Hey, folks, welcome, good evening to another money space with me caylu Wager. Of course, on this space we're talking money, the economy, and finance. We're here every Sunday bringing those topics that make sense to you in a way that you can apply them and become a better investor. And what a week we have, guys. This week we have to go back, sadly and talk again about Ponzi and pyramid schemes. We've done this before, We've given all the flags, but I think folks keep on falling for this. So
let me just separate the whit from the chaff. Right, this space is for those folks that are genuinely not able to decipher what a Ponzi scheme is and what a pyramid scheme is and keep on maybe falling to the traps of these unscrupulous promoters. That's what this space is for. There's nely a space for if you know what it is and you want to sort of game
the system. You want to invest money in a in a world that you know is lost funds, but you're hoping to reclaim your funds before the whole scheme blows up. This is not for you, right, you are driven by greed. We tried, we're trying now to reach out to the folks that unfortunately are driven by lack of understanding of how the market works. That's what this particle of space is, and a other folks that want to reach out to today. So of course I've had the news. Another one has fallen.
And I'm not going to call the name of the of the of the point of scheme itself, but again someone else has promoted an investment that has turned out not to be what it was purported to be. It is the same story. Someone comes out and says, if you invest with me, you can get double triple your funds in a week, in a month, one hundred percent, fifty percent. And people go and invest, and they get paid.
That's the problem. They get paid, and they stay there, and after a while they believe that listen, this is real, or they build they made their principal back. So they keep on staying, and they keep on recruiting their friends to join the scheme. This is where it gets wild, because no points scheme exists without the folk that are already invested, if you could call it that word, going back to tell their friends to come out and put
their funds in the scheme. That's why pond the schemes are so should we say so deadly because it's marketed thrue word of mouth, and the most effective form of advertising is word of mouth. So if I tell you, or if if if a TV ad says invest in x y z, that's fine, it's a TV ad. But when your friend tells you invest in x y z and you will get ten percent. Because I invested in x y Z and I got ten percent, you are more likely to invest. And that's why it grows exponentiously.
And then of course in the end everybody cries, so oliminates here as well. Let me just run through a few of the things, a few of the red flags that you want to watch out for. I was also gonna bring Oliminated into top really about this, we just want to This is more like public service twite money space, So just maybe you don't know, let me just see if I can run through them again. And I did share this tweet. I take an hour ago on the whole Ponzi schemes, the red flags you want to watch
out for. So I'm just gonna talk. If you have a question, please request to speak. I'll add you you can ask you a question. We've got a few guys that I can take those questions for you. So I mean Charles Ponzi was the original guy that invented Ponzi schemes, not invented, but he immediately a big thing before he came to a guy's doing the same schemes Ponzi schemes I essentially we'll call pyramid schemes. And you can see why it's called the pyramid. There's the top and there's
the bottom. The guy's at the bottom right from the base, and you are told to go bring two people. And when you bring to people, you make a certain amount of money or you make you rise up in the pyramids. So the more you bring, the more you rise up in that pyramid, the more you make money that pyramid. That's one way of exploiting greed and ignorance, right, But the most common one is the point wellness of police scheme. The original scheme was he was selling post the stamps.
He taught if you buy postage stamps in America, it was cheaper in America than the country that I used those stamps. But this was before the internet. So if you have to post a letter to Nigeria. You would go buy a worldwide stamp in the US. But he found that those stamps in Nigeria, for instance, if there is an example, we're cheaper than the US. So there was an arbitrage opportunity. So it was a real opportunity
that he exploited. It was a real opportunity. He said, listen, if you buy those stamps in the US and you sell them abroad, you make a profit. Fine, But the problem was he then raised a lot of money over something that was real, and the returns, of course didn't now come from the real investment option, but from the funds that he had raised and was simply using new money to pay off old obligation. Does that sound familiar? Pony s claims are always based on real financial or
investment or opportunity. There's no one that's gonna come and tell you, come and invest. I won't go to the Moon, I won't go to Mars. No, they will always tell you what is actually real and actually working in the real space. But what did then't offer you is much much higher. So Charles Ponzi, if he had run that stamp deal, he wouldn't have made five percent, but because he was now trying to get more money, he said, okay, I'll give you forty five percent. I'll give you fifty percent.
I mean in forty five days and one hundred percent in ninety days. That's the Ponzy because there's no investment I can give that to you. So when you pay him, he takes your money and it simply pays off the guys. I won't take their money. But look at this human psychology. The first time, guys go in there and give Charles Ponzie ten dollars, Charles Ponzi gives them no, five dollars. Oh wow, this is interesting. They give him back five dollars to give them under five dollars. They made their
principle back. So psychologically they've made their principal back. So what's there to lose. Just stay with him. So they leave their principal, leave their interest with Charles Ponzi, and then tell the other friends, Hey, come on invest, come on invest. This thing is actually working. And of course you don't have this spiral. Just base just keeps on growing. Folks going and invest. Ponzy scheams don't die because the model is just self perpetuating. It's only when they run
out of investors that it all comes crashing down. You go to and you say, oh my money, will give your money. There's always a new soccer in code that's coming and that's the whole idea. So number one thing, let just go straight to it. In Nigeria, you never invest. You never give anybody your money to invest. We talk about securities now, not the private arrangement, not the business arrangement,
not that you want to invest in, say a restaurant. No. If it all comes to you and says I want to sell you a security, I want to sell you an investment option. And that security does not have a sex license, SEC Secreity and Exchange Commission license, you do not invest. Does it mean that all second investments are going to make your money. No, But once they do not have a sex license, just stop there and move away.
Don't start to ask questions, don't start to say okay, no, no, no. Once you don't you don't have a sex license, you leave. And it's not just the SEC license on the corporation. The corporation and the product both have to have a sex license. So if x y Z is selling x y Z product. Both x y Z and x y Z product have got to be sex approved. If you see the words guarantee and the words trading together in any investment it's fraudulent. I don't care who gave it
to you, I don't care where you saw it. Once you see the words trading and the words guaranteed together in any investment product, it's fraudulent. If you see the words guaranteed in any investment product is a red flag because no real investor would ever give you a guarantee when you are investing. It's not possible. So the word guarantees your red flag. The work guarantee and trading simply means just run away. Right. This is a very very simple than You don't have to have a cop to
follow what I was talking about. Right now. If someone tells you, if you give me money, I will give you a fixed return, no matter what they call it, you are buying a bond. So so on says, hey give me ten ten to narr and I'm going to give you ten percent. Once they quote a percent, they're going to give you no matter what they call it. You are buying a bond. When you do fix departs is that just a bond that is maturing less than a year, So we call it a friend in money market.
But essentially you are buying a bond. So letter call it crypto trading, binary options, agriculture, buy a pig and get fifteen percent. Once they quote a percent to you, you are buying a bond. So if you're buying a bond, what do you want to ask the guy? How are you going to pay me back? Waste the sinking fund? So if you notice, when you buy bonds from the federal governmental, from the bank, they'll tell you we have a sinking pond. We miss there's money set aside to
pay you. Just one tells you, oh, invest in me. I'm going to give you fifteen percent percent. That's a bond. Doesn't matter whether it's four x, it doesn't matter what it is, agriculture or crypto. It's a bond. So weere's the sinking fun Like a stable coin in crypto cryptos have the balance sheet or the deposit that back up the stable coins. That's the whole idea, right, and again,
what's your ankle? If you hear I'm going to give you one hundred percent, always ask yourself what's the risk free rate in Nigera the risk per rate today which is from the MPR, it's about maybe twenty one twenty two percent. That means that in the Federal Government of Nigeria wants to borrow money, they will borrow at twenty one twenty two percent. That's your ankle. So one stones has to go far away from that ankle, red flag, red flag red flags. So one's offering you one hundred percent,
that's too far from twenty five percent. If one is offering you ten ten percent, that's okay, it's no, it's within that twenty five percent reach. That's the risk periods. Yeah, within that twenty five percent riache. You can't take anyone offering you fifty percent or one hundred percent. Seriously, it's too far on your investment return right. There is also
no investment no insurance, I mean for investment losses. So when you see the agriculture guy is telling you if you invest in a farm, if you lose money, we are insured. It's not true. The farm is insured, but your investment is not insured. There is no investment or insurance that covers losses from investment, none at all. Then what should you also do? When you won't invest in any corporation anywhere. Write a check. I know when the digital ageay does transfer money. Try to write a check.
A check creates I don't going to it creates more claim if I can use that way on that organization. So if ever they find these guys that have duped you, there's going to be a registre of folks that have investment money in there are going to pay you back. If you have a check, deposit or a transfer, you get paid, but make sure there's a paper trail to show that money left you to that company, which means you never ever invest to a cash because cash. If
you give them cash, they give you a receipt. There's no way you should that cash is your cash, it's just their receipt. But when you do a check, your bank is going to be debited by their bank. So you have that proof in your bank. Even if you lose your check, you have that proof, right, So try to pay with a check. And of course we've also shared this this sec website link that you can go
into and pull that link. What s secret dot god dot eng slash c mus put in another company that it will tell you what in that company is or not guys less than eight points for you to just cram. If you follow this eight points, you won't lose your money. I'm not saying you make money, but you will lose your money if you don't invest in folks are not SEC registered. You do all these other tricks you watch. Don't be greedy. If it's one hundred percent, it's too
far from MPI, you run away. If they are often you're granted returnings a bond. Ask them questions. You will do this, you will lose money. Don't be too greedy or live the what have I missed outing? I've given about it? What have I missed out? That folks should listen and follow them? And what you.
Meant and actual fact I was just like our sharing deeper context of the articles I wrote on a metrics last week.
I was just like you think.
I was working for the SEC commit and that was because of the endemic problem in our society in terms of misinformation, ignorance, arrogance, and the fact that many.
Of us refused to learn. You see.
The you know you said everything, the methology, the historicals, things to look for.
These things have been as old as.
This system itself, but it's unfortunately that many of.
Us keep falling for the same keep trap.
And the conversation is why, you know, so Calu, I wrote stories about it because I understood the fact on social media that many Nigeria's don't even understand the constudients and the ompires in the investment industry. So you know, I didn't even know about this about this point that really yet that I did know until it's on the news, because none of my prayers, just by the fact that there have a lot of people, for example, in a book about it, so many friends, so I was supposed
like where is it coming from? And I tried to understand the story, and I figured out that it was not just Nigeria care other countries because I also wrote the story on foreign media and I found out that a lot of foreigners also had issues.
So the context is that the amount.
Stole in first, it's desputable because.
Where the money went towards andward it outward. It zip means all that all that online.
On the internet, and it belonged to try exchange. So it was pretty much quite difficult to ascertain amount. But radically millions of dollars from the nine Geran units were clost and the question is why why in terms of the fact that it's supposed to become this week, the opportunities in.
Our capital market.
So there were there were three scenarios. Deception, I was speaking of deception.
Then ignorance and Aarican's part reception was that you know, people feel that.
Because I s to guess today, I saw impostory.
And the point play was like how.
He and how SCC had the copy of first commission restriction was just to deceive a lot of Nigerians. And I put back to guys because a company house e FCC my laundry restriction, which I as.
Your kid or since does not necessarily.
Mean that the investment satisfied. I brought the conversation. I slept over by the middle of the night. I saw a lot of controversies that ah, yes programming, and I was like, that is why we keep following the same track, because you don't even understand the cost of the investment community. If you look at Nigeria and you look at the netizy for example, Nigeria e spec is like the alpha. The investment community in the American committees is not like that. Because we have CTC.
Then we have SEC. Then we have other sides.
Under the US FAD for example the ones that.
US the banks the payment license different you know. But in Nigeria.
Basically we focus on the true mediums, the CBRE and the secret Commission. Some Nigers were saying that okay, course, for example, fare Money was offering interest rate products, why don't they have set lincees And I was like, see, you need to understand with a banking product, a products and an investment product. So first of all, there was a problem with that pad. So you could see that when you don't even understand how to differentiate it needed
to for you to campaign. You also need to understand that have been registered on that the copy of vest Commission does not mean that you are legally.
Accepted in the investment community.
And also because you have the set lines doesn't mean an engel. And I give examples that it will be just this that happens to be the most compliants and efficient market lactual market in the world. We've seen cases where sacred with their firms commit their crimes. But I said, the advantage is that you have some form of protection because.
If things go wrong, you can fight it.
Out with sex or the government and they can also how those people accountable.
Like this case now we don't even know the.
Major actors despite the fact that it was registered. It's more probably they used in skille goods as a porn to register the office or something, which you know, it's most likely that do not get their money because they used the exchange, they used the crypto and from Keeper Forensics, the.
Report is that he came from Asia. So so you're saying the Nigerian was just the window to collect money from Nigerian Nigeria.
Yeah, Gargies was not to be just like yeah, because even if you look at the case of also the context is that doing Promer had a fair government when I was like, oh that the faire government that got better. You start, first of all, I think financial incuracy is at all time, even among financial professionals as well. Arguing on this piece, yeah, as long as Yeah, so it's it's very humiliating when you know that people that you expect no better don't even understudy physics, so.
You understand why scams goals come to play. So that's that's.
Why I said rogas because when you know you don't know, I refuse to learn. The narrogans take the greater rules. So when people say greed, when people say provert years, yes, but people that are invested forty thousand dollars hun thousand dollars, they are not poor people. And it's very unfortunate that in the Nigerian context, if you have thirty forty fifty, you're in the upper middle class at least if we are.
Not in the one percent.
So I expect that you have structural financial arrangement inform of an investment banker, the financial advisor, someone that works in the reputable that will give you forensic advice.
You know.
And I've always given the moaning that you need to understand that the financial industry is very regulated because somebody has to financial education does not making a real good.
The financial advisor use not that talking.
Why I'm talking to say that this is my vest that because we are not authorized to.
Offer investment to the public. Simple, So you need to understand that.
The financial industry is heavy.
Sins.
It'sive in terms of investments for the public, but a lot of people take it forgot.
So people will come to that or what's talking to you.
By hopfully when you're talking to an audio. We want to when you ignore the everything that you don't want to help them when they don't understand that these lat froms that it's so we need to understand.
The business and very so, just just walk us through for the guys listeners, very not investment professionals. Walk me through SEC license, e f C C license and c AC license. If I go to a I mean, if I go to a store and I see c AC license and they're asking me to buy shares, should I buy yes or no? No?
So how we explain to you so that for people to understand, because it seems that.
Financial jargon woods are.
Like dragons in guys or in the years of many. So let's say in your spicture, for example, now we have the pharmacists, we have the micropologists, we have the doctor.
Now you have typhoons.
We have naturally in micropologists will tell you that you have SOMEONELLA type without even without test you. Once he knows that you have there without any who does like he knows someone and he knows that for you to treat that you need antibiotics. Right, he knows that you're someone that is taken in this morning.
Test time but it is not allowed by law to diagonals is the work of the doctor. Now here's the reason for that.
Now, if you've got to the pharmacists, for example, the pharmacist knows the drug you should take, even when you mentioned typhoon and yes you guys weren't going for tests.
But by law is not allowed to diable nice.
It's just to provide your drugs to you.
That's the law.
