Another Ponzi Scheme Crashes in Calabar: Nigerians Lose Millions Again
Calabar is bleeding again. Another fast-money trap has snapped shut, leaving hundreds of Cross River residents in tears. The TAG Investment Platform, a Ponzi scheme that promised quick riches, collapsed after just three weeks of operation. Victims stormed the company's office on Friday only to find the operators had fled, taking their dreams with them.
Desperate clients carted away whatever they could grab — 10-kilogramme bags of rice, office furniture, even bicycles. Some pulled down doors and windows, hoping to recover something from their losses. It was a scene of raw pain and anger.
How the Scheme Worked
Ogwaje, a trader at the nearby Watt Market, couldn't hold back her tears. 'I invested N500,000 in the first week and got N1 million. Because of the high returns, I reinvested the money and was due to get it on Friday, only to learn that the people had run away,' she said. She had planned to use the money to restock her shop. Now she's left with nothing.
Another victim screamed for help after her phone was stolen in the chaos. 'Help me call my phone. I cannot find it. Somebody has taken my phone, please call it fast,' she begged as others fought over office items.
A History of Deception in Cross River
This isn't new. Cross River State has a long, painful history with Ponzi schemes. During the military era, one Umannah Ummanah turned a two-bedroom apartment into a 'Wonder bank,' collecting truckloads of cash before disappearing. In the MMM era, some people reportedly committed suicide after losing everything. Three years ago, the Micheno scheme at Bakassi Local Government Area swallowed over N1.5 billion of customers' savings. The operator was arrested, but nothing came of it.
Then came NRC, which set up offices across the state. People queued up to deposit money, hoping for big profits. When the one-month maturity period approached, the operators vanished. Last year, another scheme on Bassey Duke Street shut overnight after paying a few people triple their deposits to attract more customers. Staff who showed up the next morning were beaten by angry crowds.
Official Response: A Cycle of Silence
An official from the Ministry of Finance told NDV that scheme operators rarely register or inform the ministry. 'Neither do those who patronise them come here to seek information on the schemes before depositing their money. We are always left in the dark until people lose their money before they troop here to shout when it is too late,' the official said.
Why Do We Keep Falling for This?
It's a question that haunts every Nigerian who has watched a loved one lose everything to a 'get rich quick' promise. The lure of easy money is powerful, especially in a country where economic hardship bites hard. But the pattern is clear: impossibly high returns always end in tears.
As victims count their losses, the cycle seems set to continue unless we learn to verify investment opportunities and resist the temptation of schemes that promise the moon. Africa is rising, but we must rise smart. Let's build real wealth, not chase illusions.