Some time ago, a young Pastor invited my friends and I to attend an investment seminar that was held in a hotel. He told my friends that there would be investment opportunities that would give 3 percent returns every day.
He said that the investment company was a reputable international company with a track record of results. When the Pastor sent the invitation to me through my friends, I knew proudly that it was a scam.
I am an experienced, certified Finance Coach with an in-built scam detector gotten through deep studies and training. As such, I refused to attend that seminar because I considered it a waste of time. More so, I was preparing for my CFA exams.
Of course, my friends saw me as “I too know.” And the Pastor saw me as a rebellious person. It was as if I was the only one who had made a covenant with poverty. I wished them all the best as they all attended the seminar.
On the day of the seminar, they gave them branded shirts and caps.They even served them refreshments. My friends and the Pastor put their money into the investment.
One month after, stories began. From one excuse to the other. The company kept feeding them with false hope. It took some time before they all realized that they had been scammed. I laughed as the drama ended in tears. I’m sure that many of his followers and sons-in-the-Lord were also victims of this scam.
Religious leaders are very influential. Often times, because they make their personal opinions look like a factual statement, the congregation, most times, do not make further research or conduct deeper studies. Most times, when a religious leader teach about money and investment, they speak deeper than what they know and unfortunately, they do so in absolute terms which may be grossly misleading for a congregation that takes everything hook, line and sinker.
Religious leaders may speak out of perspectives and experience to the degree that they know. Financial subjects are risky topics that should not be taught by religious leaders who have no expertise in finance. It does more harm than good.
This reminded me of a popular Ponzi investment in the year 2020. Quintessential Investment promised some too-good-to-be-true returns. It was almost difficult to believe that were scams. The CEO of the company portrayed himself as a religious person.
Mehn…You need to see him on Instagram Live. He gave Jesus boy vibes. He played solemn gospel songs in the background. He prayed before and after starting the live video. He never stopped mentioning “by the grace of God.”
People trusted them and invested their money. It wasn’t until kasala burst before people knew that it was a scam. Hard-earned money of spirt-filled, but financially ignorant people wasted.
Your pastor and imam though anointed can be wrong in investment matters. Ponzi investment companies have become more sophisticated than ever. Prayers and fasting can never substitute financial knowledge.
Religion sells more and faster in Africa.
An average African consult his Pastor or Imam for virtually every decision in his life, including investment decisions. Ponzi investment companies know this and that is why they integrate an element of religion in their marketing strategy. And it works like magic.
Ponzi investment companies hide under religion to scam people. Some religious leaders foolishly endorse and advertise these companies publicly on their pulpits. Unfortunately, they do so with so much authority and ‘anointing.’
Because Africans trust their religious leaders more than they trust their common sense, they keep falling for these ponzi scams.
Papa may be filled with the Holy Ghost, but Papa is NOT an Investment Consultant. Apostle may be the National Treasurer of CAN or PFN, but Apostle is NOT an Investment Consultant.
Alfa may be a First-Class Accounting graduate or the founding father of NASFAT; Alfa is NOT an Investment Consultant. Imam may see visions accurately; Imam CANNOT see the signs of a Ponzi investment.
Follow who know road.
Paying an Investment Consultant is cheaper than paying a Lawyer.As my friend Bosun would always say, “It is better to use your money to enjoy catfish pepper soup with cold Goldberg than to lose it to Ponzi Investment”
Confused about your business, money and investment? Speak to a reliable Consultant today.
Kingsley Ndimele
Your Reliable Consultant