NAIRAMETRICS
Dennis Ameh whose name has been changed for privacy found himself at a critical juncture in May 2023. A middle-aged, married man with three children, he had lost his job as a sales representative in an FMCG company back in October 2022.
Despite multiple attempts to secure another job, he faced a steady decline in his financial prospects. His modest savings and severance package dwindled, failing to keep pace with Nigeria’s escalating inflation rates.
Just when desperation began to set in, a friend introduced him to PHE-BELLA, an online Ponzi scheme that had purportedly been in operation since 2021.
The scheme tantalizingly promised daily returns of 5% on investments, with a minimum buy-in starting from NGN 2,500 and lasting for 32 days.
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Moreover, recruiting others to join the scheme could earn you percentage earnings from your ‘downlines’. If one could grow their downlines to 50 people, PHE-BELLA promised a stable job and funds to establish a local office.
Embracing this newfound hope, Dennis aggressively grew his downlines to over 50 people by July, even recruiting individuals from beyond Lagos.
He earned a monthly salary of NGN 63,000 and received branded t-shirts for his team, which included family and friends.
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The Grim Awakening
Dennis was convinced that PHE-BELLA was different from the multitude of fraudulent schemes that had plagued Nigerians.
Fueled by his initial success, he reinvested his earnings into the scheme, especially when PHE-BELLA introduced a high-yield, short-term “welfare and anniversary package.”
Together with his team, Dennis invested over NGN 3 million, expecting to triple their capital but their optimism was shattered when the platform went silent.
Withdrawals were halted, and Nnamdi Lukas, who purported to be his manager, became unresponsive.
Dennis was not alone in his plight.
Many Nigerians, driven by unemployment and desperation, had been seduced by the illusory promises of PHE-BELLA, which now appeared to have changed its identity and continued its nefarious activities.
His anguish was not merely financial.
- “I was trying to help,” Dennis lamented. “Some of my recruits were hoping to pay their children’s school fees; others were struggling to make rent.
- Now I’ve worsened their situation. I’ve been sick since this happened. PHE-BELLA seemed so reliable initially that I felt safe recruiting more people into it.”
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Other victims shared similar stories. Abolaji and Razaq Olu became involved after being shown altered images suggesting that the Federal Government endorsed the scheme.
- “This looks like a conspiracy; some people are facilitating this operation,” said Abolaji. Razaq Olu added, “I was duped by the edited images and a meaningless agreement form.”
The Genesis and Operations of Deception
This Ponzi syndicate has masterminded multiple online platforms, simulating trades in cryptocurrency, mining natural resources, and renewable energy products.
They entice investors with alluring daily returns and weekly salaried jobs, only to abscond with cash deposits that often run into hundreds of millions of Naira.
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