And the reason that was that they understand that there are other circumstances that can monos be typhoed and it might be secondary reaction on things like beyond typho to the doctor.
Plays in key word the same thing. In the investment world, you know the CBN because you're a bank.
For example, I mentioned that you're start bigger a GT most you are coming to the investment world, you need the set liences.
That's why you see when g is saying they're mutual forms or UP or GITT that you see.
The banks, they will tell you that this is regulated by the.
Security Achieve Commission.
Any fund manager that is working in the bank miss despite the fact that it has CBN. So you need to understand that every license has.
Turradition and their own fundy. The work of the CNC is just to register an entity. People have more questions. So number one, if I go to the investment house in quote and they only have CEC, don't buy the ash. Don't buy shares that have been offered to the public. Okay. So that means that means they're legally registered in Nigeria, but they're not legally registered to issue or sell or market securities. Correct that? Okay? Yeah, okay, So let's look
at the second one. If I go to the investment house in quote, they have CEC and they have e f CS. You know, is the one that tracks money laundering, the track if you're a bad guy. So now these guys have got c a C, they have money laundering certificate. They are selling shares to the public. If they are bad, will not give them license? Should I invest?
It's a function of knowledge.
What's the rule of the SEC.
If you understand the clays or you understand the invstriction, it's more about winds and drew and just to ensure that that entity is not a security bred they have you to functionalize by investment. When you look at the conflagration of the SEC's made of enforcement officers and lawyers that work in the terms of the security arrangement of the country. So yes, financial they deal with financial crimes,
but there's more the enforcements. So you need to understand that, yeah you have that princess.
It even makes it you could you could still be a criminal. That's what I was trying to make people understand. And therese more you need. The is liable.
The only problem that we could argue about is that maybe once the is that, oh you have an investment objective or investment functional or you want to an investment, maybe they will require that.
Okay, you need to have the said linces before they give you that.
That's another discussion because if you look at the Nigerian cis for example, if.
I well I was in the country.
If you want to register a capital, if you want to some financial.
Word investment, investment, Nigeria bank and they won't they won't really start those comp those names for.
You will answer for for example, you want to answer banks for CPL said if you want to look after you answer for a counter that you ask for keywords to maybe you have to do that in future. But they are not like technically I'm not looking at the linear interpretation of the judicial they are not they don't have any business with.
The answer is no, it's it's not really ex because if you are selling securities. This is the differentiation Nigeria. If you are selling securities, which means you are asking people in public. The key word is public. If if if I don't live there in nearbar, I said them, they have this share to sell to you. It's for ten thousands. Them they give me ten and I give my share. Two of us are talking. Has no problem with that. If my brother or my girlfriend comes to me,
I do a deal with her. Second the problem with that. But once I go to the radio, to Twitter, to anywhere, to the public and I say hey, I have this share, come and buy from me, sexist. You have to register to even say that. That's the problem when ef SO people are EFCC is saying I have I had a dest in Niger and it told me to come and I had money transfer whatever this told me, come and get e FCC license. I said, for what, it's just
my book. I'm not sending the book. What oh, Because you have a bank account and you are receiving money, so you have to get EFC license. Okay, but I'm not trading. I mean what I'm trying to get to is that that EFC license is a bit to people use it and say I am cleared this that's the world. I am cleared by EFCC. See how I asked my question.
Yeah, I didn't understand the fact that it's more of a security functionality and just for the the enforcement JENC to have you on that there because if you look at the like this, for example, they're already connected with the inter pool.
The n BI does to ensure that this gets said to you, coun.
Why they're doing but you they have no over sits in the investment vocalo me are you not this conversation?
Many like you even.
And there's another problem again, a lot of people tell you that, okay, what if it's an accountant, use the financial profession?
Can you offer? I say, then side is no. Because technical yes, if you look at.
How technical securture is. Because he company has securature has changed planks don't mean he has.
A will to of they are different.
There's one monment that says costudient there's different.
There's so many, there's too many. So you have to understand that even because you.
Are in the financial profession that you have to certifications does not give you the luxury to offer investment products to the public without And that's why I did that story for people to understand as c SET is coming for cegibrities and influencers. If you think that this one that these days are okay, you offer investments because you see, I can in love.
Like yours, get points and many of them, out of shame, they keep quiet. And sometimes if you look at GMS, you look at comments, it prings you because many.
Of them it's not because they were just britty. They had trusting the systems, they believed the okay this and the lack of understanding of how these things work. So the government is saying that c they are going to be more aggressive on influencers and celebrities because if you look at the crypto market, for example, crypto is not illegal in Anigia, but to see, but I cannot sell crypto to the public because I need a form of the lindest to be a cet as an exchange in Brooker.
That's what people don' understand because in an asset is not in legal.
You have to also look.
At the person selling it on the claiming to offer the services?
Do they have the license to the sex.
That was inspicuilty as your commissioned technical insict.
That money issue, they're not going to get the money back. Let's just they don't give up the false falsehood. Someone asked me on TV. I said, the money is gone. It's not coming back. The money is gone. Sorry that don't give up the false hoop. The money is not coming back. The one with what's this guy? S BK? What's that guy's name? What's that guy's name? The one in the US, The boy in the US, what's his name? S BK? What's that? Guys believing they want that did
the fraud? Now the crypto guy, Oh my god, SOMEBF SBS SBF was they had a bank, they had assets, they had collateral. So the the guy that was appointed was able to go to the assets and grab those assets. The with this gentleman, the older guy, oh my god, what's happened to me? There made of ben made of had he had assets? But the guy was able to write to the folks that had we drawn money and said, hey,
we drew money, we're gonna clow it back. In this case, the guys that the CBX people don't have any assets. They are passed through I show here. Let me just ask him. I mean, what's going on, man, shadow? Because the money, what's happening? Why are you guys, Why are you guys doing this thing to us? You don't talk to us about this. What happened with CBS? What's going on? What you will watch out for? Problem? It's your people. They were selling crypto something.
So you guys, senior man, you know that that was an outright sam you and we need both of you know that was an outry s challend.
So but why was it going on for so long? And people are going in there? I mean usually I have I tell people if you see any offer, send it to me DM, I'll tell if it's fake, that's secret. Just offer. Just send it to me. And I still have that offer open roadding people send me.
I think you need to bad patters of Nigia for example, Nageras want to travel abroad, if Najas want to invest it to very need to understand.
That's why I said that we are problem.
It's not just looking at Bigger American or the apagent to analyze that. No, it is localized problem. You need to understand the bigger patterns of Nigerians and why distance witionally bassist. You know, so for example, Nageras have quite sect comes.
With money when it comes to traveling, when it comes to health.
So they feel that okay, and you have to understand why it's like that. Not really a bad thing, but distance create gaps and we need to understand, okay, how we can minimize.
That's why I said that. See rather than if you know you can open.
Up to car for example, and you can people an investment bank has to requisite and speak to somebody that you know that okay, it's passing alongst you can old in case pings go wrong. You know, I need an old man in the room because often times, like you said, if you don't have told you about seabecks Definet, you have raised the reflect that oh this is this return
is not just like I said. If you see what's a girl and see what is no fair government's assets, you see that kind of return, it's already red flag. And the fact that you also even see that. But you know, some people say, okay, well we're doing to see binance. We don't see, we don't see you.
See there are so there are so much legitimation.
Across those entries because you look at Balance for example, it is registered in many markets. Yes, I have to be bad issues, but they are registered.
You can't pay points the entities around them, you know.
But in the case of this, you know we can't do when you say who founded this? Look at the persons that were killed for a positive game in peace clai poses. You know the government was able to track because they used there for instance.
It was so easy. Yeah, and it's going to be a bit.
Harder for us because it was a bit of scuted.
The EXE club was your plans.
You took them going to the celestriture you started twenty four.
There was this. This is from September. So please can yeah, please, I want you to explain to what's what had happened. If so we can sort of learn what happened. So thank you very much.
I always love to come to your space and thank you for sharing your platform, your honorable platform within me all the time.
A scam is a.
Scam, and I don't want us to call it a cryptocurrency scam.
I mean, I know it's not even a bit coin.
Scam, but if you check properly, you realize that it is more of a fiat ed aboot scam.
And I would like us to.
Holistically look at the value of fiat currency scams versus Bitcoin slash cryptocurrency scams.
Look, this thing happened, and I'm not even.
Sad and I'm not happy, But because I believe people who fail for it.
Do you think I think the point because was it was crypto? Do you think because I heard, do you think that's what? And that's what I'm saying. It's not.
It's not over eight hundred billion, two three point two trillion. Another value is what happen with fiat currency scams compared to just about thirty five to forty billion in twenty twenty four when it comes to bigcoin and cryptocurrency.
So it's not even compare how much how much did they lose? How much did they lose in this scheme? You know how much was lost in the scheme. You have a number.
I mean that's so verifiable because there is the rumor of one point something trillion Nira twenty something trillion US dollars, big a million US dollars and nobody can verify.
No one has their analytics of what the came from Nigeria.
But where they're doing Nira or it was it because I saw one on TV saying she puts dollars in it.
I don't even know anything about again, but until you became this scam.
Now trying to figure out this is this is all your state, right, this is this was in all your state. So I'm not figured out the amount of disposable capital that you have a trillion that people were putting money from their bank and put it in this scheme.
It just just acording good scene, like so what it went towards and it was it belonged to I think the popular creatures change because Richard the Richard the address I you know, like I said, it's very difficult for you to especially that it was one point.
You know. That was why even when I.
Wrote it alleged I took it down because I did the part I look at it that.
It also came from other I mentioned care Yeah, yeah, we had markets. Again, there is an organized.
There's a there's an organized sectors that scam sector. Now that's the eventual the eventual revenue from their scam is put together in a large wallets.
You know, we traced some big coins to large one.
Wow was crazy and I'm not like three four five going in the last four months that we've been tracing and we can see the transactions, but it's getting into a larger and larger pool and interpot with a lot of people have their eyes on it.
But you know, overall, what I would like to, you.
Know, really suggest here if we have got into that segment of the show.
Yes, always it is knowledge matters.
You know, you have to educate yourself, make sure you are not vulnerable to these camps.
And it starts from your education.
You know, all realistic returns exploits you. You know, because you will not be able to sit down and zoom out and understand the position you are. Once you have a technical ignorance to any pitch in front of anybody and you see the numbers, you will.
Fall for it. You don't want to fall for that, so you want to learn the basics, especially this spetual asset.
The time where I say twenty twenty five, I've been signed again, I'll use this opportunity to say big ups to doctor Timagamma.
And it's secting. But guess what this is where the biggest frauds will happen.
I have.
Predicted that bad actors may also want to take advantage of this opportunity because people want to create coins and talking nice stuff, and we may have SBF, et cetera. That's why I like the onboarding kind of strict measures that SEC have put in place. I'm trying to post something in the nest because at me they mentioned it, but I can't post which states that you will go to jail for three years or pay ten million there if you're an influencer and you do not take you.
Don't work with an approved.
Organization, and you promote intentionally or on intentionally paid on pay ponzis or even on licensed exchange business. So if you really really want to succeed in this space, you have to pay attention to sex. So people really must also try to work with lines organizations. A lot of us are because our license, yes, but we filed.
We know.
We are working with the IRID program closely, and I love what the team is doing.
It's it's not going to ondo.
It's a little bit slow, but I think it's better to be slow than to get it from.
All the aid. That's what paid forwards we have to. Yeah, I was gonna ask you that, I was gonna ask you give me one or two things I should if I'm a guy, I want I like this cryptosy and I want to invest what I want on two things I should just not do very well, thank you very much. The number one thing I would say is.
There It's very hard because I also have a business, right, it's very very hard to say it's truth. You know now that there is I say twenty twenty five because there is a lot. So if I don't say this positionally does not about two, number three or number four, then I'm not giving another trait tad on filter education.
So saying the first one will be out avoid the use of.
Platforms that are not repeatable, and I will tie that around unregulated platforms and and and even the people that you know, your family members, you know, to try to push them to regularize this. This is the truth I tell people, you know, which is why I'm always coming out when you.
Give a platform for especial like this is like jump on, it's locally And that's one. That's one.
Y second one is you must you must learn learn to very five transactions and secure your assets I'll tell you how. The reason for a bitcoin that better blood chain is for you to be able.
To own and store your money. Everybody must learn how to use hardwares. You know how to understand sea phrase protecting your seat fras family their family that with twenty four words twelve words understand two facts of authentication, avoid public wi FI. Those are basic fishing platfalls that you can fall for. You know, give it with scams, stay away from me. It's all those give it with scams scams already have passed, so.
Very very important red flags you must run it away from. Or realistic returns, pumps and dumps of fake icos, those are very vital example, then very fine your transaction is also very very important to want to fun ow to double check addresses. Some of these addresses are now compromised. So these are levels to uh you not falling for these scams. And I would not like try as much as possible, even if the platform you're dealing with does
not have a set lincense. But you are very sure you're right, check your compliance, check how your compliance operate. You know when you are signed up into a platform and it is no KYC.
It's a little bit crazy.
I'm a bigcoinner and I promote non custo your experience.
Right, you have to also tell you what is happening is very very last question for you, sir, is there any I seen billboards? Crypto is legal? Is there a legal Nigerian own trading platform Nigeria today.
That then they say them rocal no mind now markets and and it's true, it's actually correct what they said, because the President have signed a lot and the pastor the national semi first readion second reading. It was wonderful to made oppontimity that quietly without any controversy around it. I mean, even though we know the CBN are not very I.
Mean CBN is.
They really tried, but you know they should completely give that free hand. Let the interpret pability be simple and seamless.
So crypto crypto is legal?
Question your question, let me. I just wanted to give that background. The truth is there is busher, there is quid acts. Those are people who already have a I PM by in principle, they don't have the full lincense yet, but they are there already so and I think they're representing well, I don't know about the array portage.
I don't know if they are complying, But I.
Believe that SEC did a good job by you know, using them as the foundation.
To learn how the space is.
But I think that I think that doctor Timmy would like to onboard more people, maybe five, ten, fifteen, more smart founders and products builders, so that it can you know, widen the scope. Plus the pace they've learned from push and quizics, they can also implement and guiding the next space.
This is the next financial space. Its guse well, let me predict this.
All the banks, all the banks and the Federary Public of Nigeria will sell bitcoint in front in banking, they will sell bitcoin on their apps, they will sell the atapability between SEC and CBN's going to be it's going to be very, very beautiful. If what's dotor Timmy, I think is planning. If you look at all the moves that it's making them, it's going to beautiful. Except they allowed politics make it spoiler.
Okay, good answer, thank you. Let's okay, go ahead to add a few things to whatever said.
So, yeah, look, I wanted us to look at also why markets sent to suffer. So if you look at Trump, for example, when Trump created is stoken for example, look.
At number of nas are invested in it.
Now look at come through the stock market for example, look at you see. The truth of the matter is that we also need to look at this, not from the academic or the professional star. We need to look at because I think we need to invest more with against culture and emotions will tell you that, oh well, mini coin thse three x four x, so naturally the
stock market is less attractive. And if you look at the minispiece, they are good coins, but they are many terrible coins that we call rock that you just invested.
