He said one of his friends collected more than N300,000 from the scheme, convincing him to invest his N47,000. Unfortunately, the platform crashed shortly afterwards.
His friend later refunded him N20,000 while hoping to recover his own investment, but the platform eventually shut down after repeatedly promising investors that their funds would be returned.
Another Senior Secondary School 2 student (names also withheld) said she joined the platform late after hearing about the money made by other students.
According to her, early participants appeared to make money, while those who joined later lost their investments when the platform crashed.
The experiences were not limited to teenagers. Akano Omotayo, an undergraduate, said he was introduced to the scheme by a close friend who appeared to have achieved financial independence through the investment.
Although he was not fully convinced about the platform’s legitimacy, he said his friend’s success persuaded him to take the risk.
Omotayo said he even borrowed money from a loan application to increase his investment, believing that greater risks would produce greater rewards.
Instead, he lost everything when the platform collapsed shortly after he invested.
He said the experience left him struggling to repay the loan while dealing with the disappointment of introducing another friend who also lost money.
“I have learned that every investment should be properly researched before committing money to it. People should never invest borrowed funds or money they cannot afford to lose,” he said.
Another undergraduate, Abubakar Mubarak, said convincing withdrawal screenshots and positive testimonials shared on a Telegram group encouraged him to invest.
The platform promised daily returns of 1.7 per cent and assured investors that withdrawals could be made at any time.
Mubarak said he was able to recover part of his investment before the platform crashed, but many of the friends he introduced were unable to recover either their capital or expected profits.
According to him, the losses damaged friendships because those he invited questioned his intentions.
He said the experience taught him never to recommend investment opportunities without proper verification and advised Nigerians not to rely solely on social media testimonials.
Financial analysts said Ponzi operators often use the profits of early investors to attract more participants before the schemes eventually collapse when new investments slow down.
They note that the widespread use of social media, encrypted messaging platforms and digital payment channels has made it easier for fraudsters to reach thousands of potential victims within a short period.
Experts also said improving financial literacy, encouraging responsible investment practices and strengthening public awareness campaigns are essential to reducing the incidence of online investment
