Despite warnings from the Federal Government of Nigeria and Anti-Graft agencies over-involvement in Ponzi schemes in the country, some Nigerians will not yield to this as report emerges that a student of Nigerian University scammed his lecturers and colleagues.
According to a report reaching 9jatoday at this time, a student of the Federal University of Agriculture Abeokuta (FUNAAB) has reportedly lured Staff and students of the institution into a Ponzi scheme he claimed to be a Forex Trading.
It was reported that the undergraduate student, identified as Nwabuba Victor Ifeanyi of Vickson enterprise, duped some of the University Professors and Students up to the sum of N6b in an alleged forex trading.
9jatoday understands that Ifeanyi kickstarted the Quasi Ponzi scheme in the form of a Forex investment and run it for the space of three months.
However, Ifeanyi was sadi to have been meeting up with a mouth-watering 20% return on an investment he promised on every two weeks. But the trouble erupted when lately he could no longer keep up with payments and that sent the alarm bells ringing.
It was added also that the undergraduate has perfected plans to make away with investors’ money, which summed up to 6 billion Nigerian Naira.
As at the time of filing this report, no statement, however, has been received from the management of the institution or any security agency.