And just like you're back to the village.
So it takes us back to the next conversation.
Can is he going to stop? The answer is no. The fire governments are located beyond.
Are going to the sect for financial lituracy. Now the question is why why did you go to work? My answer is that when I listen to.
What the section said, I was a bit disappointed. Now I'll tell you why.
I I am not in America.
You know.
I put I tell you the SEC American workshop and many times on cob holes, on spaces, you know, and on meetings, and this is how they do it.
You see if you look at the.
Sex if you look at sex US for example, they have set US.
They have set education.
Now, if you go to second education for example, they will tell you, okay, you want to US and distance.
They'll give you all the things you should watch out for.
And if you see that you're confused, reach out to this number which are so I then are now democratized. Knowledge is not their community. So you don't need to be an American to understand the US dock market or and they accessible you know, he had certain sequences. They come on space, they come on globals, They do enlightenment program poscually on products like when we are going back and forth like secur this and that, we understood the
professional and that helps knowledge. Now if you haven't ten billion now, for me, I think it's enough because for example, for example, set cado case okay, okay, once in quarter, Okay, we'll come okay.
Maybe let's use cargo space for.
Example, to propagate Okay, investment education.
Let's look at how we could.
Use school's financial influence investment banks.
Because saying that they want to big physicis in theselves.
It was to me, it's a wisdom because First of all, I said, Nigeria, it goes when they were I've really been there, and I think that that amount of money to build infrastructure will not so they need.
To look at things we'll just carry I think seconds.
Who needs yeah, let me let me, let me protrasse your points on limited very.
Let yeah. I want to get us like.
Fifteen seconds to say it's true about Unfortunately.
Maybe that's not how they are thinking. They have a sec TV or digital TV program that it just launched. I've sent it on LinkedIn a couple of times. I'm just hoping that they can spread that across spaces. For example, Calu, I justul be called and partnered with many of us who What I try to do is intentionally goes directly to the top man, get information and disseminates that information, you know, bringing to places where people.
Can hear from him.
The last time we had it one of one with him was about I think about seven days ago, about five hundred of us and it was very interesting.
He took questions and answered. Mister Babaton the or Brema.
The CEO of Intech Nigeria and his team organized a virtual assets session with the DG and it took questions. He told us why some lincenses have not been issued, why we would be issuing license pers on, what you.
Should do, YadA YadA.
So I think that I'm not campaigning for sake, but I just hope that the time will be enough for doctor team to be able to implement move fast, create new millionnaires positively without people being cheated, mitigating all that BASK creates new companies that can employ people, help line
GVR generate. That's revenue for real, because you know CI T and the other seven point five that they want to be collecting when business flourishes for real with international partnerships, for example, I love the fact that if you want to come as set up here, you must have the physical office employee.
Nigerian, having Nigerian CEO. That's very beautiful. So a coin based bind us cannot come here and compete.
Without hiring a lookal person and that's local content human capacity development. So overall, if it is implemented well without them publicing too much which will stifle innovation and let you know, people show them how, it will also works energizing intentionally sincerely without favoritism. Weren't avoiding politics and there's something I would have loved to post to the list, but I don't know what to mister Calu. Do you know, it's basically what SECT should responsibly do, and I think
we're doing it. I put these place in the presence of doctor Timia all the time, and it's listening can time with him.
So let's let's hope that it works well.
But in another one and the year two years, you know, we go begin to see as when they blow go know whether you know for ours go.
Open or not? All right, perfect, guys, I mean talk back to this issue of education on employment, young folks with phones that don't Google to verify investment options, the fear of missing out. These are always driving this whole you know, clear posy schemes. Let me let me get stand. Stand you've been here for a while, Stand alright, Yes, what we're talking about? What's your take? What's going on?
Yeah, Carlo golivn In, believing everyone on the speaker's train and listeners also would shout us world versions. Yeah, I just wanted to chip in one or two things. And before I go, I want to answer the question Carlo asks, what should be be very about when going into the crypto space or whatever. And I'll answer that question by saying the worthy of counterparties. And anyone who knows me very well knows that whenever I talk about crypto or bitcoin, I try to differentiate this too.
Right, with bitcoin itself, once.
You have your seat phrase, you have avoided everything that has to do with counterpartteris. But then when you come to the crypto space, you are still you still work with intermiliaries.
And when you work with intermiliaries, they're.
Always room for their dis are counterparties, and they're always room for you can call it failures, calm, whatever, because something doesn't have to be it's calm for you to lose money, right, there are some things you also lose money on. About the essence of people trying to invest is just because they want to have performed.
They want to make some money. Right.
And the next question you ask is is crypto legal? And I don't want to like to use that word crypto because most times when we say crypto, it does bordire getting.
Into one basket.
And so I usually differentiate crypto from bitcoin, right because bitcoin does not have any counterparties. And this is actually what you need to protect yourself from any form of scam or rock poo. But then you know when we when we try to differentiate crypto or Ponzi skin some people.
I just want to mix people. I want to differentiate.
This stutent with crypto is just you're working with the protocol and this protocol is just it too, right now, It's just the example is let's say, mister Carlo, you owe the knife.
That knife is just it too.
You can decide to use the knife to stab someone, or you can decide to use their knife to cut onions. Now that you use the knife to stab someone does not mean that that knife is a bad instrument, right, It is the intention of the person that used it. So crypto in terms of the protocol, they are designed in the way where you can use it for many things, right, And then it depends on the mindset or it depends on the.
Yeah, well hold on, hold, hold on, hold, I don't know. It's not a crypto space, right, So yeah, just about no, no, no, no, I'm just it just makes it simple because when what did they do wrong? Like if there were many guys that I saw on the video and NT that were crime because it was an investment. I just want to know for those guys, what did they do wrong? We know that, but like what they did, what should they have picked up on? How should I have invested at
the tips? I want to so folks can say, okay, next time, okay, when when somebody is promising you on we know that is any like technical crypto things you should have looked at? It is because I know the investment side, But is anything you guys know that this is fake? Is anything you can say on the crypto side text side us?
What bets did was to use crypto as it to to run azy skin. This is what I was trying to differentiate crypto and ponzy. They used crypto as it too to perpetuate it skin the same way you can use fat as a tool to perpetuate the pos skin. So it's not about the crypto, it's about the It's about what's the perpetuation of the same.
If anything can be useful, that's fine. I know you're right. I hear you go ahead.
I can't hear you're breaking Okay, let me quickly tap in force Stan. I think Stan, you have a bad network. But the things where they talk but and mister cal is agreeing with you, but maybe you're not. You're getting a feedback that it's not straightforward. But you know, I think you should just stay skeptical. If you can't hear me, right, stay skeptical. Can you hear me?
Yes? I can? I hear you? Stay paranoid? Pid survive? Okay, no worries. Let me get Google, Google? Google? How are you doing? And you've been listening in here? What's your take goals happening? Did you invest in seabecks? Yeah, I'm good, I'm good, I'm good. Did you hear me? Yes? I can. Did you invest in seabecks?
No?
No, no, no no. So my friend invested in seabags. So how much did he lose?
He invested like this, one hundred dollars? Because I would just give like a backstory to how everything happened. Right, So me, I've been I've been in the crypto space since twenty twenty one. We get and I'm like that that I've tought some people, right, But like, how may I always teach people? Is that I always teach them what not to do and them, like I always do not tell them what I'm.
Investing, because what they're invested is the plug disiness? Right?
So when he comes to me, right and he tells me that his sister is telling him about one something that is crypto related, that one hundred percent report, and I'm like, bra, you lose your money then it's not possible, right, And I'm like, you know, said said He said him like that that then.
He will think about this. I said, bro, like, do not do it. You would lose your money. He now said his.
Sister has made money. I said, look at the news, guy like Trump is giving me everybody and keep the sleepless nice like where like the people that are paying these guys the money where they' getting the money from?
Because I do know that there's no AI bot that is able to predict me.
Maybe and like when Trump wants to destroy the market, that he will tell it, tell that it would know that it has to shot. It's not possible, except if maybe that it's from the future. But he did not listen. So and like one week click back, he said he's going to send his sister money. I said, oh, okay, no, but it's a crush. Do you understand, And this is somebody that is well educated, do you understand? He went
to school to understand his intelligence. But I'm telling him based on everything that I know, and he still went because I mean, at theal of the day, most people would listen to their.
Does he have a job? Does this guy have a job? Yes, yes he has? Is he likes is it like a starter? Middle management? Do you know how much it ends? Like round figures? I just want to get to prove demographic of this guy. I would say that he's in tect He's like, yes, do you understand? Can be very toughful? So if he didn't find I would say that, Okay. Like, one thing that I've come.
To realize is that people would always listen to their family members.
That's one thing that I agree with you. I agree with you no matter how you feel that you know something is bad.
Okay, stay away from this because okay, like okay, So I wouldn't give it backstory. So I'm like, I am have a friend that like good Michi and like wanted to use Patricia.
Right back then when they were doing the pig stuff. And I laughed and I.
Said, do not put your money there that if he wants to use use an exchange in cryptical, just use one that has to go back.
You get that money there.
Because as I said, oh okay, that's why are there.
It was extremely good.
It doesn't make sense because I think it would crash and Patricia crashed.
Do you understand, and her money was saved.
Like I would say that, there's some things that are just.
Like I said, I hear you, bro when I said I said that the power of posi schemes that it is word of mouth. People tell you it's working, and really you put money in there, it works, So it's very power. That's the point of me about listening to their family. It works because that's why you have to cross check influences. Yeah, but you know, but you know when you guys say influences. If you're in the US, Kim Kardashian was fine because she did an endorsement. But
they are finding influencers because they're not paying taxes. They're not going after them really because they are influencing their saying listen, you influenced, you made money, didn't pay us taxes. It's difficult to say, Okay, if I wear a T shirt that has bitcoined, that might influence it for bitcoin?
Can you can you say that influencers are Loo good chance for people because a written stories on that is crypto and infinancial.
Because the law there.
Are certain requirements, for example, relates.
I can't remember the name. You know what I'm saying that, it's difficult to say. Somebody is influencing. Kim Cadashian is eating chocolate or ice cream with fifty fifteens and he says, I only pay with my with my crypto wallet. Is she influenced? For example? What this?
Is?
This? What we are talking about?
So for example, you initiate or you recommend a project like the Rock I don't want to give names. There are influences that initiate the rockboot projects for example investment.
What is talking about understood?
Yeah, if you cant the great player, I know what you're trying to say there someday it's a big complex for example, maybe stopping the pack for example, talking about.
Yeah, it's the people technical, but they're talking about out fries like going by amazing point, no point, let's get is it cheap? Is it? How you doing?
I'm good, cal calor thank you for having me envelop person on the space.
I say my regards, Hello, I have a question for you. Are not lumida. But before then I want to ask, but you're a very good friend. Question, But before then, I want to say this.
In my thinking, a sense of government in finance is to protect the people.
That when we have to sec and the rest.
Right, But the guys in the crypto and it's I'm happy that you're here today, right, you guys come up and you talk about the beauty of the.
Central lised finance. All the book cannot control you, you know, like they control you on feat and all that. And I look at it and I.
Wonder, and I always tell my friends, please be careful, don't go into this, right.
I heard you saying, I can pronounce you on a very well or it. Yes, I heard you saying people should.
Ensure right that they that whatever entity they want to go into has a scent approval, right like the CPEx thing.
Now it can't to me.
It contradicts the essence of decentralization.
Maybe I don't know it very well. And is a question I don't I don't want to talk crypto. No, no, but I don't want to talk crypto. I don't want the space to go to crypto, So go ahead, but please, I don't want to go to a crypto space, I understand what has a crypto element to it?
Right, So to Luis, I want to understand, right, we seek him to understand spec okay sex having his certificate of okay.
On any entity before we go into that.
It was that this does that not contradicts the centralization or the digitalization concept within the crypto That's.
The question I want you to answer. That's number one to power.
And I saw your tweet that said that Tibec had sex certificate.
Right, and I wonder sex he said they had only the correct me. I saw you your tweet.
If you have set and I don't forget that the common better than the DIGITIAM don't have any form of revolution from the entity?
Okay?
Because because I really that was what I wanted you to I wanted to clever. I think if that was actually wanted to clif because I was wondering if they had certificate, what.
Else would Nigerians do to ensure security before they go into their space.
But if you retracted that to it, then fine, or if I miss orders to it, fine, So always you please and you answer that.
I cannot thank you, thank you very much. It's a check will it's a it's an interesting question and.
I'll just tell you that whether it is virtual, asset.
Crypto or financial space, regulation is very important.
So bodies like central bank and SEC.
Are encouraged to lightly intensify scrutiny, you know, around whatever it is that can affect Nacherian investors and people that any financial stress. So the digital centralization of bitcoin as the apex cryptocurrency in the asset class space, I mean, does not have anything to do with geopolitics.
And you know jurisdictional laws and regulation. You must understand that. And the reason for bitcoin has nothing to do with central banks, so they are just playing their own game. But you and I need to be regularized. If it comes to equity must come with clean hands. If you really want to make money from the country, you want to be allowed to play fairly. Money is on the sideline, wants to come in.
Through the front door without any fear and doubt.
Nobody wants to be looking at their shoulder, you know, the large economy that will boost revenue. It's not that that wants to play in the black market. They want to come to the open. So I think the second and everything around governance are only doing the right day, you know, and that's the only thing they have to do to ensure Nigerians at this secure some substantial amount from the stolen forms from using seedex. And I think
I answered that your question. Bitcoin remains. This is centralized, is finite, it scarce. All of those things cannot happen again, cannot be pitting.
Anybody can write this is but you know, I think they would experience bitcoin when they are ready to experience it. They're talking about celebrities that got involved in this regular unregulated end or cryptoscams, like Kim Kadashian because Lily they mentioned her name. It's not home only DJ Cali Floyd maywe that this guy's paid set in.
The US as much as six hundred thousand, you know for undisclosed promotions.
So some of the guys on X today will start to pay big money. It's very very important.
But one they're fastardizes the space for some of us that are very legitimate in this space, because somebody would just come and promoting map coins.
As see, it's an investment, and that's chumbling.
It's worse that people are doing spotty and all of us and then you're promoting the enerties and all these things that really make no sense. Why don't you truly truly promote something that is legitimate. Stop encouraging people are showing them Lamborghinias and phantom those races and apartments that you you borrowed or sponsors give you to enjoy a riding weekend as a CAUH, equal Continental, et cetera.
That's not how it should be. So I aligned with you know, say in that area, although that's taken food.
From the mount of or not in Nigerias. But sometimes this is this is where it is important to discipline that sector. So you're most communicates with anybody that is coming to give you money and say have you registered at least? Okay, what are you doing to make sure
that you're not going to be scamming people? If you're going to be charging somebody finding doesn't If it's too juicy, then it is not real, you know, because the potnos have multiple sold anything and they're ready to pay you fifty hundred millia to push that's terrible.
That's a bad one.
So advice against it and I'll just talk to to sportscam again.
It's very very important that you know and cano. This is going to make at this place about crypto.
But because we're mentioning set and seabecks all these things, you have to really understand which is a fiat scam, which is a crypto scam.
