Business
MTFE ponzi scheme platform crashes with over $1bn investors’ money
The Metaverse Foreign Exchange Group (MTFE), codenamed one of the biggest ponzi scheme of the century has now been shut down after it successfully duped unsuspecting investors with over a staggering $1 billion dollars.
In a harrowing turn of events, Nigeria has been rocked by what is now known as the MTFE Ponzi scheme, an audacious crypto fraud that duped unsuspecting investors out of a staggering $1 billion. Most tragically, the majority of victims hail from the northern regions of the country, according to Binance reports, serving as a grim reminder of the critical role that knowledge plays in safeguarding oneself against Ponzi schemes and fraudulent crypto projects.
Ponzi scheme investments have become so popular lately globally and especially in Nigeria. It is becoming more and more popular everyday and making victims of unsuspecting people who wants to gain ridiculous returns by just “investing” their funds and enjoying.
I remember when MMM came into Nigeria and many people lost millions of naira into the scam scheme. Then I warned many of my friends against investing the ponzi scheme but many of them refused. I told them it’s a ponzi scheme that is only paying their investors from new funds collected from new investors, but they refused to listen until many lost all their funds.
What is MTFE?
Not much is known about MTFE online if you search through the web. But I found out that the ponzi scheme has an app on Google Play Store. The full meaning of MTFE is Metaverse Foreign Exchange and it is described by many platforms online as a trading platform for forex, commodities, stocks and cryptocurrency.
MTFE claims to be a trading service provider for online investment in foreign exchange, commodities, stocks, stock indexes and other products. Through the platform, you can use different leverages to trade common products in the international financial market.
Medium describes MTFE as an online trading service provider for financial investment products such as foreign exchange, commodities, stocks, stock indices, and encrypted digital currencies. The platform claims to be a form of regulated market operating in the European Union and designed to provide a transparent and efficient market for the trading of financial products.
However with all the above falsehood claims, it is now clear that MTFE is a ponzi scheme and a fraudulent investment platform.
The MTFE Ponzi Scheme Unveiled
The MTFE saga, which has left a trail of financial ruin and heartache, showcased the dark side of the cryptocurrency world. Luring in eager investors with the promise of unparalleled returns, the orchestrators of the scheme capitalized on the prevailing curiosity surrounding cryptocurrencies. Operating under a veneer of legitimacy, the Ponzi scheme exploited the lack of awareness and financial education among its victims.
MTFE: A Regional Tragedy and a Global Wake-Up Call
What sets the MTFE Ponzi scheme apart is the alarming number of victims from Nigeria’s northern states. In these areas, access to reliable information and financial literacy resources is limited, rendering people vulnerable to exploitation. This grim reality underscores the urgent need to equip individuals with the knowledge necessary to navigate the treacherous waters of cryptocurrency investments.
The Lessons of MTFE: Knowledge is the Ultimate Defense
Discerning the Genuine from the Fraudulent: In the chaotic crypto landscape, knowledge is the beacon that guides investors away from fraudulent projects. A sound understanding of blockchain technology, market dynamics, and due diligence empowers individuals to identify red flags and steer clear of Ponzi schemes.
The following are key lessons and take aways from the MTFE ponzi scheme.
Mitigating Risks: Armed with knowledge, investors can accurately assess risk levels and make informed decisions. Understanding the volatile nature of the crypto market helps individuals protect their assets and avoid falling victim to the allure of get-rich-quick schemes.
Emotional Resilience: The MTFE Ponzi scheme’s aftermath serves as a stark reminder of the emotional toll such scams exact on victims. Knowledge equips investors with the mental fortitude to make rational decisions, shielding them from falling prey to fear, greed, and FOMO.
Empowering Vulnerable Regions: By disseminating knowledge and promoting financial literacy, we can empower individuals in underprivileged regions to make informed choices. Education is the ultimate antidote to exploitation, as it equips individuals with the tools to discern credible opportunities from deceitful schemes.
MTFE Ponzi scheme app is still registered on Google Play Store
VERY SERIAL investigation found out that this fraudulent investment platform is registered and still been hosted on Google Play Store as at the time of writing this report. Read its abridged profile on Google below:
MTFE is a trading service provider for online investment in foreign exchange, commodities, stocks, stock indexes and other products. Through the platform, you can use different leverages to trade common products in the international financial market. We provide customers with mobile app and web version trading platforms, and at the same time have very competitive transaction costs, customer investment training courses and a full range of customer service systems. Through MTFE, you can freely choose assets such as foreign exchange, indices, commodities, stocks, etc. As long as the market price fluctuates, it is possible to seize the opportunity to profit from trading.d with them.
