How do these scams end up here?


On several occasions, Ugandans have been conned by grand scams that started by promising them quick financial growth. These have ranged from pyramid schemes, network marketing to unfortunately, massive giving in churches that close as and when they collect just enough for them to run away and open up in another location. The most unfortunate bit is that these scams are always perpetrated by so the called elites, who seem to be at a higher level of understanding and yet in actual sense, lack financial literacy. Many have been duped from earning from online investments to purchasing items such as ipads to which you start earning a monthly dividend all your life.

With the high unemployment rate, may Ugandans especially the youth are prone to fall prey of these scams because they want to earn income as fast as possible to sort out life needs. Unfortunately, these scams have continued to thrive at the watch of the authorities-even when alarms have been raised by individuals. I have noted that different entities such as the Capital Markets Authority and Bank of Uganda have issued notices on the same, again through internet and newspapers and yet the majorly affected Ugandans do not use these media. I would expect that these authorities follow up these scams to the latter rather than just issuing statements and notices. They need to protect the tax payers from wasteful ventures.

The church, unfortunately has been infiltrated by these grand scam schemes. I have received several cases where people have given their entire annual pay to the so called men of God, "sown" all their businesses capital, school fees, salaries in the "ministry" leaving their children sit home with no fees and their business crumbling, again, with no divine intervention.

I therefore call upon Ugandans to be cautions of these schemes and to only invest after receiving professional advise and after conducting thorough due diligence. Don't be in a rush to invest in any company without inquiring about its legal status, whether it is listed on the stock and securities exchange among others. Also, we need to be cautious of fake pastors and churches that are only interested in your money! They ask you to give all your money and stay at church all day praying while the pastors go out to work and visiting their children at school. You will remain poor.

By:
Michael Aboneka Jr.

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