They are keep butchering, they are rock pulls, they are fishing.
They are different types of scams, given way scams, investment scams.
They come in different languages. They say it is a crypto fund. You know the air promises high returns. YadA YadA, yadad.
They tell you what has happened in the past, the scammers trying to build trust rights different.
Then we're gonna gonna move on. We're gonna I hear you, I come and hear you. So I mean I'm a simple guy. When we go into crypto, people get you know, see, if anybody is offering you a return that is way away from the risk pirit. In Nigeria, it's a red flag. Whether it's crypto, property, farm, fixed deposits, even bank deposit, even registered banker is telling you maybe bring money, will pay you fifty percent. No, you have to ask questions.
Red flag doesn't mean it's illegal, It means dive deeper, do your due diligence. That's the whole idea. You've got to ask. It is your money. You work for that money. If someone can borrow make fifty percent, why does it ask you to bring money. Why can't they just borrow money and do it himself. Ask those simple questions. You don't have to be a mat or investment genius. Just ask simple, busy questions. By law in Nigeria, they've got
to put your registration certificates on the wall. So if you go to the company, you look out for their CEC, look out for their EC, but look out for their SEC as well. See what the rest are to do. If a company has a SEC license to issue bonds and it's equity to you, you're gonna ask questions, so you don't don't make it too I don't make it too complicated for you guys to follow. I again, we're not talking about the guys that are interested in greed.
We're talking about the real folks. I just want to make an investment, want to invest, and people are keeping them. Those are the guys in this space. For all the other guys that are doing looking for one hundred thousand percent in one day, it's God that will answer you not not me. Yeah, a preble you Hi, what's gonna mine? You see more mine? Yeah? Yeah? After go ahead think an order man, after you see you have me on speakers.
When I talk, there's a speedback. So if you can take that feedback off, we can hear you take me off a feet on think, I guess and I just then just go ahead and speak. Yeah. And mister Fritz, mister doing, sir, mister Fritz, maybe did you maybe did you invest in seeback? Mister Fritz so you can talk here this guy stock, bubble stock? What's what's the am I talk to us? I am very fine, Thank you so much. I can hear you and talk. It's good that you're here. So also in stock market we also
have the red flags who should watch out for? Right people are saying buy this by that. But overall, what's your take on the on the on the scripto thing? Is it greed? What is it just lack of information? What do you think really is driving the young folks to I mean, you look at a place where the company was. It's a nice building in the state, but you see they pull that invested really came from Libya had two hundred dollars put in just lost the whole thing,
you know. So unfortunately is it that people don't they know? I think people know there's something up with this thing, but I didn't try to get that where it crashes. What's your ticket for me? I think people are not completely unaware of the risk there.
So from the narrative I've been hearing understandiments, it's like people just want.
To get in an ounce quickly so that they can make their own profits.
And I've even had some people recommending it to others, being fully aware that they need to quickly go in and come.
Out as soon as possible.
So once you get your capitil back every other day you get is general, they don't mind that they are doing it at the expense of another person, and it's.
Just unfortunate on that level.
And when you talk about red flags, if you say on realistic returns, see I've been involved in cryptos so because I like to diversify, so it's not just stocks.
So if you're familiar with.
That a rate, you will know that to get yields about fifty percent, it's really not.
It's really not outrageous. You get it offered. So people are used to.
Having high returns on their investments in cryptos.
In fact, you're not about mining. Recently, people were happening to get.
Money from crypto something that wasn't solified, but just that expectation that it might turn.
Out to be something good. People are already jumping into it.
So when we hear one hundred percent with on, they're like, okay, for sure, this is crypto spaces Wow.
Wow space. So yeah, you can happen. People have a little bit more faced doing that. So that is one thing I know about the crypto.
Space that really needs a little bit of cushion from everybody.
That's getting important. Are we picking on crypto? Are we picking on crypto? My name? Do you think? Okay? Let me. When you hear crypto does it? Do you hear fraud? Or when you hear crypto do you hear don't? What do you hear when you hear crypto?
Honest, if I hear when I hear crypto, the first thing that comes to my mind is custiou. It's like a big, red, flat, big the very cautious because if you're not technically savvy, you have to be you know, you have to be lucky to get a head.
Starts when I when I when I started cryptal, I fell into some scams, even.
Scams that were like support stamps. You know, someone would just reach out to you and you're on the platform and you're trying to get something. Maybe you you transferred your cryptal.
To another words and you just want the headway, and you just post this out in the in the in the group, and someone will reach out to you. But I laterally I say, okay, thank you for posting this. We are supportive, we can help you with this.
And then you know, so there's a lot of corruption and if you're not aware and you're not technically savvy, you get swept off and you wouldn't.
Really want to test the words as a game. But it's also a lenning curve.
So I already know what I'm looking out for for crypto and to be fund to Lucia who is a bitcoin Marxist, and you hardly find this in bigcoin other cryptal.
I would say that stable coins are used for this type of pins.
Is because it is easy to deal with and we draw so it's it's not volatile like like like Bitcoin for example.
All that cryptals, so if they just use all that cryptals. It might be five dollars today and then tomorrow it's gone to with dollar, So they wouldn't want to do that. They want to use stable coins.
It's easier withdraw and it's pegged the real world choruses.
So I guess that's the reason why it's a preferred medium. Can I'm saying, I'm saying, it's not it's gonna, We're not. We're not attacking. This is knowledge. So he's telling you that that the when I say my cities pull thing wealthy German, when I say BMW, and he's just telling you what he know. It's not reports, it's and it's not Union, it's.
Not it's not you on your space like this when we come, we really get this platform because your space is always.
Said you busy.
So when he comes like that, it could fear in the hands of people put out there.
I think I think it's simply reflecting. I think it's he's reflecting. He's reflected reflecting. Listen, Why I was that questions me as just trying to tell you and others that, listen, this is what people feel. You know, there was a long time ago when banks had this issue failed banks. There was a failed bank Tribu you know bank and these were by the military Bacher a long time ago. If you put one in the bank, yeah it pott. One of the bank was callow Calo. The bank might
close tomorrow a long long time ago. Probably had any eldest nd I c or it was. It was, it was wild wild waste. West came Yeah, Christy a Bacher came and all that did a few things. Then now we now have banks that looked like if you say a bank, it looked like, okay, this is this solid place to go and hide your money. It won't give you returns, per say, but your money is see and because they worked on it. So I mean the feedback is you just gonna walk? Is an industry, I get it. You know what.
You said, He just interpreted what I was going to say. That benefits from sure regulatory systems. It's very very important for us to know that crypto is still dangling on that evolving regulation.
So if there is anywhere scamp is perpetrated, it is the eight.
Hundred billion to pret point two trilliona scamps that they exist as against a forty billion in cryptocurrency. And this is basically driven by the dominance of the traditional FIAT system with the money, the expertise and the money laundry that have money laundering.
That happens in the Fiat currency and currency I hear you, I hear I'm gonna say that the problem.
The problem is that's evolving regulation, the fact that FIAT has already mature in you know, the counter terrorism financing frameworks, anti money laundry frameworks and crypto you know Big coin and of course has a very good governance system of cryptot large.
They're just evolving on that. Sick all around the world. You know, it's eat any gap, you know, for people.
That come out of the bad experiences, them publishments that they have booked them.
So they look for quick exits.
And they see something that they have heard positive news about. They wantn't get into it without education, they get. That's why we tell them about BTC.
Okay, all right, no worries, let's get a freable Let's hope averybles are do it better. I really want to not want to hear his take way way way better. They don't want how to go ahead? Sir? Yeah you so, yeah, thanks for time to speaking. But a husband said, I think with this, did you did you invest in CX No, that's anything.
Promise you above the free rates people say hundred, but even above risk free rates monthly.
Yeah, that's a really But do you think those guys were ignorant that they did not know this thing? We're saying that if if yeah, go ahead, there's a degree of greed. There's a degree of greed, definitely.
I think people people, and you can tell because they're smart people who fail for this. People, the people in banking move for the people who work in banks, who advise clients against this. So there was a bit of like, oh, I'm the Shoppers guy. I can I'll get out before it goes down. And of course this guy seabacks. They really laid on this referral program, getting families and friends to bring.
In and.
Red flag. Red flag. That's a red flag.
But it takes down your defenses a bit because when your brother, your cousins, I've been I mean this, I've made this money, you people, well meaning people will be less defensive. I'll looking into it because Okay, if my brother's making this money, maybe I will make money too. But while I'm trying to say that, because the allosa saity. I think most states have touched that. It's the key thing for me is dipersification, because registered or not registered, these scams are going to continue.
This is, this is back is not the last. There's not the last one. There's gonna be another one. I don't know when. Of course, maybe it's gonna be another one, probably bigger than this one. Because it's getting more advanced.
Even with registered securities, registered platforms, things are getting more advice.
It's not just scrypto fiat you're gonna get.
You're gonna get these scams in any format, any sort of financial product.
These scams are going to be there.
And the only way I see as things get more advanced anyway I see is that education, not putting all your.
Eggs into one instrumental, one product.
I'm being wise about obviously looking at for looking out for the basics of it being registered, it being having the necessary paperwork, subtrack record, not looking at buzzwords, but the only even that.
That can be faked with enough effort, that can be faked as well. Seeb is.
I think rather as far as crypto, one of them advanced well as the standard pons is giving. But they use the scrypto platform to really push it, but someone else is going to do it better. Where investment professionals can still fall for you have the a lot in fields as well, where investment professionals for force camps the fault. It does depends on how well the person is running it,
is doing it while properly are doing it. So the only way I see, realistically without going into any you know uh, he says, she said, advice is investification.
You have to you you really have to be discerned if you're you're going to be arrested. Know how you're putting your money.
No, not not betting everything on one horse, not putting everything on one platform.
Especially with crypto. I mean you can you can have your own I mean bitcoin solve a lot of this issue. Or you can. You can you got you can have a hard legend.
You don't have to rely on a platform, or at least if you if you must take some of it out hoold it. You can you can split HOWE stores and save th money as well.
So I think the.
Investigation when you invest will it's not gonna solve the prob is the pain.
When it does happen is the pain of a loss. I think everything else. Really, let me tell you this story. I have a friend, she schooled abroad. She's back in Nigeria. She had she has a fancy supermarket, so very fancy stuff, very very world educated. She told me this was doing Nospecto. You know, you get no no respect to Nospecto. She told me she had forty four million narra in aspect it's just like years ago Nospecto forty four million, and
she's not taking it out. She started up with four million, She got her principal back. She left the money there, told all her friends she's made so much money. She left forty four She knew it was going to crash, but everyone doesn't crash. It's just pure profit for her. That's the bulk of the guys that are doing these deals. Because you see this this point. The thing is very very it's a very smart investment because you have a core of people that would never take their money out
even if they know it's fraudulent. So anytime you go there, you get paid. Anytime you go you get paid. So you look like the idiots you So you hear this space, then you quickly rush to the your lookout for the scheme. You say, no, i'm's gonna cry that guy on two crash. You take the money out. Your friends are still there. They get paid next morn. They're laughing at you listen to calor and living it. So you go back and
put the money in. It's like musical chairs. The music stops you and I'm sitting down on your do That's I like your point to make about that specification you just have. You just can't know you smart people. And it's everywhere. Okay, you do property, they are there in property. They'll tell you don't buy the property by the c O of the whatever you go to, they go and buy parmoil. There is patients with it for you that don't buy palm oil. You will buy the storage of
the palm oil. You live agriculture, and you're not gonna gonna do foul. Don't to do it again. You're gonna no, no, no no, buy pig five will give you twenty twenty five percent in one month. You live that one and go to bank and why are you doing bank? Let's do people. So it's everywhere. And the central theme, don't say you can link with everyone, is just high rates
of return. High return but if you if you talk to your finance, it will tell you the volatility is the return that if you're risky is not what capital person prising model says. High risk that high return, that's what it says. So to a lay guy, the guy, I'll tell you if you put money for bank low risk leutony and put one for c aps high risk eraton which is not is not true, but it sells itself because it sounds. It sounds nice to go again.
You guys know pointy schemes itself and even illegal, they're not in itself illegal is that it's not registered. It's not registered because the the curacy thing we have in our pocket is the oppon sky. But that's a different topic and it's not good if we open that. That's different. Okay, let's let's let's and.
I says up it to us what you've just said, please for ae minute, right, I think I think the difference between every other thing we've listed here is the fact every access class we've listened here is the fact that if it happens in the in the within the FIAT space, if it happens in AG culture, if it happens anywhere else, there's someone to be held accountable.
There's someone to take to court. I've been, I've been, I've been. I've lost money in the US market. And I sat at home talking about it, and a few weeks later.
I got a letter saying, there's an assets sorry as against these guys, there's a class act against it.
I just feel this up as the proof that you bought this should tell us the.
Amount you put it on and you get your money back. And I got my money back. The challenge within the crypto space, I'm not I'm not, I'm not shooting it against the is the fact that when it comes there, these guys disappear. And you know why Nigeria's fall into it. Tell I wanted to be attentional to this.
You're not looking it on this street, right, people always home or put this argument. Oh, in the last five years, in the last ten years, crypto has given the highest return.
Way more than this, way more than that.
So whenever we do that compare reason, whenever we compare cryptocurrency against other asset class, we are simply advertising it. And this is what someone actually told me that two days ago, when this Silex thing, when I talk about this next thing, that, oh, crypto has given highest return.
What are you talking about? Right?
So I'm just putting it there so we know that when we compare this assins class, we are simply telling people who are listening to us, who don't who may not know much, say, this is a direction to go if you want to turn one letra into one million. But the other class, or the other classes, there's someone to be held accountable, there's someone to hope, there's someone to put in jail.
I have been a victim to that, and I was saved. I got my money back right with the proof.
So I just have to put it out there for us know that this whole thing is just until the come of thank you.
Interesting take giddy, giddy, talk to us, giddy. Were you? Are you a beck? Were you or were you a seaback? So what have you been viewed by a Ponzi scheme in the past?
All right, thank you for the privilege. Okay, So I wasn't I libut my mother at sea becks. Of course it's also to me by.
Someone but immedity I had it, already knew what it was when I turned.
Did I say I have been I've I've had the experience with only skips in the past. I've actually lost money to them in the past, So I've blamed my lesson and I.
Know that I knew them far. How how do you how do you know them to give or give me a hint?
Yeah, I mean number one or reasonabel returns or returns million? Okay, how do you expect to get one hundred percent even in a year? If you go find me a hundred percent in the year, I'm going to raise my eyebrows. Let it go in a month?
Right? What I what if I think? What if I think that's a normal return. If I've never invested before, I think all investments are one hundred percent? What if I don't know that investments don't give a hundred percent return? Because my brother exactly ships container and it makes one hundred percent, So why can't crep to give me a hundred percent?
That's what this comes in financial education.
That's one thing I just need that.
There are two things that I identified, which is one reason why we keep fall living to this. Number one is financial literacy, which some of the people that actually felt the tenially add because some people actually generally too oh yeah, it's real, because they saw evidence, right, their friends showed them their alads and all of that, and they were like, oh, I mean it works yeat, So.
