Thread by @ronaldnzimora

Okay, so here's the thread about the newest scam in the country now.

First of all, I want to say, if you get roped into a scam, it's your fault, not the fault of your brother's sisters' auntie's cousin who introduced you to it.

It's squarely your fault.

Now, let's start.

So this scam takes the form of co-operative societies. I am not giving a specific name, there are several, just pay attention to the rest of the thread and once you see anything operating like I descrive, then it's one of them.

We'll focus on one called, "Social Exchange Market"

First of all these guys have fancy names, but the names are BTW, they claim they are co-operatives who give "grants to members".

Basically, you buy a "form" which grants you membership and access to receive a grant.

To increase your chance, you need to invite more form buyers.

This so called Social Exchange Market claims to be an NGO. and a CAC check shows they're registered on 2018-03-27. They claim they give grants of between =N=3 million and =N=10 million. One of their promoters is Apostle Israel Emeka Kama, CEO of Vision Skilled Development Centre

Vision Skilled Development Centre (which has no CAC record) is another NGOs authorised by the Social Exchange Market to "mobilise projects, businesses and business ideas for the fund".

An NGO being promoted by another NGO.

Fishy smell #1.

According to them the grant is minimum of N3million and maximum of N10million. No collateral needed. You won't have to return the grant. Social Exchange Market " group of philanthropists across the world" is funding it.

It is not MMM, they say. 😂😂😂

Fishy smell #2.

"The NGO will generate model micro-finance banks at the grassroots that will become a financial institution. A Model microfinance bank grant is released by Social Exchange Market for each project enlisted in that community, town or city under the group.”

Wait! Hol' up! Hol' up!!

An NGO "generating model micro finance banks?" Huh? Did I just read that properly?

They says their plan is to have their MfBs give each applicant grant of between =N=250,000 to =N=10million.

An NGO is creating banks? On which license? And oh it gets worse, just continue reading

well, that Stinking smell #3.

And according to the "CEO" of the second NGO authorised to mobilise people for this grant, this is how the program works:

"If we are having 10,000 microfinance banks (MfBs) in each batch, each of these MfBs will be given N10 million...

Multiply that with the 10,000 MfBs. Now if each batch is 1,000, multiply 10,000 MfBs with 1,000 you will see the population of the first batch.

In my own first batch banks,I have 27 banks for first batch,which means that I am having 27,000 members for the first batch."

Me: Wow!

So each 1,000 member mark means 1 Micro Finance bank (MFB) and this guy now has 27 banks waiting to be created and 27 ,000 applicants waiting to collect grants.

If that isnt the biggest pile of horseshit I ever smelled,I dont know what is!

Who believes this shit?

There's more.

"In my second batch, we have gotten over 170 banks, which is over 170,000 beneficiaries preparing for the second batch. But the first batch is our focus now. The total sum of money that will be given to each bank is N10 million. That means =N=10 million multiplied by 27 banks."

They Visioned Skills will collect this money from Social Exchange Market "and give it to the banks who will give it to the beneficiaries."

🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

Oh Dear Lord! LOL!

Guys =N=10 million x 27 is =N=270,000,000.

Where will this money come from?

Here's their answer:

"The Social Exchange Market is a non-governmental body. People do mention Development Bank of Nigeria (DBN),people do mention CBN,people do mention World Bank. I said no,it is just an international body that is funding these Nigerians and it is not from the Nigerian government"

This "international body" spending =N=10 million naira per "bank" in Nigeria has no name. Really? And people with functional brains believe this shit?

Mon Dieu.

Now let's do some maths, because maths is life and maths exposes and blows scams wide open.

Shall we?

So these guys have 1,000 members in each "bank" all guaranteed as a privilege of membership, to receive between =N=250,000 and =N=10 million, right?

But here's the kicker: all each bank supposedly will get to disburse is =N=10 million only, to be shared among 1,000 people.

Remember each member has been promised they will get at least =N=250,000, so let's say they only give =N=250,000 each per person, by the time they get to member #40, the money is gone.

So what happens to the 960 people left?

No "member" asks this, even worse, no one answers it.

Now let's even assume that no matter what, each member gets something, so let's divide the =N=10 million each MFB bank (calling this a bank irks my soul) gets by it's 1,000 members, and all each person will ever get is =N=10,000.

Ten thousands naira only.

Hay God, 😂😂😂😂😂

The worst part is that the nigga said he had 170,000 people in his "second batch" and 170 micro-finance banks waiting to receive =N=10 million each. ladies and Gentlemen this will amount to a cool =N=1,700,000,000. That's =N= 1 billion, 700 million.

And people have paid money...

and are sitting pretty waiting to receive their share, while incorporating more people to buy more forms.

Where's the Police in all this?

Where's the Central bank in all of this?

They are silent until people have been fleeced again by a gang of never-do-wells, they they'll...

...start doing silly TV interviews and putting out unnecessary press releases.

Well now you know it's your responsibility to not get taken by this.

If you get scammed by this, you probably deserve it.

Now you know. Be warned. As we say here, "shine your eyes".

Selah.