IMF Asks Nigeria, Others To Charge VAT, Capital Gains Tax On Crypto Assets

Financial Trainer Condemns Greed, Quest For Cryptocurrency

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A financial market trainer, Raymond Akam has accused Nigerians of being greedy and corrupt, and always looking for ways to multiply their money in a fast way.

Speaking with Prime Business Africa on Thursday, Akam said most Nigerians are corrupt and greedy and these are the underlying factors for venturing into fast paying schemes of making money.

He said the poor state of the economy has made it difficult for Nigerians to want to learn how to invest properly in profitable businesses.

According to Akam, “we are basically all about the profit, nothing more, nothing less.”

“There is, therefore, a need to get the right information that will help people invest wisely and not from the viewpoint of greed.

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In what seems a swipe at cryptocurrency companies, Akam wondered why people believe in fast money making ventures.

“How can somebody tell you to put your money into a scheme, that you will make 100% profit or turn over in less than six months and you believe such a person?

“Have you asked what business they do; did you do your background check or findings? Don’t let fraudsters continue to thrive on your ignorance; get information about the financial market and make investments there.”

Akam made the statement at the 5th Award ceremony of the Fight Against Corruption Organisation (FACO) held at the Welcome Centre Hotel, Lagos, on Thursday.

But cryptocurrency Expert, Ben Ezirim, disagreed with Akam, stating that there is no business without its own attendant challenges and cryptocurrency is not just a Nigerian thing but something practised all over the world

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“For those who understand the workings of cryptocurrency schemes, they invest and reap benefits from their investment without getting their hands burnt in the process. They don’t lose money, instead, they end up multiplying their investment.”


Ezirim explained that, though the Nigerian economy is bad, it is not the sole reason why people participate in crypto schemes.


He said: “nobody ventures into a business without planning to make a profit. Making a profit is the goal of every businessman. Dangote, Otedola, Innoson, all these big businessmen, are making a profit and that’s why they are still in business. If not, their companies would have folded up.”


He appealed to Nigerians to always get maximum information on businesses before investing so as not to lose their money.

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