Nigerians in the season of scam

By Folorunso, Fatai Adisa

SIR: It is an incontrovertible truism that things are difficult for most Nigerians at the moment. From the skyrocketing prices of commodities to the pocket-draining nature of utility bills etc., many Nigerians have been looking for alternative means to assuage their inability to foot their bills at the end of each month. It is on the strength of the aforesaid that unsuspecting Nigerians who sought solace in investment had turned victims of deceptive schemes.

Notably, the investment market in Nigeria is largely under-regulated. Resultantly, numerous money-making schemes have wormed their ways into the market to defraud many unsuspecting investors. Although the Securities and Exchange Commission has shut some of these schemes down; however, Nigerians still fall victim to some other Ponzi schemes that disguise as investment/trading companies still in existence.

There was the infamous Wales…