The activities of Ponzi schemes operators have been on the increase in Nigeria, especially since the COVID-19 pandemic hit the nation. Several young people have fallen victim to these scams.
To curb this menace, commercial banks and other financial institutions have been tasked to support investment clubs. Tomie Balogun, Founder, The Green Investment Club (TGIC) is one of the investment experts who has called for more support to curb Ponzi schemes in the country.
She disclosed this at TGIC’s event tagged “The money movements of the young Nigerian of today.” According to her, the economic fallout from events such as the global market crash, economic recession and COVID-19 pandemic has pushed young Nigerians into the Ponzi camp.
She said, “The economic situation and the high incidence of these fraudulent schemes show an urgent need for financial education. TGIC is working to bridge the financial literacy gap among young people in Nigeria through its…