Why I wanted to work for me? Right?
So people are actually lack financial education, which that's why I'm really proud of what new people are doing here.
You know, education, Igera and Fars.
Number one, if not number the number two is the lack of understanding of value that we have. We actually there's a fundamental problem that we have, which is the lack of understanding of our family works. Right, It's typical average Nigeria wants to make money. I mean might not mugals in Nigeria, but most people, you know, they want to make money. Of course, really all looking for thesiers were possible. But so people want to make money without
doing anything. Yes, it is possible when we talk about it very see passive investment. But there is a level where you know, you don't want to do anything, but you want to make a one hundred percent How.
Those are working?
Number two, even the company you're investing in, what is their value? How I didn't making money? How did they translated the value into money? Because and then essentially it's is value.
That trusting to money.
That's why we talk about investing yourself, educn see yourself, you know, acquiring mostue so that you have more value to offer the market and they make more money. So this company want value? Are they offer it? Tis you go value and they offered that makes them money.
You understand.
That's one thing that I see that we lack, and it's one thing that I think we need to start educating ourselves and our children because we for for example, I don't think I can't remember having a discussion you know, maybe I will special my parents about you know, value about of course, when it's value in terms of being you know, being an honest to man, being being you know, straightforward, those kind of things going. In terms of how money works,
that's okay. What is you don't I mean you want to make money like they actually be fun puts down, you have to plan this, see for need to expect that there's actually some sort of value exchange for money, and you don't expect and I'm reasonable value exchange. For instance, let me say I see it, oh tomorrow they tell me I want to be like pilots make the post money and also tomorrow to be pilots without training it cannot happen, no matter how, no matter our.
You know, much fun. But I see it happening. I see folks buy Mercedes bends because they are trading coins. I see this guy flying first class because he bought this investment sold it in the medical I see it, and nobody as said as impossible, they goes. I guess, I said impossibly, just jealous. But I see people making money. I see it. So who is wrong here? Okay? Thing is yeah, it's yeah. You might find you know, the old like for instance, see bess.
There are people that you know, maybe they made the killing from it, right, but people that made money from ebun too. You know, people question the world because they knew that. Most of them knew that they were really on the back of what I could to see us in the future.
But the people that made money from it. But is that's enough.
Reason to stay because of that? I mean I saw every days right, Like I told you, I was so to the ideas. But I need that no matter what we believe, that anything won't being young to say that, I'm not going to want about it because I just you know, have upset to militia made I know something like this I'm not going to purch it, right.
So now I'm saying that that's fally, that's if if points as now that was one thing that you know, you see, Maybe I think that.
Maybe it's because of the prevailing level of producting we have most families, you know, the issue just trying.
To really get food to me.
It's nobody really is thinking of training that you're bring on, invests in training that children know out of you with our value works, you know, most people are just thinking of the next mail, Facebook all of that.
So maybe that's I hear because so look at my point, everybody wants to play soccer because we know folks that are making money from soccer, right yes, so when we know put making money from crypto. So that's really the message has been distorted at the street level because we are not getting through to those young folks who say this is not the way. It's the same. So I hear you.
I'm just being you know, or maybe not exactly this is not the way, but telling them to get you know, do your research, your teaching them out to do their research out it's possible to be It's possible to a young kid to you know, grow up to become like pushing me right, that's not what do your research and what does it take gotcha to do it? What I do thinks I need to put in, not that, oh I'm not training it and it happen. Ahead, do your
research to find out. I just wanted to add some state contents.
Just be back to the data. Going to conversation too.
And I can't figure out why he repairs for less two comes than any other set of people in different continents. And if you understand if one of the advantage American has is that that's by the fact that it's a highly matriority to society.
Personal finance is quite high.
I think it is that that suws that about American understand personal finance.
So that is quite high.
But if you look at Europeans, for example, my dad is is lower and even as it's going in Germany, it's not too popular even in the Western world when you talk about other compared to many things.
And the question is you.
See that it's very difficult for you to come in on Lamborguinea driving on this day is the same. All the thing is to sell investment products to an average Frenchman or German or despite the.
Fact that everyone stays good. So you now come back to Nigeria.
So I don't just want to agree with the fact that provacts because I used to agree is that the country is poor because look at the average guy talking on bitter people invest that has some When putting for six thousand, hired a lawyer putting for thousand, I hid a finished child professional that works in a top investment band because this one is he puts seven on a DM.
You know, yes to.
Someone that was this is not somebody that this is someone that has tops applications. So the question to me was like, because I tried to figure out why we keep for the into this job. So the question the context is that you see, that's why I found out this kid's making and all this said Lambug in his toes that I can't look out the strategy to different example, and so.
Why he's crying and so whats his dreams? You know?
And we now can win problems now coming you want? So it Max, the separation is better than cure. You see, you cannot read a society that shoes so much. Effects shoes get rich too fast. It sell people that even though they are intel jam. But because they don't have much to show forward. You may them look like loser, make women look like trophies. You know, you see, it all takes to all this time.
And that's why I said, I see. I like.
That's why I like reading New York Times and working journel because when you read economists top agnoledge, they don't per perform and they perform Uwal perspective because you see, because well with imagine people.
Human business, no one person. You need to understand why gans I kind of aggressive when it comes to money.
Why you like when it comes to money when it's not because we are back in society, so we need to start looking at.
Why is it?
Because you can't be watching if they st start twenty four hours and expect to understand sec.
You could go there. Yeah, I'm trying to.
I'm just trying to because to be honestly that we also have our room because we're really need to check ourselves to that.
Let me ask you, do you have the data for Kenny Kenya is almost like manjer we have English speaking young it t people. Do they also fall victim to this thing? Yeah?
Yeah, yeah, so people are patterns of Kings and Nigerias are kind of see that's bad notice.
And if you look at the you know, desperate, the fact that we're just speaking. We kind of loved similar demogram based on.
The bes that I don't know about their financial I don't know, but I feel that we are kind of similar in so many things. But if you look at use that film for its calue, there were middle class people.
Many of people that I saw, people don't the past. People were not really present people. People that could have fard.
Are put to the minimum, which they were doing the same jobs like people are managers. Because for you to be able to want to dollars, you're not poor. In agial content are not poor.
Most you can afford to transa the dollar. They're not point that everybody invests debates was not poor. That's true with that argument. The next one again is that anybody.
That invested effects was not really a nutrients because you need some form of educational to understand that you used to send to set an address you go to get So it's not the literation level, but.
The arica the culture.
And you see the government really needs look because I've always said that if we keep accoming to my Americans, we have a way of specified man. If you look at Flan, if you are a great thinker, you reaverse American. Those that have pri you have a special America. If their posician, you have special America. Everybody has in America. No body is done good. That's a society in Nigeria. It's really about who the money, who has the coins? Who has I don't think so. I think we really
need to go to the roots before we start. That's my own pill.
Interesting, let me think that that's good insights, gool good one. That's for me? How you doing for me? For thank you very much. Yeah, I'm doing that. I'm very very very good. I'm gonna lit this just a little bit.
So Alcott like what I say is one education one so the average see how people.
Go to church so much because everyone needs a miracle. I'm like, because the same women think you've made.
A miracle where one dred we're you know that's the same way you think of it? Work that will if I put this money in then you know me personally, I've never fear the follow fork because I've been investing and stuff my destines like since like eighteen, like on the seen out the Top broker and the last time that illegals, I was already so like as already familiar with programs and you know, you know, be studying.
On trying to understand finance and naturally not your financially find aspect of life. So I already know what is count skin look like starting if I hate if I ever played at the new point that when you time, I let me business and you know and the DJ dyn see you know your capital because I know, hey, I can't find it and nucle did this to source you out or whatever whatever.
So when people so when you think about it, when people, uh believe if I put this money out that people under present or whatever percent in two month, three months, definitely know my want.
And I said into the city and circudly creates start right, olimited Sames. So the guys that invested were middle class folks that were educated well kind of kind of middle class.
The fact that the fact so we always to we always look the one interested kind of make the blankets. But it's not necessarily black bed that, okay, because because someone a neuter, it means that that person that didn't be able school or you could I'm an I could really train in the fields and the expecting none of that fields get So if you're the fact that we dispress works today, man taking little siding money of getting clients doesn't mean.
That they are. That's not when it comes to the vesting, I got you.
Yeah, And the fact that no one time turns out to dollars that I know whoman who bought who.
She brought it?
There my four thousand, the others when they went out crazy, I don't think it's done.
Been able to cross create twenty five understand them, so you see it.
So doesn't necessarily mean that you are not still a literating the seals that they're trying to venture quickly, let's play.
Give my possibility, but we gotta we gotta go.
What is the what is the what is the what is the chances though you're taking the door that's the day, What is the chances that that door like goldn't be able to balance the value tomorrow.
Let's and when you look at it. And that's the reason why I will never tell anyone.
To invest in cryptical ancy, because there's no value that actually all.
Its own speculation. Who no, No, that's that's that's your opinion. I hear you perfect hold on, Let's get day. Use days has been here for a while. Day us daus day. That's the every ready, let's get itched and thank you for this opportunity and lumit the thank you guys.
I want to first of all appreciate you guys for holding this kind of space because I believe as many people listening, hopefully it will begin to get people to understand these schemes more and try to avoid them in the future. Okay, so quickly to address the topic you said, identifying and.
Avoiding pansyng pyramid schemes.
Okay, I think one of the A lot has been said and a lot of points I've been raised. So just what I wanted to add as well is what you know has formal fear of missing out. You know, when people see their friends or their family members pushing something showing proof like you've said, and they really want to king, especially in our society where a lot of people there's.
A lot of poverty actually in the land. Then I want to also.
Say that you know that film now is also another term is like people when we talk about financial literacy or financial education.
From my personal experience, I've seen that people are.
Not really willing to invest the time to learn about the basics of investing, like personal lands, all those kind of things. Many times I invest in it so like I would come myself like an average investor. Both in knowledge and the tens have delved into so many people. Many a times people ask you to tell them what to invest in rather than learning how to studying, maybe study a company, maybe to perform some fundamental analysis.
You know, people need to know that building world for the long term requires time.
You know, they need to learn the basics like compound interest, like the value of compounding over a long time. You know, it takes time to build something that sustainable. And then I also like to say one thing. You know, I've heard a lot of people talk about sex, you know, as if it's a panechea like something that we actually prevent this kind of scamps from happening. But I want to tell you that if I'm sure of coming you are familiar with the mode of investment scandal in the US.
They are in they are the guys, the companies or whatever he was putting together. Then a lot of people invested in it and they were fully sex certified, you know. You know, it's also the keating I believe is that if you need to castious, you need to take your
time to study any opportunity that comes. My My guiding principle is that when a lot of people something, Yeah, when a lot of people are pushing something, you know, there are a lot of crowd, I feel already that I've lost the you know, the game there because I think there are more opportunities when maybe.
Something is not much knowledge, you know. Yeah, So that's just thank you.
Very much for the opportunity you guys, I mean, guys, hold up, if I just journey, we're just trying to talk about the pond schemes, good Nigeria, big one just blew up and we'll give a few tips.
If just go through the tips we give at the very top right with the number one, make sure it's sex registered one miss sex registered. Both the company and the product have got to be seck registered. Yeah. We also said, when you hear a high returned investment a high ap y, you're in a very very careful How high is high? How far away is it from the risk free rate? If it's too far, it's probably a red flag you want to basically take. But a more
look deeper. If we say, if someone tells you I'm giving you a guaranteed return, that means it's selling you a bond. No matter how it's couched, it's a bond. If it's a bond, you want to find out how you're going to pay back this bond. You have a sinking fund or are you going to sell something to pay me back? Ask those questions, hear what they say,
see that makes sense to you. Also, there's no insurance for investment losses, and anyone telling you if you invested us you can buy insurance against the loss doesn't exist. So that's also a red flag for you. Why you want to pay, use checks or transfer and pay the ideas to create a paper trail for yourself. So if thating happens, your name is in the system that you give those folks money. That's also going to help you get the money back. At least read the prospectors what
they give you. Read it to keep a copy right true to you have advisor. Ask if it's something you want to invest in you know, and again verify the investments on the sex website. Invest in people. There are no friends in investing writing because your friends are investing doesn't mean you should invest, and of course avoid greed. So if you think that you just want to follow, it's not going to be a superstar. Don't just keep it simple, really, guys. If it smells like a dog,
walks like a dog, it's a dog. Right. If it looks like ponz talk like Ponzi, it's ponz don't over analyze it. Just move on. Right, Okay, what desk two? How do sir? You've got a plus modest two? More's two robots going once, going twice? That's hello, ellos? Is it go ahead? Good evening.
This has been a wonderful space, and I would like to say that most of the things I wanted to say, A lot of people have mentioned a fable, Lumidia and a good number, so I would just try to break it down and be very bif about it. I've beken two things Reasin for fallings on this for discipons, they schemes, and then little on sick right on the first is I really believe grid is a very big part of it. Why because of two things, first knowledge, second historic house.
Now starting with the second historic houses, looking at what has previously happened in the market, a lot of similar schemes that have come out the same, return the same, almost the same everything, eliminal citizen everything right.
So and you would agree with me that most people.
That are involved in these adults which mostly are modern teenagers. So you count back and record has to when they the very very first popular hours happened. And you know that these people have been in this market enough to know that this is how these things happened, and this is how they return to come out.
O knowledge is I really don't believe it's eating of.
Literacy or anything, right, just a little personal info. I work in investment management and business performance. Before I entered that, right.
Or as I've entered investment management. One thing I I've come to understand is that.
Understanding investment doesn't really who make house off and technical stuff because when we talk about literacy here, it's basic.
Maths one plus one.
Because and I'm glad that lots of people here have mentioned mentioned asking the.
Very busy questions, which are one of the things you listed, asking the very very very busy questions.
And like one of our senior people would always say, if it doesn't make common sense, it would not make technical sense.
Forget it. So if you cannot ask that very very busy.
Question and know that, oh this does not make it one plus one sense, then it's not something of knowledge, right, And.
I think is also eating of discipline.
And I know one thing that also drives it is thinking of, oh let me do this area and get and get get off.
So it's not of something of the victim of that kind of thing.
I would believe that most people getting involved in this thing, the the they have an at least an inkling.
It's just maybe also the.
Discipline of keep keep keep your money one place, like help keep your hand one place.
So it's it's that thing of discipline too. On the second one is sick. I also believe that Hello, we're gonna move on. It said very quick. Yeah you're thinking, yeah, you've You're taken about the three minutes I usually give. So I put you the comments right, perfect, Let's get Joe boy. Hello, thanks so much? Joy?
What's up?
Joy? Did you do? Did you? Doebs? Now you say what was wrong with seabecks? If someone came to you and said I could give you a hundred percent in one month, what's wrong with that? Not his experience?
Like I was a guy that in mment, so I understood things from the right perspective because you.
Know, once once before the play, once you know you shouldn't fall, it's a good time. You felt it at that's what you got your strife from.
It is I didn't want to loose because I was a guy there and all of that. So a lot of times we got money from bonosis and all of that, but then a lot of the people you encouraged to.
Do the the most. So it became me. You know, it's plus one minus one.
