Earlier today, I did a post on Nospetco and other so-called “wonder banks”. This evening, I visited Nairaland (a forum targetted at Nigerians) and came by this thread titled: “Hyip Scheme Horror Stories: ‘Investor’ Beware“. This thread was opened by the forum admin Seun Osewa, and started with the text:
Hello,
If you have lost a lot of money to pyramid schemes, HYIPs, MLM programs, etc, why not share your story with us? (My boring story is that I have never squandered money such ventures, and never will. What’s yours?)
Regards,
Seun Osewa
I have always known Seun’s stand against HYIPs and all other forms of pyramid schemes. He simply abhors them. He has never hesitated to express his views about the subject matter. However, the reaction of the forum users, throws a light on how many Nigerians see the “investment” schemes.
If the comments are anything to go by, one can thus conclude that many Nigerians indeed know that the “wonder banks” are scams but still choose to gamble their money. I will summarize the views of the posters, to put this into perspective. (Of course, I will not repeat the insults on my blog 😀 )
- The forum admin maintains a hard stance and only seeks self-glorification when the schemes collapse.
- His opinion that the schemes will collapse is “cheap prophesy”. He is raising false alarms.
- His advice is unsolicited. The forum is not a kindergarten and the forum users are over 18 and can decide for themselves.
- They are not investing his (forum admin’s) money; they did not borrow from him to invest. They prefer being left alone.
- They know it won’t last forever, but choose to make the best use of them.
- A poster suspects “some ill-passionate aspect of jealousy”.
- “Please LEAVE us & our stupidity alone, we are enjoying what we are doing.”
- Buying shares in the stock market can be likened to HYIPs too.
- It’s a free world.
I am forced to reproduce part of this post because I believe it expresses the views of many of these ‘investors’:
Before I started investing in HYIPs, I was in debt. Today I am worth millions. I use to borrow to pay my children’s fees, now I give away money. I pay other people’s children fees. I am able to help my relations. That’s why I believe that 6 months of HYIP is better than 8 years that your brother spent in aso rock.* LEAVE US ALONE TO GAMBLE WITH OUR MONEY. GOVERNMENT HAS NOT OUTLAWED GAMBLING. IF WE COME CRYING TO YOU LATER, FLOG US OUT OF YOUR PRESENCE. QED.
* The poster is obviously referring to Olusegun Obasanjo, former President of Nigeria who lead for 8 years from Aso Rock, the official office/residence of the President).
If indeed many of the “investors” know what they are about, then one needs to approach the issue with some caution. Like one poster aptly puts it, the warning issued by the Federal Ministry of Health on all cigarette packs in Nigeria, has not stopped many Nigerians from smoking.
Nospetco, Sefteg etc are not registered Fund Managers, says SEC
Security and Exchanges Commission (SEC) is the apex regulator of the Nigerian capital market. The commission recently issued a public notice, listing the registered as well as illegal fund managers:
The Securities and Exchange Commission hereby informs…
I think Seun is just expressing himself………
Well, as for me , I’ve got no money to invest in the schemes (it may be becuase I don’t have the money sha)..
Anyway goodluck to you investors
I am still at a loss on the whole wonder bank issue. Having been told about it in passing, I have not really seen anyone that is in it.
One of my mates in London keeps bringing it up on our gist and have even told me about one in Ilorin he intends to invest in.
To some extent, i do share with some of the responses on the forum in regards to survival and lack of government’s support and economic empowerment.
However, I do not know where the power lies in here whether it is with the CBN or SEC. As long as they have not been shut down officially, anyone is free to do anything with their money as long as it is insured against loss.
Thanks a million for this excellent summary of what happened on our risky/spam-prone business forum.
I’m normally inclined to allow people who want to lose their money to do just that, because experience is the best teacher, but some people were beginning to think of Nairaland as primarily an ‘HYIP forum’.
And I cannot accept that. When people lose their money, they are going to be looking for someone else to blame. I cannot allow the Nairaland.com brand to be harmed when those HYIPs inevitably crash.
That’s the reason for the crackdown. I’m happy to have it off my chest!
I just discovered that you have deleted the Nairaland thread I referred to. Interesting.
