Inside “PHEBELLA”, “RIO TINTO”, “TECK”, the new Ponzi Schemes promising tantalizing returns

Dennis Ameh whose name has been changed for privacy found himself at a critical juncture in May 2023. A middle-aged, married man with three children, he had lost his job as a sales representative in an FMCG company back in October 2022.

Despite multiple attempts to secure another job, he faced a steady decline in his financial prospects. His modest savings and severance package dwindled, failing to keep pace with Nigeria’s escalating inflation rates.

Just when desperation began to set in, a friend introduced him to PHE-BELLA, an online Ponzi scheme that had purportedly been in operation since 2021.