So that's where the problem is perfect, okay, So let me start with some experience I got there.
There was this particular video that they shoot us and they never asked us anything.
In doing guy that's school about it.
It was about fleas in a jar, and it was about you know, if you lock fleas up in a jar for.
Long enough, when you opened the cover of the league, the flea would not fly. It is not fly above that lead. So I cant don't thinking about it. What was the meaning of that?
And the reality is that a lot of people that fall into these schemes have their minds filled in such a jab that they cannot think about it. That's what I see in most times because when MMM went down, there was an evolution.
He went into a lot of Telegram ad jobs, sorry telegram point these schemes.
You know when I say telegram, that is people.
Were actually doing with Telegram groups and a lot of that not meaning that Telegram was actually part of it as a business or his social media platform.
So it happened.
You know a lot of them started field and then what was the thinking the mindset.
Of the people participating Eli b elie b eli.
So when a new scheme comes out, they think of how long as they're not Once it's been more than a month, they say, no journey, it's a crash. So when it's a wee could a short time, they won't joint. So don't be surprised. Another will pop up.
And people will joint because the mindset still comes from if I'm early, I'm able to.
Retual a lot of money, and when I've got gott.
In my capital back, I recycle the profit into the scheme.
That's how a lot of people that do this theme thing. Then at the.
Point everything went down, people started going into real business. Okay, that I mean like doing point these schemes with regital business names, trying to use those those certificates of incorporation and all those things as you know, some kind of validation to to separate.
Them from other point of the schemes. But the same thing is happening.
I remember it is excessy was something like this people brought in to me. I said, this is a football betting thing. Technically does it have a betting like? I said, No, you don't need that, you don't need that journeally, you know, it's the same mindset that happened them for me, I'm not going to be surprised many people will continue to folk create to a lot of these schemes because not
because they don't have knowledge or anything. It's because of that mindset and they do not really nate to Nigeria. A lot of international people also engage a lot of these things. I know your friend I was telling recently of one of these schemes I engage in an inlet a guy who is in Journey that invested over eighty thousand dollars in those type of schemes.
So they've been jumping around from one to the other, and every time I chat him up he's in one new scheme or the other.
All these guys take all these resources and you know, they continue to move in that way. The region I say is a lot of people have heard, is that there's actually a lot of regulations that prevents people from.
You know, getting this kind of mass adoption.
I think the mistake of this type of scheme that it should have been called ALI should have investigated al You know, if you try this kind of thing in all the developed countries, a lot of times we gots quickly can turn to it. In fact, the first thing that what happened is that the website will be will be you know, to be gone within a few days.
But in Nigeria, here you'll find it special way home. Politicians, government workouts are part of this game.
I was surprised to see that SEC actually advertised on the radio station sending Apple to Evy.
So my complain is that a lot of times, you know.
People continue to all victims of this time and come of the the ruse they used to trick them into.
It is making them believe that this is crypto. This is crypto cuiptally different from the gamest the same differentiation if it course, my between crypto and ponzi or crypto and Ponzi. And here is a good point in that this guy, this guy, no hold on, this guy, get hold on? Hold up. Okay, I think we've got we get the point. These guys are going to advertise on the radio, on the TV. I know I've seen some other guys agricultural skin that feel that's what I'm on
a very very popular TV station. And they're not asking for to invest. But when they go there, people sort of see legitimacy. All these guys are here, they are talking about growing go co, so they must legit and they go. So maybe there's some responsibility there for the press, the mainstream media as we call them. You've got to be a bit more responsible. You just can't platform everybody. Everybody just can be a platform to talk about They will bring a crypto guy, the will they talk about
Trump's tariff. The idea is the guys going to wear his T shirt and talk and put his T shirt on your TV before guys.
Because I remember whether I was writing for some of them, they presentations on borgized and make guys on how to report and the digital But you see, there's another problem we have like the the Vitation, and many of these writers.
Are no financial history. Whenever you don't have national.
Proudly don't understand that when you are pushing out a product like for example, if you see a product Matches for example, like that is not coming from the writer is a sponsored.
Posts and people speak pulling for it.
So now the other disponsal posts, it's written that it came up. This is not an endorsement because we're still the fact that even putting the sponsored posts does more to really exclude the information from being missing formed of misinterpreted, and some people who read the down Leader and so it's really is a very scanning pascity and radio the biggest corporates because radio has big deeper.
Penetration in your area than the Internet. Times and many.
Based on what I've found out, because a lot of people who believe on radio for much information.
Mm hmm, interesting point, very interesting point. Let's get comic poets from comic poets, what's your take on what are we doing among that? Okay, Jim, you and every one, Oh, I mean it's our way of greeting something like that. Best thank you. I want to thank every everyone give for actually bringing this kind of speace to life. Please, can you guys say any.
Okay, yeah, yeah, I'm yeting you got ye, go ahead, go ahead, just be go ahead yeah yeah yeah yeah.
So for bringing this kind of.
Space into life actually is very very good and an equating way of sensitization. Actually the people is identifying and avoiding Pozi and Prayman scheme.
Yeah, actually, rot I can say to this is yeah, identifying years we're.
Going to identify, but avoiding of this scheme in Nigeria. Can I can just be eradicated? Its canous avoiding Nindeian.
It can be rected because there are some situation that actually leads people to to this pond, this game or something like that, and most of it is actually what it's actually tagged to, to government.
Actually to government whereby I'm what you're saying, I'm falling. I'm not falling, bro, I'm okay, okay either can you say I can hear you, but not funny, I'm not saying what you're saying. That's what I'm saying, Okay, Okay.
Actually what I'm actually seeing is that what actually leads to this police scheme. Everything actually comes from what's from me from governments like lack of job, financial financial security people. So this actually what actually prompts people to to this kind of scheme. Something that's which I target to be that it cannot stop.
It's very very very real for.
It to stop identifying as we as we are talking right now, there's the police scheme that are still running. There's the police scheme that's still running. Which because actually I started police skiing, I went before coming to this kind of internet speech of something I started with.
Pulicedkin that was in twenty I mean, he started with a posy scheme. What does that mean? Yeah, what I mean is that.
When I was why while growing into this financial financial understanding of it thing I came, I came through knowing about poses scheme like I was involved in it, not what I mean.
So yeah, from twenty sixteen whether away when the likes of MMM and then you.
All this kind of this kind of this thing.
When it comes during that time. So and they're just background background noise around you. So if you don't mind, he's got background noise around you. So if you can fix that, you can come right back. I'll put back on. Let me get modestes, Okay, thank you, sir, I appreciate you. Yeah, are you am I audible? Yes? Amazing, Okay.
I mean there are two things I wanted to say about this issue about poncys came and how mainly part client Nigeria I've lived quite a long time in Europe and nath India. Is that in Europe there's this lottery that is stayed wrong and that every it's like every
family participates in it. You put one pound or two pounds or one euro or two euros and maybe you wait on Fridays for something to drop your way, and then every week somebody weighs two million, three million, four million, ten million depends on the.
Lottery and that kind of check this issue of poncy scame. It's not that Nagurians are unique in it. It's just that we don't have a well regulated they have confidence building national lottery system. We have people can lay out their they are those they are greedy things that come with humanity. And as most of you in.
American country, every state have their own lottery skame. The lottery is something with the pounds escape. You put one pound, you win one million. You put two or two pounds or two euros, you win ten million. So it's almost similar about issues that because that one is done at a very very regulated level and people don't see it as so big, so you don't have to put twenty
thousand expecting one hundred thousand. So like somebody earlier talked about a bitcoin and all of that not making ways in Europe.
That's the reason for that.
It's not that they are very very religious and they are very very financial literal everything.
If because two things, they.
Have financials, having security, something that their plansions.
Are already guaranteed.
They are in their jobs, they have both their homes, you know, fourty five directors of Bodier homes, and they have regular jobs.
So it doesn't mean that if in England where I live now.
They even bet for everything years better. Every street in England is full of better jobs and people going in there, I mean.
Doing doing the coffee.
Every shop shot that are a part from the batting shop. So that's what I'm trying to explain the thing about it is that we need something that we can task. We need something that is nationally recognized, something that is people can actually go there.
Like if you live in a rural have your state.
You can put one part and then we do twenty million in the nation in the state lottery, and then if it is run over many years, people who stop looking for all these ways of making money through pontikime because points are actually filling in a void in the market that could be channeled to something better, you know, at least even the one I really really break my heart is this bet Najera. It's everywhere, you know, when you see young people from fourteen fifteen seventeen going to those.
Shops, I pity them. But you can see why they are doing it.
You know, you can see, oh, they have this illus that I can break it matches in Europe and then if I pready seven, I will win forty million. And then you see that they grew up like that and then with that kind of foundation when they see somebody come along to say, I mean as a kid, I saw.
My mom and I But that's an interesting angle you bring about that there's no outlet, you know, like there's no outlets for not in the UK. During the Olympics doing the Olympics here in England.
The National Lottery actually spent nearly two.
To three billion pounds to sportor the Olympics. Okay, let me ask, let me, let me ask you. Are you saying that we replace this thing with with gambling or I see something there's no gambling.
Lottery is gambling, but the usual a bat lottery that people don't think that it's gambling because it is well troughed. The UK lottery system me so grounded. I mean when I say grounded, it is like forty to fifty or sixty years. And if I has a high level of trust that if you go to that shop and pay one pound in your lottery, you might win one million and you'll get the money. So at the end of the day you see people say it's a bomban.
I used to So what what do you think in Niger would be the replacements activity?
If the place my activities that if let's say, let me give the example that Demos takes.
Is running a lottery. Let be to be fair on the financial side of it.
Let me give you a typical statistics in the UK here and they said there I put the numbers down.
Nearly two thousand millionaires are being created by lottery tickets, by notry, by National Lottery.
Because every week in England there are actually they do it a run four for a national lottery twice a week. That one is a guarantee somebody will always win a million, so the person must be in England to win that.
And then they have the other condition that they have about three or four or five because what is every day six days away, So when you look at it over the year, you can actually say merely four hundred people or five other people have been made billionaires and from the logical lottery, so that becomes an athletic in terms of weight creation.
And some people feel that, they say, I'm less than to put two pounds.
So if we have something like that in a state like Game of States, and people know that when they win they will actually get the money, they won't go to somebody who promises them fifty pounds fifty thousand, one hundred thousand pounds of scheme because they know.
That if they do their stead lottery.
Have for f you to be used for good causes, for charities, for school education, for investment and apps investment in all aspects of in those charity social services, so they can use that. And the issue that you need to be transparent, they need to be accountable. I'm sorry, I think I'm taking more Yeah, exactly, I mean I hear you. I want trying to get more information from
but I heard the point I'm making. You want the youth that are out there that are looking at this points of schemes as their only way out of whatever they are to also have a second outlet.
Okay, that's your take. I hear you, completely, hear you. That's question.
In America, for example, you can be and posy cam Be because I feel gamb is not this popular.
Lottery has this take of it being like a social thing. It's not like the lottery is gamming. But the way they package it in America, you go to the gas station, you buy a lottery ticket, you buy your fuel, you buy one dollar the big, big, big jam lottery, and it's a state run. It's state to run. So because the states run, it looks official. You know. That's what he's saying, that they stayed all the time packages. Then
then you can go to a casino and gamble. It's the same thing, but the state sort of cleans out makes it beat socialist and all that. I hear him, you know, but you know, I just get up. You're looking at gambling again. That's on the epidemic that we have to talk about of the gambling. Oh my god.
Yeah, but that is the problem we have is that at the moment we are not taxing the gambling people.
And that is my pain. I'm trying you.
It pains me a lot. I mean, Prices five runs the gambling the haole of.
Africa because when you see them in Nigeria plugging to all that API and the plugging astricts.
Five there is actually taking all the money. The lady that formed the HEA in England started with only one hundred billion. Now it's a billionaire because of the API and so to all these people in Africa. But the question is what are they giving back to the society. Nothing and there is not the fact this is not even regulated at all, and it's the very morning making tame for the government. They need to really really do it at the back end, and said.
Look for every one pound you put in Nagela father, I wanted to write the paper because.
We gotta move. I can you Yeah, no, I what I said is fine, but I just want to give us a chance to speak. You know, I I I get what coming to with this it's sometimes what's what's exploring complicated? Just yeah, and it's rather unique as well, because like you said, there's no there's National lottery Nagi
you're aware of that's the National Lottery. I know while back, I had some guys on the space that were doing this scratch card thing and also the lottery and also like license by the government, so you if you buy something, you qualify for a scratch and that scratch wins you something. It was also I had never heard of it before, but they were also in Nigeria doing that, So completely agree with you. But yeah, let's see, let us see. Let's say, why Agberannie, Why a Bernie? How are you doing?
Why going once to thank you so much? Appreciate that? Why you're going twice off the tech? Your on your own life afly? Actually good, I'm here, we are having thank you for this opportunity. So what I would say is.
They are I guess my ways is there are some of these things that are set out from day one.
Too.
You know, swell people look at gets people and really close after some time, well they're seeing, well, well they the model that they.
Want to that.
There are also some of them that comes out as an investment platform.
But the only thing is that they you know, they are not deefinitely.
What I do is any thing that you have I'm going to put my money on that is beyond I look at.
The Treasury treasure views rates, I look.
At the bonds d I look at h I look at over night levels.
If if these reads, if the rig we are offering me is beyond go the banks rates and fixed deposits, the ticketing views rates are.
Good and good to question it. Now, there are a couple of them that are set out to do the business of investments.
You literally that some of them don't end up you know, you know, formalizing their processes with sight a lot of that.
So there are a couple of them. But the problem that they have I see that they have with some of some of difficult take short term.
Phones from people from this short term.
Yield or maturity period and carry do wns and go to a long term investment like for example, I don't want to call it. There are people that take the positis from people, takes from people and critician investment.
What we called realistic and say, oh, give you your money back in six months.
It doesn't make any sense because we are taking short short term points into longer, longer term investment. So if you if you, if you collect money from people to go put his day in real estate, are you you are you are you are.
Writing that investments?
They take the investments pepper investment contracts that has a matality of six months or white years.
They all be this, Mr.
You want need to talk as a business because you exactly so anything real estate that is below like.
It's less than three years, I'm not gonna cook my own day.
There are a couple of them in real estates that is having issues with people, people that they apology, they posing customers deposit and they.
Are to play back and real estate takes time.
They are all that some of them that I do funny, you know, we sales sort of found from investments.
That are also crumble. They really set out to do it, but at the end of the day, it's just that the way they.
Structle the investments, they probably shorter majorities. They need short term matoralities six months on eighteen.
Days, five days, some of them they got nine ninety days.
How can you do how many?
How many? For I'm recite people. You have to be able to pay your your your your your depositors money's back. So it doesn't make any sense.
So it's not for me.
It's not all of them that are that are set out I think for this thing sort of them really need there wants to do business.
But because also nineteen that's very like, that's a very impeture people that everybody, anybody that you're going to do, they're going to ask for their phone and you're not talking about anything below six Mortsch group of ALOGI their all so and this is that's why they also do you do do short term, short term mathorities with these people, because really somebody can love except they are collecting those monis and the opportunity in treasure with some boards, if
you're collecting on money from people and putting the treasure abuse the least treasure with bio authorities night, night and days.
