While many youths are ‘wailing’ and ‘whining’, one Paul Samson is cashing out big from Nigeria’s recession. He has started Cool Naira, a pyramid scheme that works in a similar way to MMM Nigeria.
He understood the benefits he is getting and why the recession has been good to him. He is bold enough to say that Cool Naira, “Is The Best Way To Make Cool Cash As Nigeria Economy Faces Imminent Recession!”
However, Cool Naira is a pyramid scheme with a touch of a Ponzi Scheme. It has nothing to do with MLM because there are no product, goods or services sold to anyone.
According to data released on the website, the scheme is claiming to have paid out NGN8,13 million, with 64,288 active members. It also claimed that it registers about 500 people per day (estimated data). PageOne.ng cannot independently verify the his claims.
To join Paul Samson’s Cool Naira, all you need to do is to pay any amount from NGN1000 to NGN10,000. Cool Naira then promise all its affiliates/members that it will pay 50% of whatever their preferred member pay into the scheme.
As analysed by BehindMLM, Cool Naira is also not truthful in how it goes about calculating what it gives its members/affiliates:
When a Cool Naira affiliate recruits a new affiliate, they earn 50% of the fees paid by the new affiliate.
Note that this is capped based on how much the recruiting affiliate themselves paid.
Ie. ₦1000 NGN affiliates can only earn ₦500 NGN, regardless of whether their recruit a ₦6000 or ₦10,000 NGN affiliate.
Ownership of Cool Naira
As for now, Paul Samson is the only person linked to Cool Naira according investigation by BehindMLM. He has no MLM and or pyramid scheme knowledge.
He is running the pyramid scheme under the name: Gcyber Technologies, with the address: Warri, Sapele, Oghara, Warri Delta State (South South Nigeria). Since he is using a reseller hosting for the site, there limited information that can garnered from his hosting details.
However, Paul Samson registered the domain Coolnaira.com with liquidnetlimited.co.uk on the 29th of March, 2016. He also claimed that he registered G-Cyber Technologies as a “professional web and ICT business firm registered under Corporate Affairs Commission (CAC BN 2453653)”.
Some people suggest that Paul Samson might one of the many ‘Guiders’ (top cadre) members of MMM Nigeria. He is suggested to have made huge amount from MMM Nigeria.
His case is similar to many MMM Global members who have since gone ahead to start various pyramid and Ponzi Schemes mimicking MMM Global. Such cases includes: MMM United, MMM West Africa, Givers Forum and many others.
There is no value created by Cool Naira and anyone in the scheme. As a usual pyramid scheme, it is the last people who get it that will hold the bag full of nothing.
Paul Samson will be cashing out 5% of every amount paid into the scheme. A pyramid scheme critic told PageOne.ng that Cool Naira is just another scam that will lose steam anytime soon.
“The scheme is also owned and controlled by him alone. He has the levity to blank out the site anytime he thinks things are no longer ‘jelling'”, he added.