Since the MMM Ponzi Saga of 2015 happened and led to the loss of hard-earned resources by most Nigerians all in a bid to get quick wealth, one would think that everyone must have learnt their lessons and would take precautions when another Ponzi-like scheme springs up.
However, the reverse is the case. Since 2015 till date tons of Ponzi schemes have been introduced to Nigerians and on every such occasion, people still fall victim.
The same was the story behind the 86fb investment scam that happened in 2022.
86 Football Technology Limited commonly known as 86FB is a Chinese-owned betting company said to be in existence since 2015. It appeared genuine at the beginning but ended up being a facade as most people lost a fortune to it.
The company claimed to focus on football and collaborated with William Hill, a globally recognised online gambling company located in London, England, to integrate football probability and statistics. According to them, mathematics, calculations and other principles make competitive football not only a game but also a high level comparable to funds and stocks.
86fb aimed at increasing the participation of on-and-off the field football. It is also aimed at seeking and cultivating the best football match analysis talent and providing a wonderful and cutting-edge match result quiz project hedge fund.
86FB operated in the form of a game where players place a stake, if such projection fails and provides a different outcome everyone who bought that stake has won for having a different outcome other than the precise prediction.
It took the likeness of a reverse bet/stake where one depends on multiple negative stakes to make huge returns on investment. However, one is being provided with games to stake daily.
If one is given an apparent outcome or score line in a game like 1:3 and the final result fails to meet that ratio or turns out to be something different, it means that one has won.
The Return on investment promised by 86fb was enough reason and warning for prospective investors however the quest for quick money overshadowed their sense of logic.
The company promised investors a whopping 1,095 per cent Return On Investment annually. As if that was not enough, 86Fb claimed to have a reverse projection algorithm and a capital preservation plan, which implies that the capital invested by players is always safe. This claim made their victims believe that it’s more of an investment company than a betting company where capital cannot be accounted for.
Investors were made to pay in their money for registration into any of the company’s designated bank accounts and other online wallets to start their business.
At a point, it was rumoured that whether a prediction is right or wrong, investors were still paid regardless.
The business was booming for both the management and investors of 86Fb until March 2022. Investors began to face difficult user experiences on the platform. Withdrawing both interest and capital became a difficult thing to do, typical of Ponzi schemes, 86Fb applied the delay tactics game. They kept urging investors to remain calm as everything will soon normalise, unfortunately, things continued that way until a few weeks later, it dawned on everyone that it was game over and their money had been blown by the wind of Ponzi.
The company on the other hand debunked the crash and instead of admitting to their failure, 86fb management accused Flutterwave, a digital payment platform of “Maliciously freezing their accounts”. In response to the accusation, Flutterwave made a press release notifying the public that 86Fb was not registered nor approved on Flutterwave.
Following the crash, so many persons are still counting their losses. Some persons lost over a million naira from the Ponzi scheme, and others like students invested their school fees and accommodation fee with the hope of getting a return, unfortunately, they lost it all.
It is without a doubt that 86fb was a deceptive scheme, the company claimed to have been in existence since 2015, however, when searched on Corporate Affairs Commission website it was discovered that the company was registered in February 2022 with the name 86fb Football Technology Limited as a privately owned company that is limited by shares under the ” betting and gambling” category.
Resources have been lost to the 86Fb investment scam and lessons have been learnt. Hopefully, this will be the last time Nigerians will get swindled by Ponzi schemes.