Twinkas, another Ponzi scheme emerges

Twinkas, another Ponzi scheme similar to the troubled MMM, has started trending with memberships in different categories.

According to the scheme,, Twinkas said it was created “to promote the greatest good, with a particular emphasis on helping man and the environment’’.

It said that it had successfully revised all technical and logistical issues about the front-end and has provided mobile numbers to help facilitate the money exchange process.

A Twinka promo image

“We are gradually restoring our CRM Modules (Live Chat, Ticket, Mobile Calls) to enable us get in touch with you regularly.

“We have switched to STRICT MODE. Meaning zero tolerance. Hence, we will not entertain any form of uncanny behaviour from sponsors/downlines.’’

Twinkas has rolled out some conditions, including the warning that prospective investors must keep their mobile phones open most of the times and be online in order to succeed.

“ If a sponsors mobile is switched off or not answering calls for about 6 Hours, Twinkas will have that account blocked.

“ If a sponsor fails to activate his/her referral after receiving payment, Twinkas will have that account and subsequent accounts connected to your bank and mobile number blocked.

“ You are advised to have an online banking Application on your mobile phone to help facilitate the process. Mobile numbers will be displayed on your dashboard. Please save them and do not receive any call from other lines claiming to have emanated from Twinkas.’’

It warned investors against pestering any of the numbers for trivial Issues.

“These numbers should be called only in the cases of emergency, hacked accounts or other serious Twinkas related issues.

“Use the “Live Support” and the Ticketing System (Still in View) for only serious Twinkas Issues also. We know those working hard for Twinkas, your reward will be a surprise!.’’

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According to the website, Twinkas’ Classic now has 198,985 members,  Professional with 117,290; Twinkas Premium has 117,147 members; the Ultimate with 170,322 members; has zero members under the Veteran category.

Any amount invested in each of the categories would attract double the amount after one month maturity.

Under Classic, members are expected to invest N5,000 with N10,000 return Investment; and subscribers on the Professional platform would invest N10,000 and with N20,000 Return.

Under the Premium level of N20,000 investment, investors would get N40,000;
Ultimate with contribution of N50,000 attracts N100,000 return.

The Veteran scheme is N100,000 investment with a return of N200,000 but no one has yet to invest on the platform.

Concerned citizens and financial institutions had warned against participation in these Ponzi schemes because they are fraudulent.

Many Nigerians were warned against investing in MMM few months before it became distressed and had yet to fully pick up.

Nigerians have been warned by the Central Bank of Nigeria (CBN) not to deposit money in any institution that is not insured by the Nigeria Deposit Insurance Corporation (NDIC).

The bank through its acting Director of Corporate Communications, Mr. Isaac Okoroafor, warned especially on the trending MMM Nigeria community.

Okoroafor said: “At times like this when the economy has suffered some decline, Nigerians should be very careful with those they deal with. Any institution that is not licensed by the CBN to accept deposits should not be given money to keep under any guise.

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“We can vouch for the banking system. The deposit money banks are the only licensed institutions to take deposits. If you need to deposit money in any form, go to any of the deposit money banks and put your money, you can buy fixed income instruments or invest in stocks.

“These people always come with very interesting propositions. These are fraudsters who are just out there to collect people’s money and run away as soon as they hit their target. There is no insurance because the NDIC does not even protect them against such risks when they occur”.

He said there is a new Ponzi scheme called ‘MMM’ that is spreading like wildfire and a lot of young school leavers have already signed on to this scheme, which the promoters are marketing as a “mutual fund””

“MMM offers its participants 30 per cent growth rate per month for each and every donation they make into the system… MMM belongs to the community, its sustainability depends on the activities of the people that make up the MMM Nigeria community, that is me and you and other MMM Nigeria participants,”

Typically, what promoters of such pyramid scheme do is that they offer rates far beyond what is obtainable in commercial banks. This would always attract a lot of people who would always rush in to stake their funds. But, those who join the scheme late would always be the ones to lose their shirts as they would have been convinced by those that joined earlier to invest huge amounts of money.