"Many people are just fraudsters pretending to be experts": Nigerian entrepreneur warns against forex scams

As more and more young Nigerians regarding forex trading as a means of making a living, scammers has found their ways in the investment sector.

Recently, Nigerian entrepreneur Babajide Durosola, via social media platforms, warned locals to be wary of scammers posing as cryptocurrency experts and forex mentors, stating that “Many people are just fraudsters pretending to be experts.”

He said: “Do you know how much money and engineering investment banks spend on forex trading? Yet, someone with just four screens and chatting online wants to teach you? It’s hilarious!”

According to Durosola, people fall victim to the same tricks over and over again due to difficult living conditions, coupled with get-rich-quick mentality and “Tech Bro” syndrome.

According to Prince Sokwaibe, a forex trader, greed and lack of proper knowledge are the main reasons why young Nigerians fall prey to scams. He said forex is a more stable investment than cryptocurrencies, yet many of the people who talk about and promote it are scammers.

Nigerians lose millions of dollars to forex scams every year. Comedian Mark Angel once revealed that he lost $3.7 million to forex trading. He was so indebted and desperate that he even wanted to commit suicide.

“I trusted the wrong hands in forex and lost all my money. Nobody knew except my family and closest circle. The weight of the loss, over $3.7 million was suffocating. I was drowning in debts, and one by one, I watched all my properties slip into the hands of loan sharks. It felt like my world was crumbling, and in my darkest moments, I considered ending it all,” said the actor.