A growing trend among university students has sparked alarm, as a so-called “billionaire scheme” lures young people with promises of quick wealth, only to plunge many into financial debt, emotional stress, and in some cases, prostitution.
The scheme, circulating largely via social media platforms, encourages students to invest small sums of money with the promise of high returns within weeks. Marketing materials often highlight “success stories” of young individuals who allegedly became millionaires, creating a mirage of easy financial freedom.
Investigations reveal that participants are required to recruit peers, contributing to a multi-layered network reminiscent of pyramid schemes. Students report being pressured to make high-stakes investments or risk losing social credibility, with some resorting to sex work or other high-risk activities to raise funds.
University authorities and financial experts warn that the scheme preys on vulnerable young adults, exploiting their desire for economic mobility amid rising tuition fees and living costs. “It’s an illusion,” said a campus counsellor. “These schemes offer false hope and can ruin lives emotionally, financially, and socially.”
Law enforcement agencies have begun tracking and warning students, emphasizing that participation could constitute criminal liability under Nigerian financial regulations. Activists are calling for stronger awareness campaigns, parental involvement, and stricter oversight of social media promotions to protect students.
Sources
Interviews with affected university students
Campus security and counselling offices
Nigerian financial regulatory authorities
Social media monitoring reports
