Permit me to draw your attention to a bad situation that is trending in Nigeria. Nigerians are being defrauded by various forms of Ponzi schemes.
The fraudsters are operating under various names and across various platforms. A Ponzi scheme is a fraudulent investment operation where payment to its initial investors is from the payment made by new investors and not from profit earned through any legitimate sources.
In recent times, Nigerians have varied experiences to narrate on this matter. While a few testify to the benefits derived from the scheme, the majority are lamenting, because they were left high and dry. Many have fallen victim. These schemes have impoverished more people than they claim to have helped. You will think that Nigerians would be fed up with the various Ponzi schemes, but no! Apparently these scammers are feeding on the greed of the people and the poor economic situation, to lure more victims.
Whereas the Federal Government of Nigeria has taken bold steps to draw the attention of Nigerians to these scams and has warned Nigerians not to ‘invest’ or get involved. It appears the ‘returns on investment’ is too alluring for some.
Recently, innocent people’s contact details (such as Phone and Email) are been used as administrative contacts for these schemes. The victims of the identity theft only get to know when defrauded victims start to call, demanding for payments. Several people have received threatening phone calls, regarding their fate if they don’t pay up.
NiRA has taken concrete steps to further assist law enforcement agencies to deal with the menace. NiRA has established a Law Enforcement Desk to handle complaints on Domain Name abuse. It has also developed an Internal Procedural Process to manage and deal with such complaints received in conjunction with relevant law enforcement agencies and is cooperating fully with them, to stem the tide.
Together we can make the Internet safe for us and our children.
Rev’d Sunday Folayan