However all the claims are false and fraudulent as has now been unveiled. We warn users and investors to be careful not to patronize MTFE or any other similar ponzi schemes. We also call on Google to immediately ban and remove the MTFE app from their play store.
Is MTFE a legit investment platform or a scam?
In a nutshell, MTFE is a scam and a fraudulent investment scheme. It is a ponzi scheme meant to dupe unsuspecting victims and genuine investors of their hard earned money. The platform had earlier been surrounded by numerous controversies over its dubious presence and operations but has been confirmed as a fraud scheme after investors lost over $1billion. Against this backdrop, members of the public are hereby warned never to invest any money in this pyramid schemes in order not to suffer heart attack.
Conclusion
The MTFE Ponzi scheme is an unfortunate chapter in Nigeria’s crypto history, but it serves as a rallying cry for change. Aspiring crypto investors must recognize the dire importance of knowledge in navigating this complex arena. By actively seeking education, staying vigilant, and relying on trusted sources of information, individuals can protect themselves and their investments.
In the aftermath of the MTFE debacle, we have a collective responsibility to fortify ourselves against future Ponzi schemes. Knowledge is not just a key—it’s a shield that guards against deception, safeguards financial stability, and paves the way for responsible and informed crypto investing. Let us learn from the lessons of MTFE and propel ourselves toward a brighter, more secure crypto future.
Business
31 electricity towers affected as vandals destroy transmission lines in Edo communities
The Transmission Company of Nigeria (TCN) says vandals in Benin, Edo state, have destroyed 31 transmission towers.
In a statement on Friday, Ndidi Mbah, TCN’s director of public affairs, confirmed that vandals attacked transmission towers in Okada and Ofosu communities along the 330kV Benin-Egbin and Benin-Omotosho transmission lines.
Mbah said the vandalised towers, which suffered significant damage with critical components removed earlier in November, were discovered by TCN linesmen during a routine patrol.
“A total of 31 towers were affected in this incident,” she said.
“TCN engineers from the Benin Sub-Region have initiated repairs to prevent the collapse of the affected towers and to avoid disruption of bulk power supply.”
‘AHOADA-YENAGOA LINE UNDER REPAIR TARGETED BY VANDALS’
Mbah also said its Ahoada-Yenagoa 132kV line, which was under repair following a previous attack, was once again targeted by vandals.
The TCN spokesperson confirmed that the attack, which occurred on November 19, affected towers 29 to 31 and resulted in the theft of approximately one-third of the conductor.
On August 14, TCN announced that Bayelsa state would face a prolonged power outage following the destruction of 13 transmission towers along the Ahoada-Yenagoa 132kV double circuit transmission line by vandals.
The transmission company, on October 29, reported that 65 percent of the damaged transmission towers had been repaired.
The company said 17 transmission towers had been successfully erected, with work continuing on the remaining three.
“A team of TCN engineers, led by Engr. Emmanuel Akpa, General Manager of the Port Harcourt Region, has conducted an inspection of the site,” the statement reads.
“Preliminary findings indicate that the incident occurred at night. In an attempt to prevent further theft while repair arrangements are being made, local security has been engaged at Ula Ikata in Ahoada East LGA to secure the site until repairs are completed.
“Additionally, the line will be energized from the Ahoada end as a preventive measure.”
Mbah added that efforts are underway to replace the stolen 250mm conductor.
Despite challenges posed by difficult terrain and flooding, she said the restringing of the Ahoada-Yenagoa 132kV line is approximately 85 percent complete.
The public relations officer stressed that the incidents underscore the urgent need to address the growing problem of vandalism and theft, which continue to affect Nigeria’s power infrastructure.
She urged the public to support efforts to tackle such criminal acts, which have hindered the expansion and stability of the national grid.
Mbah also called on security operatives and local communities to remain vigilant in protecting power infrastructure in their areas as TCN intensifies its efforts to safeguard its installations.
Business
NCAA issues aerodrome certification for Lagos, Abuja international airports
The Nigeria Civil Aviation Authority (NCAA) has issued Aerodrome Certification for Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja.