So and it's because besides and today I don't make any sas gotcha, Yes, I appreciate that. I mean, that's the take on the financial side. Compare the options the you are given with the treasure bill rates the fixed in comrade because again, like he's saying, if they can make money, why aren't they going to the bank to borrow money and invest at fifty percent. You know, why are they taking money from you. They can simply go to the bank, borrow ten billion, investing their scheme and
make twenty billion and pay back the bank. So they're not doing it because they can't do it. It's appointing pyramid scheme. There's any money to pay old mo old obligations and all that. Nice one, Mariah, Moriah on the scott We've got the flow hyding, So go ahead, Mariah.
I'm trying to yes, sir, I can okay, yes, good even in Carlo and good evening everyone, Yes, sir, so.
Yes, I just want to talk about you know, depons this game in Nigeria.
So well, what I wanted to say, people have actually said it, but here is just what I want to you know, allow to it.
So pons this came, you know, it has actually come to stay in Nigeria. It's not going anywhere. It's going to be part and parsle of our society.
And here actually you know the two major reasons as to why you know, Ponsi Cheme will forever be part of our society.
So first is as a.
Result of you know, the digitization of finance. And then secondly is as a result of you know, behavior behavioral finance. Okay, so first, which is the digitization of finance. You know, finance has been digitized to.
A very great estent.
You know, before it used to be investors, you know, some marchants, some business people who always buy stock, you know, buy shares in companies. So before investments was you know, actually a very very exclusive you know venture. But these days, I mean I can actually be somewhere in a bullet but an apagia in legors and then be investing in shares in America. And so how does that post potential rigs or how does that you know, bring ubout rigs?
Brings about rigs because you know, you see elements, you see different people who are offering investments, scheme, investment advice, investment portfolios and so on, and so they actually become pree so for you know, investments comes.
And then secondly, which is behavior.
For finance, you know that is actually a great in fact, it's there are some air lights, IVY League air lights, NBA universities in America you know that offer behavior of finance as a major Although I did behavior finance as an undergrad.
Okay.
So now you look at the behavior of people around today towards finers, particularly in Nigeria, as you know the case study. You look at you know, the the the the greed and the quest for material world. You look at how people are entied about making money. You look at how people just want to make enough money out of nothing.
Okay.
So people just want, you know, to invest in as an air and get one billionaire.
It's like that all across the world.
But it's actually at a very very you know, it's actually at an all time high in the country today where people just want to make you know, easy money.
So as a result of our behavior.
Towards finers, it that makes us to you know, become a very very easy pre you know, to fall for this ponzie and this investment schemes.
Okay, So but here are my two cents. Two cents are first of all. First of all, I just want to say.
This if if you're students, or if you're a businessman, or if you're an entrepreneur, I would advise that you actually, you know, seek investment advice or investment schemes to brick and water.
There are so many investment houses.
In the country, such as your Marystan United Capital Partners and so on. You can actually get their car lines. You can meet on Twitter or anyway, get their care lines, look after them, and then call them and invest directly with them. You can invest in uh so for example, they are actually some you know.
Companies that are actually you know approved by sex. But some of those companies that are approved by sex.
The room. Yeah, you spend agree with you more? Enough time, sir, I do, I do apologize, but I think you've got your points across. Yeah, so I appreciate that you. Let's get one. So guys, what's running down? I gotta get loom the go to Google, let limb dee go. So that's what round down. I have one on the space and I was going to have an opportunity to speak. Let's get one BANDI then'll just take jerrych do and and party. Yeah. Go ahead, man, Hi, cal couldn't be
doing today. I'm doing great. How about you. I try to hear you. I can hear you very well.
Yeah, okay, thank you for a person to speak.
So I joined this because this has really been.
An issue that's not just peculiar to third world countries. There are pose you'd find in even first world countries, but they are way wayward in third world countries.
Say that one of the.
Major reasons why people for for this police come schemes is because of that's the number one attribute that you have to always acknowledge. You have to acknowledge that people are very committee and if you take away grade from the whole issue, you'd see that people are able to think clearly and people are able to make way more
logical decisions than your regular person out there. Because m YC dex is offering you one hundred percent on your investment and you think it's something that is sustainable, and it never occurred to you at any point in time.
That you would definitely be losing your money at some point.
You understand because if you're working a financial institution or if you're very comfort with the money markets, the money market phones and how you go. Fi IS operates in the country where you recite. Nigeria is a case in point for me because hip in Nigeria and are actually work in at FI so I know how these things happen.
Right.
You see that a lot of people are out there looking for just quicker ways to make more money, quicker ways.
To double their When they come and they meet you with.
This ridiculous streets, they're asking you if they can get fifty percent of their investments. They're asking you if they can get so so so they're telling you, heir, the TBS, it's increased, the faberal governments, they're increased. It's why you know, increasing your private institution. You should be hired with TVs and all that. And then you're telling them, look, this
is a business that we're running here. We're not running the business where everybody would come and get fifty percent of their investment for anam or you come and get one hundred percent. It's not so stakable. It's a business. The business has to grow their operational costs to listen, and so nobody's giving you all of their profits on your intment. I had a colleague one time, sometimes last year. She had this very big h and I client that
had like a billionaire with her at the time. You don't believe that this guy moved this font from it from this from the comfort, the safe comforts that he was enjoying with the institution where I work, he moved the to your regular real estate guys. You know that those ones to a others come to waiting to happen to you people, and you were there. He moved it there And what he told the girl at the time was that he told her that they're offering.
Him fifty percent per album. Can you match that?
Who in their right senses will match you fifty percent?
On the pioneer? Who? Where? And how does that happen? Do you understand?
That is where the greediness that I'm talking about initial steps in place, Because if you're a greedy you also think that a real estate company who's only viable source of paying you your.
Principal amount and your interest at the end.
Of the investment n or is by selling off lands or selling off houses.
You get.
I mean, I don't know what it is you're thinking at the time. And this is somebody who has like a financial advice So who is you know, giving them the best rates they could get in the market at the time, And they said, no, they want to take that risk.
That's a high risk. That's that. Oh. So I don't want to I don't want to cut you off. I was just want I was just want to ask you a few questions. You don't mind. Like I was going to ask in your experience, like do females fall? Are they more successible to this than males are? Just from your own personal experience, okay, from my.
Personal experience, right from my own personal experience and then work experience too, I'm assuring you that women are the least likely to fall for this because women do a high risk appetite like men, which men, men are the ones with the high risk appetite. Men are willing to gamble on these things. For me, it's a gamble. I think somebody came up here and you spoke on gambling. It's a gamble when you're gambling on these things, right,
the gamble. And lots of men are very emotional about money that they are willing to goggle out.
Their life on it. Then there are those men.
I don't want to make it a gender things for let me just say they are those men too who are very risk adverse and they understand how this risk thing goes. So what they do is that they diversified their investment put folio. So with the with the case and point, I told you about the man with over a billionaire with the institution where I worked, somebody like that.
What he should have done on like on the normal.
Term was if he was getting fifty percent by Alum on that investment, what he should have done was to share that risk into two or three you get probably leave five hundred million with the company.
They moved the five undread to the real estate guys. But I had to go with the billion.
And that's where the great thing contentlate for me, because if I have a billionaire, I am not I'm not I'm not keeping a billionaire at the sports no matter how safe it is you think you are, I'm diversified that risk or that effort.
Yeah, and someone I think Lia had mentioned, I don't know what mentioned diversification, Eliot and in the space that we had to don't put all your eggs in one basket. So even if you think.
It's real, I'm telling you the first majority of my hiis and so I think are very black people. What they do is they diversify it. No matter how much trust they have for you, these people.
They will not leave if I have one. That the only thing does with me.
I don't want to be saying that because for people it's fifty, but this person is worth a billion investment.
But it's just fifty. I'll give you fifty.
Uh if I was speaking to him sometimes lasted and he told me he went to standing adity.
That their with didn't match ours. But if he feels it's.
Safer out there, because I mean, you know, the normal.
Nigerians we have a very conventional mentality of thinking the plans that were safer than you know, investment houses and other sizes you can. So I'm saying if an average Nigerian con conquered great with these things, it would give you a clear perspective to these things and you would.
Make a way more logical decision.
I'm still if another suppons this scheme comes out tomorrow. You see, people would always.
Invest in this thing. These people, they never give up on this. People have a second question, you don't mind cecal question. So this guy is no nobody. I see you work in a bank. I'm not sure if it's a bank, but I think I perceive you're working a bang. So usually when this thing is hot, when the ponzy is hot, the bank will be seen out from the bank to the ponzi scheme. Then the positi will bring it right back to the bank or on the bank do you think it's a place where banks should question
and say, hey, what is happening? Like money is leaving bank A to bank to Ponzy then going from Pozzy to bank B. Is there any place where the bank can call customers say hey, what's going on? Do you know these people? Why one is flowing? What's your take on the rule of FI in this? In this whole ecosystem of poses, this, this, like you said.
Is an ecosystem I fire. It's a chain reaction for me, That's how I see, because there's there's more. You know, the rule the rule of comings. You're not supposed to lose phones no matter how good it is.
The customer is.
Getting it elsewhere, so it's it's not something they are very cool with. They're not cool with losing their phones to competitor anything. So when these things happen, right, every everybody who is on deck is calling everybody they know to not do things like that. We know now, if I know that the pull of clients, all business service theres know how they will fall for something as stupid as that's honestly because it's silly car.
You check it out for yourself.
This is the wundred percent in what world will anybody give you a undred percent when there is no sustainable business.
To show how you're right. Let me tell your story past on Twitter when we had the last crypto, the last pin the skin. I try to be sarcastic and I said, oh, if you give me money, I will give you one hundred percent. You people are all stupid. You know you send me DMS and want to give me money. Jesus Christ is a lie. I know I'm not. That's why I don't don't joke with that stuff anymore. I don't do all those satire like giving money, I
don't do. I don't do it again. People said, okay, okay, I know you're joking, but let me give you the money. I know you let me give you the money, then you give so you see what you're saying. People are people. You think people don't know it's a ponzy scheme. I think people know it's a pounds of scheme. But like some one has said, you want to get in early, make your principal back, then stay after that. My friend had forty four million in respector she could have taken
the money. She left the money there, forty four million she left it there because if it's there, it's giving her money to day to crash. Okay, she has made her principal one hundred percent on the principle, so what she where is she going to? And that's the way you have. You know, there's a commis called la fa kov where if you tax at zero and after one hundred percent you get zero because if you tax too
little and too much you get zero. If you invert that to ponzi, when you offer one hundred percent, you will get more customers than when you offer ten percent. It blows your mind. But I assure you people who know this is ponzy, let me go there that ten percent. They know it's real. It's ten percent. That's why it happens.
So you see, you see what I submission.
I said.
It's great at this point because because some people may want to come up an IQ.
That is people only when they says is strange, it is francialcation. There's I think there's a middleweight path there because like he has giving you the data, it standard Nigerian guy is smart enough to detect that this is ponsy. You can't tell me they're stupid. That's if people that come they don't understand what it is. When you say maybe crypto binary, they don't know what it is. But it makes money. That's a different animal. But you say, bring your money to Seabecks, you give it to them,
you get one hundred percent in the month Haber. So people know it's pronzy, they're not it's ponzy. But you do exactly if you look at.
If you look at look at the minister for example, why do you think it's popling nag?
Why do you think.
Yeah, you could turn that okay? Just as a class, don't trust mica, do not want to see just stop market.
That's my opinion.
Like Julian markets, market is more popular than the stop market carriage.
In fact, if you if you try to there's the time I try to.
Do personal storgary with my LOOKI let's talk about this thing coins listening in the stock markets.
Would you would you buy that? Would you buy an n p C? Would you buy mimi coins? You know mini coins? I a good n m p C. Of course I'm not. I'm not surprised. I I'm not surprised. I don't know why, but I'm not surprised. If you tell people, if you tell you to buy Index ca. They they don't buy Index phones. You can't. Let me tell you why.
It's as simple as a kid. I never watched the I used to watch the news a lot. I read those newspapers. My dad made me to do natural bet. One thing that I exclude on to was was the business news. But I can tell you that in many homes, once the news get to that business side, everybody turn off the TV. Then the second side of it is the role of the media. It is very very important that those who have opportunities to keep.
On banking the drum.
The role of the media is very, very very very vital in shaping public opinion.
The media in the Juli is dead. They will never air something that is objective.
And even like somebody talked about the radio and the prints and the news, you will never see objective articles about that.
People are always scared. People are scared of writing stuff that they don't come after you. Everybody is scared, and that is something that I really really found. I find it so appalling in a population such as US. You know, but people don't want to call out Baptists on media, and because nobody does that, they're away with it.
I mean, I just like I'm saying she's making it. I was just wanting it's making some great points. Then I just want to get her insights. But I just want to go ahead, so I want to that real quick before you asked your question.
So my my take is I just wanted to like give a little bit of education with the works.
So if you are looking it's your money, it's your finance right, and.
I'm not supposed to for me because because a copose of my life working in FI numbers, money is very important to me.
Even if it's all my money, even if it's somebody else's money that persons else is money is.
Important to me because if you lose it in school, like you can't get And I also want to say it out loud, you guys you can work here.
You tell yourself that it's SEC regulated. Is this that now you have a square? But what what? What should we not look at SEC illustration should be a fact?
Only son't tell you how it would you're only looking at your SEC regulation. Because the second is we're in Nigeria and I'm just seeing this on the light because because somebody is gonna telling you that it's secregulated in facts. A matter of fact, it's better for you to see that CBN has licensed that company. If if there's a CYPR license with that company, it's even way safer than justice.
But they will sell the same products. Doesn't sell securities. That's a problem, right thing right, so you see they don't sell the same thing. Right. It's like you said, right, the sec is mostly for asset management. We know this thing.
But these people are sill collecting your money, you know, so you better have a CP license.
Cybian is aware of this company. CIBA regulates this company.
Simba knows that this is taking money if if you want, if you want license to collect money from the masses, and.
Will not give you that license. And CB and has n d I c n d I c IP. Let me tell you in fact, we're gonna move on. Yeah, yeah, I hear you. I do.
Like I wanted to respond that we write stories like for example, if you look at Calus straight now I put in and Calu rights to the problem is that people are not a pleasure and.
Financial stories like look at this space for example, we have just about two today. But if it was gossives or crying wedding, or is somebody dropping or something we go. So it's interesting.
Then a thing again is that their clients says it depends on what you can said that no set is very well. Some people have less, people have different so it's not and you know, for example, look at Cardinals cards to talk about cb a license, but it's so booker but the biggest book and look at look at the capt There are many bookers that I use about five of them.
And I use band brokers for example. I want people that the accounts so that both covering them at the parent company. I'm coming I'm telling somewhere. I'm coming somewhere.
So for example, if you look at stop bookage license for example, if you stop bookish, Penphos goes on that studying the traditional stock brooker, your stocks are under the CSCs accounts. So the recreation of a stock Brooks account does.
More mean that your stocks are going.
