Social Exchange Market—Another Scam
Nigerians will never learn
There is another scam going on now, especially in Abuja and South West Of Nigeria. It’s called Social Exchange Market, whatever that means.
Towards the end of last year, a junior friend approached me to participate in the newest money making machine in Nigeria. He couldn’t tell me the name of the scheme but he told me all I needed do was to register with three thousand Naira and be ready to collect a grant of at least N5.0million naira (a grant, not a loan).
Just like that? No collateral, no nothing, as long as I could produce a bankable feasibility report preferably in Agric and allied industries, the minimum of 5million was as good as mine.
In any case, grants normally do not require collaterals. Smart alecs, with no collateral, everyone will be qualified, making the net wider for more stupid fishes. The program according to him was being sponsored by World Bank and Development Bank of Nigeria.
And God, I could produce those feasibility reports, even with my eyes closed. Piggery,Poultry, Animal Feeds, Goat rearing, Ram fattening, Hatchery, Moringa farming, Moringa powder, Jatropha production etc etc. As for three thousand naira, I wouldn’t need a bank loan to raise that. So I am qualified.
I told him point blank, this was not possible and that it was a scam. The World bank would not give a dime to anybody without going through the Central Bank of Nigeria and as for Development Bank of Nigeria, there are many financial institutions to go through rather than an obscure company hidden somewhere in Ibadan with no National coverage..
I did not bother to do any research because I already knew the answer. It was a case of Brought In Dead.
I was mistaken.
So, last week, a friend of mine came with the same story. He was ready to bet his life about the genuineness and veracity of this programme. He is so sure, he is already counting his millions. He is going to get his minimum of 5million Naira through a representative in Ikire, Oshun state.
The Ikire people, according to him, will empower 100,000 people, and he was lucky to be among the last few as the registeration was closing up.(appel to greed, fear and urgency, potnt selling tools)
Now, if Ikire empowers 100,000 people with a minimum of 5million naira each, Ijebu-ode, Shagamu, Oyo, Ilesha, Ogbomosho, Ado Ekiti, Abeokuta, Ikorodu will empower 250,000 people each. Ibadan will empower 2million and Lagos, the megacity will empower 5million not to talk of Abuja and other big cities. And if it was a World bank grant, the rest of the country will most likely benefit and as I eventually found out, the net is all over the country. This will amount to several millions of Nigerians.
Please do the mathematics at 5million Naira each. I did maths decades ago and my calculator will most likely crash if I venture to use it but I know, the answer will amount to a colossal amount of money.
Who gives that kind of grant? My friend, an educated fellow, was adamant and was cocksure of getting the money. Straight to the car, he brought out the registration certificates for him and wait for this and that of his his wife. Our friend was going to get 10million naira just like that. Stupidity, gullibility and greed are siblings indeed.
At this point I knew this was no more a joking matter. I made some entries on my phone from the papers he gave me and began a research.
- The Ikire company which issued the certificate of registration is Bethany Human Development Centre
- Their microfinance bank through which the grant will be issued is Alliance Micro Finance Bank
My Findings. It was a catalogue of disclaimers all the way
- Bethany Disclaimer. Bethany has a site but on the site is a disclaimer about this well oiled orchestrated scam.
BHDC – DBN DISCLAIMER
‘It has come to our notice that some unscrupulous individuals or corporate bodies together with some online and Newspaper publications claim that Bethany Human Development Centre in collaboration with the World Bank or Development Bank of Nigeria empowers grass root people in Nigeria. We hereby dissociate ourselves from this (sic) claims, as our activities are only in line with the operation of the Social Exchange Market and not World Bank or DBN as claimed by such publications’.
You would think that this honourable but on the same site on another page, they still go ahead to promote the same thing they disclaimed. A page of so much ramblings with nothing said. Clever people, should there be any issues, they will use the disclaimer as their defence and they will be right.
- CBN Disclaimer. The CBN simply disclaimed the programme with a post titled ‘Fraud alert’
‘ The World Bank’s attention has been drawn to a fraudulent multi-purpose, co-operative scheme being advertised in some local communities within Nigeria. Several correspondences targeting innocent citizens are being circulated falsely claiming that the World Bank is giving out money to individuals to do business and demanding processing fees of N1000 from prospective awardees.
Please note that:
- The World Bank is not behind this multi-purpose scheme
- The World Bank does not request for personal financial information for applicants to its programs
The World Bank therefore advises the general public to verify any information regarding World Bank-assisted programs offered by the Bank at the following website: http://projects.worldbank.org/. The World Bank will not be held responsible for any refunds of fees solicited by fraudsters purporting to act on its behalf.’ Signed by Olufunke Olufon
- Development Bank Of Nigeria Disclaimer. Development Bank of Nigeria also disclaimed them with danger sign.
General public should please take note.
Development Bank Of Nigeria PLC. (DBN)
Fraudulent Scheme Disclaimer
‘Development Bank of Nigeria (DBN) has been alerted of a fraudulent multi-purpose scheme that erroneously indicates that the World Bank is giving out grants to individuals to do business in Nigeria through DBN.
DBN wishes to inform the general public that it is not involved in this fraudulent scheme and will not be responsible for any loss or damage resulting from this fraudulent scheme.
DBN only disburses loans to MSMEs through Participating Financial Institutions (PFIs). To access a DBN Loan, please speak to your Bank.’
I also found out that Nairaland had done a thread on it to warn people in March 2018 and people are still being fooled in May 2018
I checked the CBN approved list of microfinance banks as at Sept 2017. Alliance Micro Finance Bank which Bethanu claimed will disburse the grant is not on the list.
Besides Bethany, Ishiba, Sunlight City, Hunter International (hunting indeed) also promote the fraudulent scheme.
Who Owns Bethany? On Bethany web, the founder is one Mr. Adewoyin Adedayo Adeyemi, promoted as a christian and a committed member of the Winners Family Worldwide under the Apostolic coverage of Bishop David Oyedepo. However, https://bethanyworld.org.ng,the site that promotes this scheme, is registered in the name of one Ayomide Jegede. This is curious. Why different names? And the site was just registered 0n 24th of September 2017.
I have these questions.
- With all this info, why are people still putting their money? These rats promoting the scam are as usual clever. The entry point is easy at just 3k and anybody from 20 to 65 years of age is qualified. The Ikire people would have gotten 3000 in 100,000 places which works out at 300,000,000. And they will be Christians and Muslims, possibly pastors and Imams. Some religious country. When they have garnered some money, they organise some free useless seminars and give participants some more useless certificates printed by some archaic printers to fool more greedy and senseless people.
- Why are people so greedy to the extent of becoming so stupid and daft to expect 5Miilion grant like that, when you are not a professor of Virology. Even profs don’t get grants drop on their tables like that. And for so many people at the same time?
- What are the law enforcement people doing? Anyway many of them participated in MMM and will not be surprised if they have also joined this.
This is The catch. If it is too good that it smells like a scam, it probably is.
We had MMM, Swiss Gold with their numerous progenitors and now Social Exchange Market.
When will this Boofonery end?
By the way, those of you who just left school, where is Social Exchange Market Head Office?