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Nigerians, beware of Global Wealth Investment. It won’t double your money

IN SHORT: A bogus Facebook page is offering Nigerians a chance to double their money through a “unique, legitimate” investment platform. But Africa Check found that the business is not registered with the Nigerian commission regulating companies.

The Facebook page Global Wealth Investment Pl is encouraging users to grow their money through a “newly launched” investment platform.

The caption to one of its posts, dated 4 August 2023, and also featuring a video, reads: “There is a unique,legitimate and genuine platform that gives you double of your investment i would like to introduce you to. Earn Wisely and share within the people around you register to provide help and get. GLOBAL WEALTH INVESTMENT is registered in Nigeria as an NGO with the Corporate Affairs Commission (CAC).”

The video is of a woman who claims to have invested in the platform, saying it can be trusted.

We found other posts with nearly identical claims posted here, here, here and here, a few from as far back as 2021.  

But is Global Wealth Investment legit? We checked.

NigeriaInvestment_Scam

Don’t be scammed!

The post asks potential investors to reach out to “admin” via the WhatsApp number provided. This is a red flag as scammers often use this method to steal users’ personal information. 

The investment platform also appears to have no online presence. It doesn’t have a website and no other social media accounts, except the unverified Facebook page, with just 16 followers, that has been promoting the platform. 

The post claims that the investment platform is registered with Nigeria’s Corporate Affairs Commission (CAC). But we couldn’t find any record of “Global Wealth Investment” on the CAC’s website. The commission regulates and supervises the formation and management of companies in the country. If a business is not registered with the CAC, it is not allowed to operate in Nigeria.

Nigeria’s Economic and Financial Crime Commission previously warned the public against investing in platforms that offer unrealistic returns, saying they’re not sustainable and users could lose their money. 

All signs point to a scam page and an illegitimate investment platform.

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