And that's why I tell people that ensure you have the CSS accounts now, but don't start doing to have the c be But have said, it depends.
On your kind of sense.
For example, there's some there's some bookers I just don't want to call their name. If you don't have to taming on there. You don't have a fitting on that. Don't know open as that comes for you because they focus on nation. But you also need to understand your own limits and your capacity. If I even if I could take their bookers, I will satisfying. But I think the end game is that we have said the fact that I'm in the second lissas don't be an in jail.
It means that they have a batch of accountability and at a certain level you are protected.
That's what you mean. It's not doesn't mean that you don't commit.
Like I said in Nested, there are many sec regreated films that have committed in your crime, but they've been uncomfortable and constable.
Need to understand differences that I'm thereful lens going all right, perfect, well, why didn't that guys, why I really appreciate your insights. That was a different take and the first day to speak on the space as well. I appreciate that. But again the point is nothing is guaranteed. You can have sex license, you can have everything, and you will till you know fall victim in the end. There are few financial topics that have come up here that diversification again
we've hit on the diversification is very important. Spread your risks. You spread even if you're going to do banking, spread risks two or three banks. You don't do equities, spread into two index funds. Right, So it's diversified. Even if something happens, it might not be be fraud, but it can be the economy, it can be talented who so talent so covid. So spread that risk around. Right, Great, let's get a check out and we do check out. Bad day and greater and that called today check a hydron.
I'm great, happy, happy to you, sir. Okay I I think that there's an interesting conversation. I agree that greed is an issue, but I mean, greed is not a new thaing.
People have been greedy for over a century, and greed is part of human nature.
So could it be could it be that this is? This is this could be the result of the switches, the changes, the evolution that's going on over the last maybe twenty years, from the internet boom time to the digital economy time.
How we have watched how life has switched for a lot of people, I mean the all the time.
When there are certain directions you must go regarding career. Before you can make a lot of money or you can't this. Before you can make money enough to become extremely comfortable. But now people can easily come reach in a short time. Like that's a good point the game. The game is totally changed, like totally changed.
A kid, a fourteen year or even twelve year old kid could have his parents help him create a YouTube account and from days a blogonia in less than three years.
You know, an artist in those days.
Will have to talk the world for like six years before he becomes a millionier.
Today, three hit songs can make you a million. Yet, you know because of the digital economy.
Somebody, I mean, we're here on Twitter. A lot of people put all kinds of things on Twitter to be able to get engagement and get get a lot of masks payouts. Right, there are different kinds of things people are doing that bring in the kind of money that you would never imagine young people making fifty to twenty years ago.
So and everybody is watching this like everybody's before maybe fifteen years ago.
If you see people making that kind of money, when you see it with one year old kid come up with some five million era.
The first thing that comes to your mind, is is doing Yahoo? But now there are a lot of conservation to the need. Okay, what does he do? It's the first question you ask.
And then they begin to explain to you he makes content, or he makes this, or he does comedy or you know, stuff like that, and you verifie that you realize, actually he's making a lot of money.
Everybody's watching this, you know. And then the other side of it, which is the fact that people who.
Make this money flaunted everywhere, so film, media events and all whatnot.
So believe it that our minds have actually our paradem.
Has shifted so much that it's trying to catch up with this spit of the evolution has and the spit of how things are moving, how disruptions are happening, and we can catch up. And so Goody mentioned something about financial behavior, you know, how people are not learning how things work as fast as possible to catch up.
So gretly that we are not mentally equipped enough to understand.
How our speadity things are changing and how it is influencing our decision making.
So we don't even trust anything that used to do that. It's all now believe that these things that are coming up as the new ways of making money. The other ones that used to make money before have failed many times.
So this is the way and the other ones we are risky. This one is risky. You know. This is actually what has been going on my mind when I've.
Been listening to everything going on, so that we don't just you know, basimplify it and put it around greed.
It's all about greed. Greed. I think we've seen nice people. Yeah, it's some people getting kicked up with these things. Yeah. Toga would say this that greed is not going to go away. And greed has been there, it to be there, it will always be there. Greed is is as human as being hungry. So I think there's greed, but I also think that's the The fall of the institutions in
Nigeria is also contribute to this. Can you imagine what it will take for someone to set up something, open a bank account, have an office, advertise, collect people's money. Know before it's a ponzi it's legal, right, quote unquote, it's legal. He's out there, he's taking moneys, he's signing contract, he's opening bak accounts. People know his face, his signature, he's doing this knowing fully well that in the next three or four year is going to disappear because he
knows nothing going to happen to him. If the police come, he can you know, if this guy's come, you know you can't try that in saye, in the US or the UK, not because you're not greedy, but the institutions will come at you so hard. Not just you the bank that that enabled you, the brokers enabled you, everyone around the spirit. Remember like we talked about made of, why do we they get money back from made of? They went to the genuine customers for being made of
and said, we don't care, you w drew money. You have to pay the money back to the government. They went to them, the guys said, what I do wrong? It was my money? I will said, no, you drew it a year before made of crash. That means you knew he was going to crash, So pay back. And they made them pay back. The same with Batman Freed. They went to the same way and said, listen, we drew money, paid back, the claw back, the clock back again.
It's institutions where you know that if I'm a bank and I see an institution, if bankers know that this is is ponzy. They know, but because they that pony is taking money from bank A to my bank, I keep quiet. That's what's going on. How many times have you seen sek and fine, excuse firm say we're finding it because a billion. You didn't do this, You didn't do that. So the bank will said is it worth it? But here cultured like it's cultrued. This guy set it up.
You know, a bank will say, oh, you have deposit banks, bring them to us. I eat the ponzi and then the pony will and open up a brand new relationship with a different bank. So the bank sort of wink and not im like I'm enjoying this, you know. And it's the institutional part again, it's me let me ask you a question. So we have you have established the fact.
That it is in duty of the institution to protect the people since they don't know enough about this.
So is this possible for us to see things like what's it called again, as in this kind of class action? Class actions? Yeah? Class but we don't don't.
I don't think these things by people who the victims of the fraud or the scams going on.
We don't have that sort of law prom We don't have that kind of law practice in Nigeria that you can go after so that it wasn't directly involved. In America, if you have a road, you don't put cushion signed to say slow down, and I walk into that road and I get hurt, I can sue you, but I
don't talk. Laws are very, very different. And that's the reason why we do only have like that because if this happened in America, I assure you the landlord that had that building, the banks that had that building, the insurance company had been everybody's gonna be sued because I'm gonna say, you guys all enable it that you guys knew it was a fraud. The police station besiding will be sued, the local government that he paid tactics will be sued. And that's why we have it happens so
everybody is always careful. There always okay, sign this contract or disclosure, sign that you were aware of this, say that you have that that they have no recourts. They make you sense why you sign so much stuff in the way you go to go abroad, because they know that there's any problem, they're gonna come after them. In Nitria. Like I said, when it's when it's not the point,
when it's still a quote unquote legal enterprise. They walk around, they donate to politicians, they go to clubs, they go to church, they buy property. Can you imagine go to America and you are in America who sell marijoana. Marijana is banned federally, is allowed to statewide. You can't open the bank account if you sell marijana you cannot you cannot have it. So they will come and if you go to a bank, they will couches and say they
sell this or sell that to open bank accounts. Once the bank finds out that they're selling ma join to close the account. Can give you your check? Why is it bank doing that? Because they know if they allowed that check to stay in the bank, even though the guys said I am not a majorna seller, they will be sued down the line. So they do self preservation.
They cut your check and give you That's why they goes quo our accounts because they know that down the line they will get sued, so they close your account preemptively. We don't want this quote unquote toutree for people. They will sue us, but it's absent in Nigeria because they don't that.
The issue is what I'm thinking though, is it that the laws are not there or.
Is it that the laws have not been tried? There is no law in Na, it's not here. There is no law in the world that's not in Nigeria. If you check your load of books, there are lots.
So what you're saying though, that's what I'm going to come at this. It's like because no one has actually drive it to the Supreme Court and see them, let them.
Make it happen. And President sadly nothing will happen. It's bill not free, okay. I dare you to go to port and say you don't wan to pay for bill? I dare you ye?
That it depends on who is suing though I think sometimes if top people to sue.
But that's the problem is bro bro this week? This week. This week, there was a seventeen year old boy arrested for public disturbance and jailed in Kirri Kiri. Seventeen year old boy by the Nigerian police. It had to take a high broad politician to get that seventeen year old boy out of prison. I assure you the other fifteen forty year old boys in curriculey. This year we saw the young boys from Cano, but they're not jailed in Cando is no, you cannot jail my notes. A federal
prosecutor said they were faking. There is the adults if federal I remember so. So the institutions have have failed and that's why he has said what you're seeing.
Don't you think that the profile of the lawyer like it would be a high profile lawyer decides to sit on something like that would have been a different case.
Son took a guy to to jail for writing a book about him about in defense. No, but I'm not saying that that guy had the defense now, but a son that is supposed to be the quote the prince of the court broke did the whatever and took the guy to court for for was libel or whatever. When I'm saying that when there he could he try that? In the UK, if you are in Queen's Council, can you try that kind of lawsuit? Not because your name will be ruined forever because the institutions will come after you.
But the point in Nigeria that the institute there is no if you do something wrong, nothing happens to you. That's the point I'm making. We have a governor that openly will say I want that to have. A minister will say I want the god notor removed. But the presence you say it, oh poorly admitting that he's involved in the removal of an elected What has happened? Nothing will happen during that I had not that someone slapped a minister. Nothing will happen. We're talking. We're not talking
about Inugu Airport in the morning. While we're talking about Indugo Airport in the morning, don't we have laws it. I've posted the infrastructure considered regulatory Commissions policies as regards airport in Nigeria where they followed. So in the end we can blame the greedy and uneducated young guy with the phone. That's one hundred percent. I want to invest That young guy knows that this is a free for all. Let me get in and make my money before it crashes.
He's not worried about second come and catch that guy. I'm not hitting sec SECH is doing their work, but he has no no, no investors in any points. Kinnaja was worried that tomorrow they will be readed. How many banks are reading America and the UK and Germany and Japan. How many banks who read wasn't wasn't made of raided? Have ever heard that a bank only Dangote was reridden and it was was fighting with the with the big boys Dante, but however had preemptive read. We think you
posted rand there and reading and readed them. It's not too more good. So in the end maybe we'll end with this. In the end, we have to really ask ourself bout this here. We have to ask ourselves the institutions really have failed to put that fear. This is not this is not armed Roberts. Did you have to happen office again? You have to have an office, you have to have a website, bank account e FCC agree to that part. Yeah, we can.
You see these other arguments like that's why when some critics were talking about the fact that the government is liguge, like I expected, there should be integration between Okay, having a before you get a.
Restration, you should get clarents from SEC first at least or before you get.
Before you get any search and clit about the guitar set and things like that. Portality because the government, like your government. Also, there are co people with certain things, like for example, when he wanted to band out, they said they were going to ban certain things. It was effective, so they say, for example, anything that is legal for a certain period, I do want to shut it down. To shut it down. But can we goes down to
this question. And that's why I so much like America in terms of the fact that see America is not perfect. But one of the things I've seen in the financial spaces that they protect their properlies. The raratic in PI I've seen many times taken, but in agin for example inside that's traded. Since I've been coming that space, I've not seen anybody gone with that.
Can't be mad that BMS. Then look look at what you mentioned, you know, the fact that elicits.
So these are things that I feel that over time we need to strengthen our institutions boards, you know, like I said, we need to also and showed that our shows are our political and that was why I was stagging the fact that we should not allow.
Insistent ways is to fire the CBM the sake.
Look at the United States, for example, that's why the fact Trump is about you.
He can't just the compass they wants to sack Worry was wanting him that if you.
Suck this guy, the market will crash because there's no legal go back in.
So we need things like that. But like you said, it's back to it's back to the institutions. If we if we, if we think that with the population will police itself, were mistaken, there has to be Let me give you my argument I'm making before it becomes a ponzy. These guys are out in the open, and they're out in the open because they know that when they close and becoming no longer becoming ponzy around it, we're not even happen to them. You can't go to in America.
Puns can't happen by an error. So made of found that there was a loophole when he could just say I'm paying you twenty percent and no one cut on to him. He didn't wake up and say he knew he was going to be That's the point I'm making. But here, if people plan and say I'm going to be a ponzi, I'll open the bank account, our go to e FCC and get little Clarence. I'll go to
CEC and get letter. I'll have a fancy office. I'll donate to charge, I'll donate to chat so so and so, and people will come to my office and then I'll take all their money and by the fifth year I'll buy visa to Barbados and disappear because they know no extradition, no Interpol. Who have we extra data in our lives? Who have we ever apart from the one that is in jail? Which financial guy? Have we ever extra data
from Nigeria? Who? No one? So if you steal five billion, you run to Barbados and you buy a beach house and your private security, you are good by they take us home, but they're going to be the last take us on the We'll call today.
Thank you so much, Thank you so much, a lot of submission. You've actually said everything for your question to.
Online about you and fine, I don't think if I advanced has anything to do about since the counsel of anybody from moving on, they're follverybody actually.
Know they can they do way so blue. If I'm a bank I think this is you.
You said it that the financial set of the police, the community, the structure, everything is not working. What are there with blueing for there is a lot of Okay, you know, sib is a publication. They denounced this kind of investment. They denounce it.
Everybody saw it. You understand, I can to shave my money away from the bank. They need to do something with my money. But because to go back to the.
Main question I said in a limbo show, very close to Sibet's office is a new structure.
That was just completed. Nobody we knew before Sybet's office. I was there on Tuesday.
Try to add to a lot of two people questions. They actually knew responsive. They actually believe they know hundred percent of their new responsive.
So we've said it all on this platform. They knew, but they wanted to get it fast.
The first person, you understand, and as well, we've called traffic testimony.
My neighbor did collected and so the money my uncle brother did you know? They are the disposed and they is going to crash. They know, they know it's going to crash. And you will be shocked that a lot of Ingeria that moved to the UK they did this more it was confirmed.
A friend of mine was telling this that a lot of people in their community what they did.
It it is in Ny. Something is in the Gerian blood. Thing is in us Jesus. Yeah, go ahead, I'm not talking. Go ahead, is in us? Is in US?
It's it's it's it's an adjuct to all Jurians. Speaking to somebody in the United States. Was telling me about how these people can be called, can be stopped, can be appreended. I was telling me something about the eys A financial ownership information.
Oh no, this is them is just too bad. This time is not helping anybody.
But there are red flags to investments you're investing to our.
Indicator platform, that their app cannot be easily downloaded from iOS, from place too, from.
Telegram group alone, five one hundred percents. Wow, it's it's actually yours.
You understand any investments that we ask me to bring two people call you.
You know everything. They all know. They all know. I don't pity them. I don't got I only.
Putty the institution and the community belongs to There is nothing about educational and awareness.
Financially. Everybody knows everything. They know what they want to do.
No investments can give you such from they know, they know it's posive. They're even looking for other Pozy now so it is an interial thing.
Thank you so much.
Yeah yeah, because I think just for me to close down and for allowing to occur, I think everything Worll said and us these new bodies copying fans