Nigeria has continued to experience an outrageous rise in investment scams since the MMM Saga that was launched in 2015 and later crashed leaving so many people in pain and heartbreak, some people even went as far as committing suicide due to the debts incurred in a bid to invest in the Ponzi platform.
Since the MMM incidence of 2015, one would think that the average Nigerian will stay clear of investment schemes with similar structures and modus operandi as MMM but our guess was wrong. As new Ponzi investment schemes spring up, people still go ahead to invest their hard-earned resources into them.
One such scheme that left thousands of Nigerians in pain is Racksterli, founded by Michael Chidiebere Oti, popularly known as Black Gold.
The dubious investment platform was established during the 2020 Covid 19 pandemic that left many Nigerians in search of quick means of making money to escape the economy that was biting hard as a result of the pandemic.
It was perfect timing to scam desperate Nigerians of their hard-earned money.
The platform started with about 2114 members and had mouth-watering packages available for every “investor” from the lowest tier to the highest, little wonder people fell for the scam.
Racksterli’s mode of operations
According to Racksterli’s mode of operations, the investment pays registered members for promoting products through their social media accounts by sharing business adverts across one social media handle. It took the form of an advertising company which helped people promote their products and in turn paid the promoters a commission.
Like its other predecessors, Racksterli came with so many juicy promises that even the smartest of men might fall for. The scheme’s Return on Investment was around $1.9 and $3.9, that’s about 57% or 117% monthly depending on the package one is registered with.
Racksterli Investment Packages
The platform had several packages that suit every pocket size. The packages lasted only for 30 days after that, one will need to renew that package to be able to benefit from it. The packages and their promised return on investment are
- Standard package Price – ₦14,000 ROI (₦21,660)
- Premium Package Price – ₦28,000 ROI (₦44,460)
- Platinum Package Price – ₦56,000 ROI (₦88,920)
- Gold Package Price – ₦112,000 ROI (₦177,840)
- Diamond Package Price – ₦280,000 ROI (₦444,600)
- Ruby Package Price – ₦560,000 ROI (₦848,388)
- Emerald Package Price – ₦1,120,000 ROI (₦1,690,000)
- Pearl Package Price – ₦2,800,000 ROI (₦4,177,340
- Jasper Package Price – ₦5,000,000 ROI (₦7,379,600)
- Sapphire Package Price – ₦10,000,000 ROI (₦14,820,000)
- Topaz Package Price – 20,000,000 ROI (₦29,319,660)
Roles of influencers in Promoting Racksterli scam
Apart from the jaw-dropping return on investment promised by the scheme, one other factor that promoted their activities and gave the scheme wider reach and engagement was the endorsement of the scheme by some prominent Nigerian celebrities and other influencers.
Most of the people who invested their resources into this scam did so simply because they saw or read where their favourite celebrity endorsed the platform. Michael Chidiebere Oti, the mastermind behind the platform leveraged the popularity of top Nigerian celebrities and influencers which include Afrobeats Super Star, Davido, Actress and popular TV host Nancy Isime, and Nollywood actor Williams Uchemba among others.
The Crash
The platform claimed that the money incurred from the different tiers of registration was invested into real estate and other investments and proceeds from it were used to pay every partner’s Return on investment at the end of every month.
However, troubles started when the company could no longer pay partners their accrued return on investment as the number of people registering was far lesser compared to the number of people making withdrawals and there was no money to pay off old partners.
Typical of a Ponzi scheme, Racksterli employed the delay tactics game on partners. They were reassured of the need to remain calm as their payments would be made. Well, it’s over one year now, and there’s no news of refunds or payments of any form made.
The amount lost to this scheme cannot be accounted for and victims are still counting their losses to date.
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