Babajide Duroshola, the General Manager of M-KOPA Nigeria, has raised concerns about the growing number of fraudulent Forex tutors exploiting unsuspecting Nigerians. In a recent post on his social media platform, Duroshola criticized the trend, describing many of these so-called experts as fraudsters preying on people’s desperation to make quick money.
“Una no dey hear word about this Forex thing! Many people are just fraudsters pretending to be experts,” he wrote on X (formerly Twitter).
Duroshola questioned the credibility of individuals claiming to teach Forex trading, pointing out that even major banks invest heavily in technology and expertise to navigate the complexities of foreign exchange markets. “Do you know how much money and engineering investment banks spend on Forex trading? Yet, someone with just four screens and chatting online wants to teach you? It’s hilarious!” he added.
The Rise of Forex Scams in Nigeria
Forex trading has gained significant traction among young Nigerians seeking alternative income streams. However, this surge in interest has also created fertile ground for scammers posing as tutors. These individuals often promise quick success with minimal effort, luring victims with flashy advertisements and unrealistic claims.
Many of these tutors provide little more than basic instructional materials, leaving their students ill-equipped to navigate the volatile Forex market. The allure of quick riches, coupled with economic hardship and a growing “tech-bro” culture, has made many young Nigerians vulnerable to these schemes.
Prince Sokwaibe, a seasoned Forex trader, echoed Duroshola’s sentiments. He attributed the prevalence of scams to greed and a lack of proper understanding among aspiring traders. “Trust me, Forex is more stable an investment than crypto. The way it’s been taught and advertised is the problem. The talking and publicity are majorly from scammers. They are the ones mostly talking about it,” Sokwaibe explained.
He revealed that he had fallen victim to fraudulent tutors multiple times before gaining a deeper understanding of the market. According to him, many of those who introduced Forex trading to Nigeria were brokers primarily interested in making quick profits rather than educating traders. This approach has since devolved into outright fraud.
Sokwaibe also highlighted how brokers use aggressive marketing tactics, often enlisting influencers like comedians and skit makers who have little knowledge of Forex trading. These brokers lure people in with promises of turning small investments into massive profits, only for most participants to lose their money due to inadequate training and understanding.
“This pyramid scheme-like arrangement keeps spreading because those who lose money are often recruited to bring in others,” Sokwaibe added.
The consequences of falling for these scams can be devastating. Nigerian comedian Mark Angel recently shared his harrowing experience after losing $3.7 million in a failed Forex investment. The loss left him drowning in debt and battling depression.
“I trusted the wrong hands in Forex and lost all my money. Nobody knew except my family and closest circle. The weight of the loss was suffocating,” Angel revealed.
As Forex trading continues to grow in popularity, experts like Duroshola are urging Nigerians to exercise caution and seek credible sources before venturing into the market. While legitimate opportunities exist, they require significant knowledge, discipline, and risk management—qualities often overlooked by fraudulent tutors promising overnight success.
Forex trading may hold potential for financial growth, but without proper education and guidance, it remains a risky endeavor that could lead to significant losses.
