Back to Africa Check

Nigerians beware! ‘Rubies Microfinance Investment Platform’ might be out to scam you

IN SHORT: If you’re looking to grow your money, avoid “Rubies Microfinance Investment Platform” promoted on Facebook. It is not a registered business.

A Facebook post claims that “Rubies Microfinance Investment Platform” can double users’ money in 45 minutes.

Part of the poorly written post, dated 9 November 2023, reads: “I decided to share with you to join this platform to testify too stop investing on fake platform you may think that this is a scam but I am telling you now between God and man this platform is not fake is real.”

It then encourages users to reach out to an “investment agent” via the mobile phone number or the WhatsApp link provided.

Other posts promoting the platform can be found here, here, here, here, here and here.

But is the platform legit? We took a closer look.

RubiesMicrofinance_Scam

Signs of a scam

We noted that the posts were similar to others we have previously exposed as scams.

The posts are riddled with grammatical errors and random capitalisation, and aren’t punctuated. Such posts are usually not from trustworthy sources.

Scammers often ask potential investors to engage via WhatsApp as a way to steal their personal information. This can lead to fraud and identity theft.

We clicked on the WhatsApp link attached and landed on a profile in the name of “Mr Solomon”, who we assumed was the “investment agent” mentioned in the post.

We texted “Mr Solomon”, pretending to be interested in the investment opportunity, and he repeatedly assured us that we would get double our money back in 45 minutes. The promise of a large return on investment in a short period of time is a red flag as such businesses are not sustainable.

Africa Check previously investigated a Facebook page that promoted “Rubies Microfinance Investment Platform”, using the name of WapTV, a family entertainment TV channel, and found it to be a scam.

We searched for the platform’s name on Nigeria’s business registry and found no record of it. 

All signs point to a fake investment platform that users should avoid. To protect yourself from online scams, read our guide on how to spot them here.

Republish our content for free

Please complete this form to receive the HTML sharing code.

For publishers: what to do if your post is rated false

A fact-checker has rated your Facebook or Instagram post as “false”, “altered”, “partly false” or “missing context”. This could have serious consequences. What do you do?

Click on our guide for the steps you should follow.

Publishers guide

Africa Check teams up with Facebook

Africa Check is a partner in Meta's third-party fact-checking programme to help stop the spread of false information on social media.

The content we rate as “false” will be downgraded on Facebook and Instagram. This means fewer people will see it.

You can also help identify false information on Facebook. This guide explains how.

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
limit: 600 characters

Want to keep reading our fact-checks?

We will never charge you for verified, reliable information. Help us keep it that way by supporting our work.

Become a newsletter subscriber

Support independent fact-checking in Africa.