How emerging online affiliate marketing platforms are defrauding Nigerian youths

How emerging online affiliate marketing platforms are defrauding Nigerian youths
How emerging online affiliate marketing platforms are defrauding Nigerian youths


Over 100 1000’s, primarily college and secondary college students, lecturers, unemployed, artisans, and pastors, throughout the nation have been duped by scammers of the brand new Ponzi rip-off, often known as affiliate marketing, Saturday Times, can authoritatively reveal.

Investigations carried out by our correspondent revealed that main victims are college and secondary college students, candidates and their lecturers and lecturers who are into online buying and selling and marketing.

The victims who spoke to Saturday Times described the scheme as a brand new Ponzi that has steadily taken over the web fraud merely often known as Yahoo Yahoo rip-off.

Most of the Yahoo Boys are now shifting from the conventional web romance, banking, faux alerts, cyberpunk, cyber stocking, hacking scams and different online associated crimes to the brand new scheme known as Affiliate Marketing buying and selling.

Ponzi schemes, is outlined as fraudulent funding operations that pay out returns to traders from cash paid in by subsequent traders moderately than from any precise revenue earned from the operation of a enterprise.

Recall that early this 12 months, the CEO of cryptocurrency platform, EminiFX, one Eddy Alexandre, was charged with working a Ponzi scheme that duped traders of $59 million.

They created faux wallets and exchanges and trick many customers into making cryptocurrency transfers.

The victims believed they are making an enormous funding however find yourself being duped

A sufferer, a pupil of one of many universities in South West, Nigeria Agbarakwe Okechukwu, stated his funding in one of many Affiliate Marketing online platforms (identify withheld), duped him of his N100,000, faculty charges, he invested within the affiliate marketing trades that he was imagined to “money out” however three months down the road, the withdrawal portal is on crimson, stating that his incomes is ‘PENDING’, a language frequent with the rip-off.

According to our supply, the affiliate marketing runs thus: A gaggle of individuals or ‘guys’ might determine to return collectively to kind a brand new enterprise platform that entails affiliate marketing trades.

He stated the group of racketeers recognized as Chief Executive Officers, (CEOs), would create a platform on social media together with Facebook, Whatsapp, X, Telegram, and others to run the rip-off.

He disclosed that after creating such platforms, they go about including different individuals telephone numbers to develop the group.

Investigations carried out reveals that the “Board of Directors” would additionally create their very own Whatsapp group and add so many contacts on the channel and after this was accomplished, they then organise online tutorial class on the platform the place they offer particulars of the “enterprise” that they need to float.

However, immidiately that they had carried out the tutorial class online after gotten handful of consideration from their can be victims, or purchasers because the case could also be, particularly these within the alleged enterprise, the subsequent factor was to inform the purchasers to pay their registration charges to have the ability to be a part of the enterprise ventures as companions.

It was gathered that the Board of Directors who created the platforms would edit a picture of the enterprise incomes buildings.

From what our correspondent was proven, the registration charges begin from N5000, solely, registration bonus is N3000, solely, Login bonus is paltry N250, solely Referral earnings is barely N500, and different costs as case could also be.

According to our supply, who up to now three months misplaced near N3000, 000, quantity of what he imagined to withdraw from the withdrawal portal, the Board of Directors are defrauding their purchasers and traders who deposited or invested their faculty charges, feeding allowances and cash for books into the affiliate marketing trades.

According to him, the preliminary provide of the Board of Directors was simply to create plans for college kids to be creating wealth.

He stated the plan was to encourage college students and other people to speculate by providing a excessive stage price of curiosity, utilizing their cash to pay earlier traders who are themselves the Business Administrators or (ADMINS), with the password codes of the platform.

According to our supply, if the Board of Directors, (BD), weren’t glad with sufficient new traders or depositors, those that not too long ago invested lose the cash that they had invested.

He defined that in essence, as soon as the Board of Directors refer all purchasers within the platform, that’s the WhatsApp channels or different platforms, they earn the referral earnings.

Arithmetically, if the social media platform consists of about 365 members they usually refer all 365 members, with N2,500, per referral, a number of it by N2, 500, the Board of Directors, go residence with N912,500.

It was discovered that after they get such huge earnings, they are going to then repair a date of withdrawal for his or her purchasers.

Investigations carried out additionally confirmed that immidiately the date of withdrawals attain, the Board of Directors would first withdraw their N912,500, then being the ADMIN, shut down the market web site.

Our supply stressed that after a consumer now a sufferer of the rip-off, reached his or her personal minimal withdrawal restrict and as you click on on to withdraw the withdrawal portal will despatched you a message: that “the withdrawal request you positioned is PENDING”.

Another sufferer, a pupil of Imo State University, Owerri, stated the withdrawal you positioned would preserve being on a PENDING mode until God is aware of when including that after a weeks or months of being pending,

it could then be clear to you that it’s all a rip-off.

According to our sources, the Board of Directors or the CEOs, would have earn from the registration charges you paid to them and the referrals they bought from including their victims to the platforms.

He alleged that such platforms are GOLDEN BOX, IGREEF, ASTRO TECHNOLOGY, EARNINGESTATE, NOVEUSTECH, MEGA PAY and lots of others emerged after the crash of MMM. Others are Loom, Twinkas, Donation Hub, Get Help Worldwide, Smile2Charity, Ultimate Cycler, Givers Forum, I-Charity, Crowd Raising, Clarrita, and Help2Get.

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An operative of the Special Fraud Unit, SFU, at 13 Milverton Avenue, Ikoyi, Lagos, informed our correspondent that such fraud are but to be reported to the workplace including that he can not verify till he sees a sufferer of such fraud.

He stated that it’s not new in Nigeria, including that CBN, and different safety companies have warned Nigerians of such crimes.

Attempt to get the Economic and Financial Crimes Commission, EFCC, to talk wasn’t profitable.

Meanwhile, many college students are shedding their faculty pocket cash to the brand new online fraudsters often known as “CEOs and Board of Directors” within the affiliate marketing buying and selling.

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About the Author: Amanda