Thousands of Nigerians are counting their losses after the collapse of NRC, an online investment scheme that operated as a Ponzi operation, allegedly trapping millions of naira belonging to unsuspecting investors. The platform's crash has sparked outrage on social media, with many victims sharing heartbreaking stories of lost savings and demanding answers.
When NRC Was Founded
Legit.ng gathered that the National Reading Culture (NRC) was founded in 2023 and claimed to have its headquarters in the United States. The platform operated through the website nrc.cc, which is no longer accessible at the time of this publication.
What NRC Required Users to Pay
According to the Daily Times, NRC required users to pay registration and VIP upgrade fees ranging from ₦18,900 to ₦174,000. These fees were mandatory for participation in the scheme.
How NRC Positioned Itself to Users
After the registration fee payment and VIP upgrade fees, users were expected to complete daily “reading” tasks to qualify for earnings and referral bonuses. The platform marketed itself as a literacy initiative but largely relied on deposits from members and a referral structure that promised unusually high returns.
What NRC Reportedly Promised Investors
Legit.ng learnt that reportedly NRC lured users with promises of doubling their money within a few weeks or yielding up to N6,000 daily and N25,000 in weekly returns. These promises attracted many Nigerians seeking quick financial gains.
What Online Investigators Found About NRC
Online investigators claimed that the NRC's now-inaccessible website had previously operated as a Chinese job-search platform before it was rebranded as a “read-and-earn” scheme, Daily Times reports. To deceive its unsuspecting investors, the NRC displayed a Corporate Affairs Commission (CAC) registration certificate and number. Before its crash, analysts had warned that there was little evidence of a sustainable revenue model capable of supporting the returns it promised investors.
