Obinna Chima, Editor, THISDAY Saturday
EDGY OPTIMIST By Obinna Chima
By the time the truth dawned on them earlier this week, the websites had disappeared, the withdrawals had stopped, and the dreams of getting attractive returns on their funds had evaporated.
Social media has been flooded with heartbreaking stories of parents counting their losses, traders whose business capital disappeared overnight, and workers who watched their hard-earned savings vanish with the click of a button. That was because the collapse of two Ponzi schemes: the National Reading Culture (NRC) and TAG investment platforms – has left thousands asking the same painful question: ‘How did we fall for it again?
For the NRC, reports indicate that it was founded in 2023 and claimed to have its headquarters in the United States. It required its clients to pay registration and VIP upgrade fees ranging from N18,900 to N174,000 and thereafter they were expected to complete daily “reading” tasks to qualify for earnings and referral bonuses. The illegal platform marketed itself as a literacy initiative and relied largely on deposits from members and a referral structure that promised to double their money within a few days, which is the old strategy that other Ponzi schemes adopt.