This recertification is a significant achievement, highlighting the ongoing improvements in the safety standards of Nigeria’s international airports.
The announcement was conveyed via a post on the official X (formerly Twitter) account of the Federal Airports Authority of Nigeria (FAAN) on Friday.
The Aerodrome Certificates were formally presented to the Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, by the Acting Director General of the NCAA, Capt. Chris Najomo.
“@NigeriaCAA just issued Aerodrome Certification for the Murtala Muhammed International Airport Lagos and the Nnamdi Azikiwe Airport Abuja. The recertification is a major boost and attestation to the continued improvements of the safety standard of our Airports,” the tweet read in part.
The certification confirms that Lagos and Abuja airports adhere to the strict safety, operational, and technical standards of the International Civil Aviation Organization (ICAO). This milestone is anticipated to enhance trust among domestic and international airlines, strengthening Nigeria’s standing in global aviation.
Business
Lagos state government plans traffic diversion in Ikeja for 10km Capital City Race today
The Lagos State Government has announced plans for a traffic diversion to accommodate the 10km Capital City Race scheduled for Saturday, November 23, 2024.
The race, which runs between 5:00 AM and 11:00 AM, will affect several major roads in the Ikeja axis, requiring motorists to explore alternative routes during the event.
A statement published on the official X (formerly Twitter) account of the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, on Friday, highlighted the affected routes.
These include Shoprite Alausa, Billings Way, Kudirat Abiola Way, Opebi Link Bridge, Allen Avenue, Adeniyi Jones, and Oba Akran Avenue.
The race will conclude at the Police College Sports Secretariat/Gym. Junctions and intersections along these roads will be temporarily blocked and manned by officials from the Lagos State Traffic Management Authority (LASTMA), the Nigeria Police Force (NPF), the Federal Road Safety Corps (FRSC), and the Lagos State Neighborhood Corps (LSNC) to ensure a smooth event.
“The Lagos State Government has announced that traffic will be diverted to accommodate the maiden edition of the 10-kilometer Capital City Race between 5:00 am and 11.00 am tomorrow Saturday, 23rd November, 2024.
“To this end, the following route starting from; Shoprite Alausa Ikeja inwards Billings Way to Kudirat Abiola Way, Opebi Link Bridge, Opebi Glo Tower inward Allen Avenue, Allen Junction, GTBank on Adeniyi Jones, AP Filling Station on Oba Akran Avenue, Samsung Authorized Service Centre to Police College Sports Secretariat/Gym will be partially closed off to vehicular movement.
“Consequently, all junctions and intersections from Shoprite Alausa Ikeja to the destination (Police College Sports Secretariat/Gym) will be blocked with barriers, manned by LASTMA, NPF, FRSC, and LSNC to prevent other road users access to the main race corridor,” the statement read in part.
The Lagos State Commissioner for Transportation urged motorists to remain patient as the road closures are part of the traffic management plan for the event. He added that intersections will be intermittently reopened as the race progresses to minimize inconvenience for road users.
Motorists are advised to plan their movements accordingly and cooperate with traffic officials to ensure the success of the inaugural Capital City Race.
In addition to the planned traffic diversion in Ikeja for the 10km Capital City Race, other traffic diversions are currently in effect across Lagos to accommodate critical infrastructure projects.
The Lagos State Government recently announced a 15-month traffic diversion at Mile 2, which began on November 11, 2024, to facilitate the construction of the new Transport Interchange Terminal. This project aims to integrate rail, bus, water, and non-motorized transport, addressing the city’s growing transportation needs.
The diversion affects Loop 1 on the Apapa-bound lane and Loop 4 on the Badagry-bound lane and will last until February 16, 2026. Motorists are advised to use alternative routes, such as Akinwande Road for Badagry-bound traffic and Durban Road for Apapa-bound traffic, to ease congestion.
Additionally, a three-month traffic diversion on the Marine Bridge, outbound Apapa, commenced on Monday, November 18, 2024. This diversion, set to run until February 25, 2025, is to allow for urgent asphalt repairs overseen by the Federal Ministry of Works.
Motorists heading toward Lagos Island are advised to use the Eko Bridge via Costain Roundabout, while those heading to Ijora Causeway or Iddo can navigate through Ijora 7up or other designated routes.
These diversions are part of ongoing efforts by the Lagos State Government to improve transportation infrastructure while minimizing disruption for road users.
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