I disagree. What of the moral power that lies in the hands of the individual? From the responses I have received from some people on this issue, from what I have read on blogs, and from the responses to Seun, most of these folks are not deceived into getting into these schemes; they wilfully respond to greed, ignore all the warning signs, and deliberately put their funds into what they know in their hearts is wrong.
Whether government acts on something or not, what is wrong is wrong, and the power to choose over right or wrong lies not in the hands of government, but in our hands – you and I.
Inside Look: Nigerian Consumers and HYIPs
In the digital currency business, online ponzi scams and pyramid deals are a real global problem. Trying to prevent this type of fraud means exposing the scam and educating potential victims. Its a big job but I’m happy to say that some people …
hi well HYIPs depend on the stuff you are refering to is good and bad but not all HYIPs are bad so i would say look before you leap
Eze, not all HYIPs are bad? Can you list some examples of good HYIPs?
[…] he sent me a link to this story, “Leave Us Alone!” Nigerian HYIP Investors tell Nairaland Forum Admin In August I’m taking a closer look at HYIP scams, how they generally operate without any […]
Millions of people are not making the expected average profits in their online business.The internet gives us a wider chance to make Millions in a week and that is with the appropriate capital though.
I have been researching for the best way to make money consistently via the internet for more than 6 years. I have found out that e currency is the gateway to internet success.After i made the discovery, i was sceptical on putting my money online due to massive fraud on the internet.
I tried and created an egold account which i used to setup various afilliate program. After working on my affiliate programs i wasn’t making any money,then i stopped.i got a paid job and worked for 7 months before i stumbled into forex trading textbook which refered me to different investment programs.
So i signed up for forex trading and was asked to deposit money via egold, I was about to get my previously created egold account and found out that i already have $800 in my egold account,money from those affiliate business.Since i invested the money into forex trading,it has been an easy and funfilled life for me.
One simple truth is that the money you make online is propotional to the wealth of internet and computer know-how you have. Dont join forex if you have not been taught by a good book or tutor.forex changes life.if you invest $3M in forex after one week you must have $5-$9M excluding capital. I want you to aviod fraud it is a wholesome waste of time.if you want to make money then learn.for forx one on one training contact me [email protected]
The fact that I allowed the above infovertising comment does not mean I endorce it. 😉
Treasureline Interlink Limited stormed by soldiers and policemen
Treasureline Interlink Limited is one of the “wonder banks” in Nigeria, promising unusually high returns on investments. Apparently, not only civilians invest in these HYIP schemes, but soldiers and police men/women alike. According to a st…
HYIP can be rewarding. It depends on how honest the pioneers are
Nice reviews on the posting in NA above, HYIP is actually not the problem but the greed of Nigerians for unreasonable returns is the problem.
As it was rightly said, most investors knows quite well these schemes will fail, but were praying that it won’t fail when they have invested theirs, as you and I know they were dead wrong they all lost one way or the other.
But some have actually made money from it and that is why I am sentimental about Nospetco, before these other ones that came to spoil business for them,they were paying people for years regularly,but because Nigerians were withdrawing money in droves and were investing in the bogus schemes ,rendering them short of money which led to their problems). Many Nigerians had profited from Nospectus and it could have continued because they have a lot of investment on oil and gas which everybody can see.
My advice, if we keep putting our resources in businesses with reasonable returns we may not be having these kinds of problems. Another area Nigerians are going to lose and are still loosing is FOREX (ask how many have actually made it)
I appreciate your stuff Niyi, great stuff, proud of you boss.
Davomex, I had to edit your comment against my wish. It was plainly an ad. I’m sure you understand.
late this might be but i must congratulate mr seun nairaland if truly he stood rigidly against such fraudlent nonsense. unlike some others that claim to be motivators yet not only did they indulge in it but used their popularity to get thousands to sign in to their own advantage. this fellow having met with the md of a hyip wouldnt outrightly decry them as fraud but with tongue in cheek said people should decide for themselves. now its like my G.O being aware of something as being nasty and with the way he knows we look up to him not outrightly denounce but that we should decide. what is bad is bad and only when you have shouted it loud and clear can you be absolved of blame of the consequences if any evil befalls your fellow man. peace
HYIPs are illegal. Smoking is not. That is a big difference.
