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Nigerians, beware of Facebook posts promoting ‘Wazobia Cash Investment’. They’re out to scam you

IN SHORT: Some Facebook posts claim that a new online trading company called Wazobia Cash Investment is “genuine” and wants to help Nigerians double their money. This is not true, it’s a scam.

A Facebook post claims that a company called Wazobia Cash Investment can help Nigerians grow their money fast.

“WAZOBIA CASH INVESTMENT it's a new online business trading company that helps people to grow their income with just a lowest amount, it's fast and easy once you put money on it you will have to wait for 3hours 45 minutes for you to get paid immediately,” reads the post, in part.

The post, dated 4 August 2023, lists three oil and gas companies they supposedly trade with. People who choose one of the “VIP packages” can apparently triple their investment within a few hours.

Those interested are encouraged to “contact the management now” on the cell number provided.

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

But is the investment platform real? We checked.


Wazobia ‘paid me’ for an ad

It appears Wazobia has been in existence for a few years and even paid celebrities to promote it. 

Yul Edochie, a popular Nigerian actor, tweeted in 2020 that he had no business with Wazobia, but was paid to put their content on his social media platforms. 

“They only paid to place an advert on my Instagram page months ago which was taken down after 24hrs,” he wrote.

Africa Check found several other users who claimed that the company scammed them. Others said it crashed in 2020.

However, we couldn't find any reports by credible media to support claims that the company did exist and later crashed or that it scammed people. 

So let’s look at obvious signs of a scam in this post. Nigeria’s Economic and Financial Crimes Commission advises users to steer clear of companies that offer huge returns in a short period of time. Such businesses are likely to be unsustainable and out to steal your money.

Another clue is posts that ask potential investors to reach out only on WhatsApp. Legitimate businesses usually have an official email address or website.

Scammers also use celebrities to appear credible and solicit investments. Just because a well-known figure says a business is legit, doesn’t mean it is. 

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

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

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