Internet Association moves against Ponzi schemes

Lagos, March 4, 2017 (TNE): The Nigeria Internet Registration Association (NIRA) says it has developed strategies to degrade internet abuses especially by Ponzi schemes.

In a statement in Lagos, Mr Sunday Folayan, the President of NIRA, said that the association had established a Law Enforcement Desk to handle complaints on Domain Name abuse.

He said that NIRA had also developed an Internal Procedural Process to manage and deal with such complaints, as well as to partner with relevant law enforcement agencies to stem the tide.

”If you discover any form of Internet abuse with .ng websites please send an email to We will deal with it.

”Together we can make the internet safe for us and our children,” he said.

According to him, most Nigerians are being defrauded by various forms of Ponzi schemes while the fraudsters are operating under various names and platforms.

”A Ponzi scheme is a fraudulent investment operation where payment to its initial investors is from the payments made by new investors and not from profit earned through legitimate sources,” he remarked.

Folayan said that in recent times, Nigerians had varied experiences to narrate on the matter of ponzi schemes.

According to him, while few testify to the benefits, majority are lamenting because they have been left high and dry.

He said that many had fallen victims as the schemes had impoverished more people than they claimed to have helped.

He, however, said that the scammers were feeding on the greed of the people and the poor economic situation to lure more victims, even in spite of warning by the Federal Government that Nigerians should not invest or get involved in such fraudulent schemes.

Folayan said that recently, innocent people’s contact details such as phone numbers and emails, were being used as administrative contacts for these schemes.

According to him, the victims of the identity theft only get to know when defrauded victims start calling and demanding payments.

Folayan said that NIRA had taken concrete steps to further assist law enforcement agencies to deal with the menace. (TNE)

more recommended stories

%d bloggers like this: