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How to curb the Ponzi schemes in Nigeria – Founder of TGIC – Nairametrics

The activities of Ponzi scheme operators have increased in Nigeria, especially since the COVID-19 pandemic hit the country. Several young people have been victims of these scams.

To curb this threat, commercial banks and other financial institutions have been tasked with supporting investment clubs. Tomie Balogun, founder of the Green Investment Club (TGIC) is one of the investment experts who called for more support to fight against Ponzi schemes in the country.

She revealed this during the TGIC event tagged “The money movements of today’s young Nigerian. According to her, the economic fallout from events such as the collapse of the global market, the economic recession and the COVID-19 pandemic have pushed young Nigerians into the Ponzi camp.

She said, “The economic situation and the high incidence of these fraudulent schemes show an urgent need for financial education. TGIC strives to bridge the youth financial literacy gap in Nigeria through its products and services. The club, from 35 members at its inception to over 1,700 members in three years, is targeting 10,000 members over the next five years.

Investment One

“Our five-year vision is to help at least 10,000 people acquire financial education and provide them with investment advisory services. We expect this to increase savings deposits at financial institutions. The deposits will be mobilized to invest in small businesses in the economy. When these companies are supported, they will provide jobs for more people and reduce unemployment figures by at least 20%.

She revealed that the club had found direct investment opportunities in the capital market, agribusiness, consumer lending, logistics, FinTech and real estate development sectors in Nigeria, UK. and the United States.

Oladunni Olawuyi, COO, Apel Asset Limited explained that investment platforms need the support of financial institutions to boost investment education.

She said, “Investment clubs help clean up the economy of Ponzi schemes, promote financial education and diversify investments in different economies.”

Unify the exchange rate to reduce production costs

Balogun instructed the federal government to unify the country’s exchange rate in order to reduce production costs. For her, multiple exchange rates lead to arbitrary fees, production costs and higher prices for goods and services.

“The government should help SMEs and the manufacturing sector to increase their production in order to stimulate the gross domestic product. The COVID-19 pandemic, despite the challenges, has been accompanied by many investment opportunities for sophisticated investors ”, she added.