But be warned, it’s all a scam.

A Facebook user claims to have received N80,000 (US$104.3 at the exchange rate at time of publication) within two hours of investing N40,000 through a platform known as Olymp Trade Investment.

The user’s post on 10 February 2023 reads: “All thanks to olymp trade investment that just credit me am so happy. I invested 40k to get 80k in return within two hours time.  This is the right place to invest with your money. This is the right place to invest with your money.”

The post encourages those interested to click on the WhatsApp link attached.

It also has comments from users asking about ways to join, while others claim to have benefited from the platform. 

Some of the comments read: 

  • Am a successful business woman with the help of this platform they are really paying.
  • Olymp trade investment is always the best platform to invest with I was credited double of the amount I invested am so excited.
  • I join this platform through my sister I give it a try suprisely I received my double payment.

These comments have the potential to convince others that this platform is legit and does pay out within two hours. 

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

But is this investment scheme another scam? We looked into it.

NgTradeInvestment_Scam

Online trading platform

A search for “Olymp Trade Investment” on Nigeria’s business register came up empty. This is a red flag because even if a company is no longer operational, it would still appear on the register and be marked “inactive”.

However, Africa Check found a trading platform called Olymp Trade on Facebook. The company’s page has over 1.4 million followers and carries the platform’s verification badge

It is an online-based platform that is “licensed and regulated by the Vanuatu Financial Services Commission”, according to its website

It says its core function is to support traders with market analysis and trading strategies in almost 140 countries.

The suspicious Facebook posts refer to “Olymp Trade Investments” which could lead users to believe that they’re engaging and investing with the registered company. But there’s no clear evidence of this.

None of the posts link to the trading platform’s verified Facebook page. We also did not find any similar promises on the official page as in the posts we were investigating. There’s no proof that the investment returns boasted about in the suspicious posts are real or linked to Olymp Trade.

A common investment scam on Facebook

There are various ways to spot a scam on Facebook. One of the signs is the promise of large returns in a short period of time. In this case, the posts claim that investors’ money will be doubled within two hours. If something sounds too good to be true on social media, it usually is.

In a tweet in 2022, Nigeria’s Economic and Financial Crime Commission warned the public about investing in businesses that offer unrealistic returns. The commission is responsible for combating financial crimes in the country.

Another red flag is when potential investors are asked to click on a WhatsApp link. This is often an attempt to acquire their personal details.

Africa Check has previously investigated similar false investment schemes here, here and here.

Read our guide on how to spot risky investment schemes and scams on Facebook in Nigeria here.

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