5 Things to Know about NRC Ponzi Scheme that Recently Crashed, Leaving Many Nigerians in Tears
- Thousands of Nigerians have been left counting their losses after the collapse of NRC, an online investment scheme, a Ponzi operation that allegedly trapped millions of naira belonging to unsuspecting investors
- The platform's crash has sparked outrage on social media, with many victims sharing heartbreaking stories of lost savings and demanding answers
- In this article, Legit.ng enlightens you about five things concerning the crashed NRC platform that you might not know about
Hopes of quick financial returns have turned into anguish for thousands of Nigerians after the NRC investment scheme reportedly crashed, trapping millions of naira.
As the platform became inaccessible, devastated investors flooded social media with emotional accounts of losing money they had saved for school fees, rent, businesses, and other essential needs.
Source: Getty Images
5 things to know about NRC Ponzi scheme
Legit.ng has highlighted five things you need to know about the recently crashed NRC Ponzi scheme, which wiped out millions of naira in savings, leaving countless investors in tears.
1. When NRC was founded
Legit.ng gathered that the National Reading Culture (NRC) was founded in 2023 and, according to Tribune Online, the platform claimed to have its headquarters in the United States.
The platform operated through the website nrc.cc, which is no longer accessible at the time of this publication.
2. What NRC required users to pay
According to the Daily Times, NRC required users to pay registration and VIP upgrade fees ranging from ₦18,900 to ₦174,000.
3. How NRC positioned itself to users
After the registration fee payment and VIP upgrade fees, users were expected to complete daily “reading” tasks to qualify for earnings and referral bonuses.
The platform marketed itself as a literacy initiative but largely relied on deposits from members and a referral structure that promised unusually high returns.
4. What NRC reportedly promised investors
Legit.ng learnt that reportedly NRC lured users with promises of doubling their money within a few weeks or yielding up to N6k daily and N25k in weekly returns.
5. What online investigators found about NRC
Online investigators claimed that the NRC's now-inaccessible website had previously operated as a Chinese job-search platform before it was rebranded as a “read-and-earn” scheme, Daily Times reports.
To deceive its unsuspecting investors, the NRC displayed a Corporate Affairs Commission (CAC) registration certificate and number.
Before its crash, analysts had warned that there was little evidence of a sustainable revenue model capable of supporting the returns it promised investors.
Source: Getty Images
In a related story, Legit.ng reported 11 popular Ponzi schemes Nigerians will never forget.
SEC warns Nigerians against illegal investment platform
Meanwhile, Legit.ng previously reported that the SEC had warned Nigerians against an illegal online investment platform.
The Securities and Exchange Commission (SEC) had issued a public warning against an online investment platform operating under the name Voya Investment Management (VIM), stating that the company is not authorised to operate in Nigeria’s capital market.
In a statement released by the Commission, the SEC said its attention was drawn to the activities of VIM, which operates through a website claiming to offer investment services in Nigerian stocks and other financial instruments.
Source: Legit.ng
