Stay away from Boonbuy Network Ponzi scheme

DFSA

Another Bitcoin scam has landed on the Nigerian Internet space. If things go as planned, owners of Boonbuy Network Bitcoin Ponzi will have another ‘home run’ like its predecessors that wrecked millions.

However, for all it is worth, owners of Boonbuy Network aka BBN will make you believe they are in into a legitimate business that has come to put smiles on the faces of its investors, clients, customers or whatever name they prefer to call their ‘suckers’.

A brief visit to prominent blogs and highly-visited websites across Nigeria will give you ‘goose bumps’. Owners of Boonbuy Network have unleashed a war-chest of millions in Naira (NGN) to promote their agenda. Their marketing campaigns have been distilled into public relations, banner placements and other premium partnerships. They have simply ‘put their money where their mouth is’.

To evaluate how the scheme works is worth it, at least to those who still believe this is another ‘messianic’ scheme that will take them out of poverty to a life of financial independence.

Why you need to stay away from Boonbuy Network
In their words promoters of the scheme said their ‘goal is to make money available for businesses like yours to grow. Boonbuy Network is your personal financier for business and empowered living. BBN Network is just right for you if you’re ready to; + Own your home. + Acquire a new car. + Stock your store with products. + Pay your ward’s school fees. + Take that dream vacation’

This mantra is a ‘broken record’ in the Ponzi scheme underbelly. Every new scheme is always out to claim financial independence and give a new lease of life to their investors. However, the story beomes more familiar as they claimed in their next sales pitch that:

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‘Our business model won’t work for you if you’re looking for – A Get-rich-fix. – A Ponzi scheme. – An MLM franchise. Now that we’ve gotten that out of the way, let’s move on to some interesting stuff. The people we are looking to partner with are rational, pragmatic, logical, and curious-minded. People who want to make a difference, people who want to ride against the tide; people who don’t like to keep up with the Joneses. People constantly doing a reality check. If that’s you, by all means please read on’.

The statement above will probably make sense to you if you are not conversant with their drift. Every new scheme usually tries to ‘demarket’ other competiting scheme in order to play the ‘devil’s advocate’ and be seen as the ‘good cop’. A proper financial services provider will not as a matter of professionalism and self-regulation take a ample content on its website and marketing materials to take a jab at other providers in order to convince customers and investors they are genuine. This is a red flag that should scare anyone away.

Just another Bitcoin scam?
Going to the more serious part of its claims, Boonbuy Network claimed to be a platform for Booncoin investment and trading. This means the scheme is at the same time pushing its own ‘Ponzi-currency’ called ‘Booncoin’. Whatever that means, there is no genuine digital currency called Booncoin.

As you must have heard everywhere, Bitcoin is a proper digital currency that has no correlation with ‘Booncoin’ or whatever investment scheme they claim to be offering to their investors. There are other digital currencies such as Litecoin, Ethereum and others. Do your research todoy and do not be afraid to ask questions from inpendent but knowledgeable people (mostly licensed financial advisers) when doubt.

First, the scheme has no proof that it is a digital currency. It has no genuine digital currency exchange where anyone can buy or sell the digital currency. As at the time of writing this article, there is no genuine local Bitcoin or indigenous digital currency exchange in Nigeria.

As a matter of fact, Bitcoin is not a legal tender in Nigeria. It is not accepted as a means of payment across all-banking and non-deposit financial services providers in Nigeria. You can read more here on the Central Bank of Nigeria’s ban on all digital currency transactions in Nigeria’s financial system. Note, this does not mean having Bitcoin or any genuine digital currency is illegal but it cannot be bought or accepted by any licensed financial institution in Nigeria because there is no legal framework for digital currency in Nigeria.

On the claim that its investors can invest in the scheme in exchange for its Ponzi currency/points called Booncoin is another major red flag. There is no rationale behind the creation of the coin or point. The aim is to give investors the false impression that their funds are are appreciating in value. In the real sense of things, owners of the scheme are using a SQL database that its promoters willl simply be tweaking the value of the coins at the backend.

False claims, false hopes
Without any proof, Boonbuy Network claimed it started operations since 2013. That is like several years before MMM Nigeria was created. In late 2015, MMM Nigeria was introduced by this individual and another self-styled super guider. Together with thousands of other promoters, many Nigerians lost over NGN80 billion in actual invested funds. The coming of Boonbuy Network is a ‘revisionist’ strategy that will swindle more people in its wake.

Owners of the scheme will always win, investors will alwways be on the loosing end. Ponzi scheme always collapse no matter the ‘sugar-coating’ done to it. Nigerian authorities have refrained from clamping down on such schemes. Apart from not having the technical capacity to do so, the Internet space has become a haven for many schemes of this nature, a proper strategy is needed to fight them not with usual arrest or threats but from their enabling systemsand core ideologies behind them.

P.S: You can read more here about list of Ponzi schemes you should stay away from. It is not everything but a good start for your to learn more and do your research.

4 thoughts on “Stay away from Boonbuy Network Ponzi scheme

  1. No comments on your post so far, after all those long speeches. You are just ignorant because you are a victim of MMM. You didn’t even give a specific reason to why they are scam, you were just dilly dalling. You made this stupid post just for people to notice your boring blog and am glad you found me. First of all, what you call a ponzi scheme is registered by CAC and FIRS, they have office in Itire surulere and ikeja, where you can see the staffs, with your naked eye. I know organizations who get loans from them and pay high interest, that is where they get there commission from. So if you want to create panic, go to he TV station so I can see your face, if not, your blog is scam.

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