Smoking hurts only the individual smoking whereas a HYIP drags in many people by the very nature of it’s structure: new victims must be lured in so that the higher up victims can get paid.
Dear David,
Seun is not an investor. Fear to invest in hyip because He does not understand the system and the working of hyip. He only know how to manage nairland.com which is a forum. He is not internet marketer, he only earn money from google adsense and that’s what’s he knowns and believ. I wonder how he manage to even lauch a forum.
The truth most be told though it is bitter. Everything in life is risky even the we live is risky talkless of the food we eat.
If you want to succeed in life you must take risky the higher the risk the higher the you will succeed. There is no too ways about it. If you want to be wealthy and have access to the good things of life than you must surely invest your money. either in forex, stock, shares etc or even in business investment.
The admin of dollarsforum.com once said.”God gave us internet taht who soever undertand the internet will not die of poverty but shall make a living online 24 hrs a days 7 days a weeka nd 365 days a yr and throughout his or her day on this planeth.”
If you do not fear risky your money and invest online i promise you the sky will be your limit.
dollarsforum.com is one of the top forum in Africa and the world at large
I guess most of the people supporting this schemes are not doing their home work well. Greed and instant gratification cannot form a lasting foundation for building sustainable wealth.
Anyone that understand how successful business empire were built and sustained from one generation to another will know that pyramid schemes are not the way to go.
We can only advise while we work on ourselves so that when we have become successful, it will be easier for people to believe us that “consistent hard work, is far better and surer than get rich quick schemes”
Thanks for sharing your insight on this issue.
my comment is on the wonder banks,how far with their account that is being forzen by central bank.Any hope for the investors whose money is trapped?
SEGE
Actually am not in nigeria right now, but i still know one or two things about my country. Nigerians have a problem and the problem is the love of money. i was surprise when a friend of mine told me there was a company called treasure line and if u pay 400,000 u will receive 1,200,000 within 3 months. u can imagine all these useless companies came and put nospectus into problems. Nospectus is a company u can invest in if not for the so called magic double company that came and spoilt there smooth running system. It is sad people should stop jumping into all these fake company. 300%person within 3 months is a fake investment.
What is the latest about wonderbanks? Is the government (Central Bank of Nigeria) ready to pay back the capital invested by individuals or allows the respective Wonderbanks to pay their members?
Naturally, Nigerians are noted to be people who like ‘Get Rich Quick Schemes’. Don’t slate me for this but it’s the unequivocal truth!
Guys, Investment always carry some amount of risk(s). When Bill gates dropped out of school and started microsoft, he was taking risk. If he had failed, the world would have been different.
Now we have all these computer softwares and all these accessories because someone gambled and set up this company called microsoft.
So i guess life is full of risks.
Hyips are real.Dont mind those people that are always fund of criticising people,you are doing a good job and am proud of you.Can you please give me names of genuine hyip companies were i can deposit my money for high returns?Help out.
For those that wat to make money online,visit http://www.internetprofitsite.blogspot.com.
Hyip is one the easiest way for newbies in Nigeria to start earning money online. Though a lot have been said. i still believe that most of online businesses are risky. like stock trading, forex, mutual fund etc. ……..
Why are we pining our pen down of hyips. Every business in the world is risky not even hyips a lone.
For the admin of http://www.nairaland.com to refused discussion on hyips does not mean that http://www.dollarsforum.com or http://www.istockforum.com will not still give that opportunity to discuss on hyips. Guest? we have so many web forum discussing on hyip. The online world is so competative that even seun kow very well. that’s why if you post on his forum a business forum related the next thing is you will automatically be remove from using the forum. Why?………….. competition fear.
it is simple greed and nothing more.people should look before they leap.it is very unfortunate man!
Quite interesting reading from you guys i must say.
I will have to disagree though with those of you going
with HYIPs. It’s nothing like the stock market or forex
trading for that matter. Who said you have to take any
significant risk any stocks or forex?
Information and education is required to succeed in both
not risk taking(which is a sure way to loose). The successful
few keep their goals at preserving their capital not going
for just profits as most losers do. Investing does not have
to be risky, it can have as high as 90% of succeeding with an
equivalent 2-4% chances of any lost to your capital.
