The Dangote Group has raised the alarm over a Ponzi scheme in circulation alleging partnership between the “Dangote brand, Nestle, Cussons and other reputable food processing companies” in launching a multi-level marketing initiative that intends to “fight hunger, poverty and stop recession” by paying participants in food.

“Contrary to the publication widely circulated on social media and mobile instant messaging application, the Dangote brand is neither the initiator nor a partner to the ‘Happy World Meal Gate’ Ponzi scheme and strongly warns the public against participating in such malicious schemes aimed at defrauding unsuspecting participants of their hard earned money,” the Chief Corporate Communications Officer at Dangote Group, Mr Anthony Chiejina, said.

“The faceless entities behind the scheme have sought to achieve cheap legitimacy by associating themselves with the Dangote brand and other reputable multinationals and efforts are ongoing to track and prosecute these for unlawful use of our brand name,” Chiejina said in a statement issued on Monday morning in Lagos.

He added that as it is with other Ponzi schemes, any pyramid recruitment scheme with all mathematical permutations always leads to a dire end for participants who end up losing money. He therefore advised the public to verify any information about the brand on its official website, www.dangote.com.

“Happy Meal Gate” follows a growing list of Ponzi schemes in Nigeria since the country slipped into recession, targeting the most vulnerable and poor in the country, capitalising on the harsh economic condition and overtly-inflated food prices in the market and promising people immediate financial freedom.