Thread by @ronaldnzimora

"One thing is sure, even if Bowofade Adewuyi didn’t start BTD investment as a scam, he definitely ended it as one."

This is exactly what I think happpened.

Its obvious the guys had zero idea about how to run a hedge fund or of internal business process and these made them fail.

https://twitter.com/Hacksultan/status/1097138693230473216

Most Nigerians are financial illiterates, especially the educated class. I remember walking into a bank in 2008/2009 and a bank teler was wooing me to invest money into Nospetco, something that was clearly a ponzi scheme. It baffled me that I knew more about how oonxis worked...

.. about how ponzis worked than a bank staff. After talking with him for a few minutes, I realized that practically all of the bank staff including the Manager was invested in Nospecto, WealthGate or one of the numerous ponzis masquerading as "investment vehicle for oil and gas".

If realizing I knew more about ponzis than the bank teller amazed me, knowing the Bank Manager was involved in it, shocked me. That day I withdrew my small money to the minimum balance and stopped using the bank. Till date they still send me an SM and I chuckle when I see it.

There's something that doesnt sit well with me knowing the manager of a bank branch where I keep my money was involved in a ponzi scheme.

The money I had them wasn't much, but I took it and ran.

Guess what, in 2011/2012, these "oil and gas" firms were in business again. Then...

I realized that Nigerians have the attention span of a fly and the memory of a gnat, because they were back giving money to them again!

How did I know? I had just started my Digital Marketing Company, Profit Marketing Systems Ltd(now part of Digital Nexus Interactive after I...

partnered up) and my office then in Ikeja and a guys sharing the building with us, was running a new wonder Bank. They asked us to market them. They would have been our first big client, but my answer was "No". I knew what they were and I was not going to help get them a victim.

Everyday people streamed in, until they couldn't. One day, the guy running the place disappeared, staff and all, taking all the monies people had deposited in the hundreds of millions as the victims said. Every day, they laid seige until it was clear they weren't coming back.

I remembered this today because I just read the story I quoted in my first tweet in this thread. People tale their life savings and even go into debt and hand over the monies to people with no background, no pedigree and no experience in the money markets. They listen to fake...

pitches and promises and nothing else matters to them except what they stood to gain.

We saw it again with MMM. Commonsense flew out the door and people wlike me who wrote severally to warn people got rained with abuse, but we always knew winter was coming and it did.

Look...

it is your job to do due diligence on whoever you're giving your money to. If you're 18, you are a f*king adult and you're responsible for the consequences of your choices. You don't throw away commonsense and thrn when the consequences affect you, you run to social media to cry.

Yes, the law will do its part but what are you if you allow yourself get seduced by stupid and obviously unrealistic promises because you can't keep your greed in check?

Get financially literate people! Go to a bookshop and buy books on the topic. Heck there's people here who...

will teach you for free, @knightofdelta and @tosinolaseinde being two of them. Each time I get a DM asking me a question on finance,I always send people their way because I tell them this isn't my forte, talk to them instead.

Take responsibility for your actions. And if you wont

That's, fine. Just please don't disturb our TLs with your "L".