So tell me, how can guranteed such with HYIP. What can you
learn or what information can you assess, that can invest
with peace of mind. It pure gambling with your funds and
your chances of winning is slim. Or you think the designers
of such program want to lose to you.
If making money was that easy, why will all the big guys with
all their big cash not close shop to their hectic business and
just invest in such program.
To Chinanu, please stop making such kind of claims. If you have
been that successful with forex, you could have started fund
management and have lived on 30-40% of the profit of your investors.
Guys, making money is not easy. If it was everybody could have
been rich. The laws of the farm applies to everything true
opportunity irrespective of your location.
You are better off paying your dues in any endeavour than
looking for a short, which will amount to waste of time and
capital.
The truth about HYIP’S is that, there are lots of them that are just there to cheat and exploit people of their hard earned income. I have been involved in them and have invested on several ones which never paid. Some of them give offer of big percentage compensation like 10%, 20% etc. These never paid. But there are some that offer very minima % like 2%, 3,4 and 5 but also follow sue.
If any one knows about those that pay, let him tell us!
Hyips are quite risky but as the saying goes, no risk no gain and fame.
Thats my piece.
Please you guys should think well before coming to pour out your minds on any forum on the internet! What has seun done to you all? By banning dishonest, and unrealistic posters on his forum? By trying to keep the house neat for those who mean good for Nigeria? That should not bother anyone for God sakes! Everyone should go through life to see how easy or difficult it is to become a real man or father!!!! Haba!
Good to be here, As the topic imply “Leave Us Alone” NairaLand Admin, Seun decision of banning all Nigerian Hyip Investors was not rite,BTW its not his money people are using to invest in HYIP, the name HYIP involve Risk,So they have to play the game with Cautions, Indeed “HYIP PAYS THIS DAYS” all depends on how you play the game! in my own opinion i guess he create a BOARD for HYIP Where all Nigerian Hyip Investors can come together and share ideas,well he already made his wrong decision so no need,
if u want to join the best Nigerian Leading HYIP FORUM click this link business-nigeria.com/z its a place to learn and earn online.
So We Welcome You!
Regards
ADMIN
invest4h.blogspot.com 🙂
Seun should be very careful, he is now sounding like a true, Nairaland dictator which can easily turn on him, people will provide the warning labels as they reply on posts, he could learn a thing or two from Africabillboard when it comes to being Democratic.
Please what is the latest concerning payment of Wonderbanks investors? I am one of them.
You should stop HYIP, and go for non-HYIP
The best investment is to invest in FX Funds Group if you would like to make 2% – 15% per month.
search for myfxfunds in google search engine for more information.
Hello Everyone,
I really like this blog. Have you ever thought of managed futures or managed forex instead of these risky HYIP’s?
Pls what is d latest about NOSPETCO and Treasureline. Thanks al.
HYIPs are always scams! The best thing you can make for investment is a managed forex account! I got one on managed-forex.biz and i doubled my cash this year 🙂
The truth about HYIP’S is that, there are lots of them that are just there to cheat and exploit people of their hard earned income. I have been involved in them and have invested on several ones which never paid. Some of them give offer of big percentage compensation like 10%, 20% etc. These never paid. But there are some that offer very minima % like 2%, 3,4 and 5 but also follow sue.
If any one knows about those that pay, let him tell us!
Actually am not in nigeria right now, but i still know one or two things about my country. Nigerians have a problem and the problem is the love of money. i was surprise when a friend of mine told me there was a company called treasure line and if u pay 400,000 u will receive 1,200,000 within 3 months. u can imagine all these useless companies came and put nospectus into problems. Nospectus is a company u can invest in if not for the so called magic double company that came and spoilt there smooth running system. It is sad people should stop jumping into all these fake company. 300%person within 3 months is a fake investment.
m I am a student of delta state university in nigeria i want genuine investment programm that can boast my finacial status, year ego i jion some so call investment programm but after invest my money i cannt even withdraw my own money there so pls is this one real
any one with a good hyip investment site that are genuie and paying, pls forward to me, i need your help.