By Jensen Brian Abass Cummings
“Investing wisely requires due diligence, scepticism, and a keen understanding of the risks involved. Greed and hasty decisions often lead to regrettable consequences.”
In the annals of financial history in Sierra Leone, the dubious acts of certain companies have left the citizens grappling with the consequences of their own greed and lack of due diligence. Wealth Builders and QNet, two entities that promised quick riches, have etched a painful chapter in the hearts of Sierra Leoneans.
History: Unveiling the Dubious Acts of Wealth Builders and QNet
Wealth Builders and QNet emerged on the scene, dangling the prospect of immense wealth before the eyes of Sierra Leoneans. Their promises of financial prosperity, coupled with flashy advertisements, lured many into a web of deception.
In the not-so-distant financial history of Sierra Leone, the emergence of Wealth Builders and QNet marked a chapter marred by deceptive practices and the exploitation of the aspirations of its citizens.
The Rise of Wealth Builders: A Promise of Prosperity
Wealth Builders entered the Sierra Leonean scene with grand promises of prosperity and financial success. The company, shrouded in an aura of legitimacy, enticed individuals with the prospect of quick and substantial returns on their investments. The allure of escaping financial hardships and achieving instant wealth became the driving force behind many Sierra Leoneans’ decisions to engage with Wealth Builders.
QNet’s Deceptive Charade: An Illusion of Opportunity
QNet, another player in this financial drama, employed a similar playbook. Presenting itself as a direct selling company dealing in a variety of products, QNet enticed Sierra Leoneans with the notion of financial freedom through a seemingly legitimate business model. However, beneath the surface, a more sinister agenda unfolded, preying on the vulnerabilities of those seeking a way out of economic challenges.
The Greed Epidemic: A Desperate Pursuit of Quick Wealth
Sierra Leoneans, like people elsewhere, are not immune to the allure of quick wealth. The rapid acquisition of riches has become a societal obsession, fueled by desires for a luxurious lifestyle, societal status, and a means to escape poverty. Many fell prey to the promise of instant wealth, blinded by the illusion of an easy fortune.
The Selfish Pursuit and Unethical Means
In the pursuit of wealth, selfishness took center stage. Individuals sought to enrich themselves by any means necessary, even at the expense of their fellow citizens. The lack of ethical considerations allowed companies like Wealth Builders and QNet to exploit the desperation of the people.
Fictitious Income and Supernormal Profit: A Mirage of Prosperity
The victims of this financial debacle received income that proved to be nothing more than a mirage. Fictitious promises of supernormal profits led many down a path of financial ruin. Economists might label it as supernormal profit, but for Sierra Leoneans, it was a bitter lesson in the consequences of blind trust in dubious ventures.
Airtel and the Lack of Financial Authorities Oversight
The use of the Airtel platform played a role in the success of these fraudulent schemes. While other apps also facilitate such transactions, the focus on Airtel may indicate a lapse in financial authorities’ oversight. The Sierra Leone financial authorities must be more vigilant in monitoring and regulating such activities.
The Role of Registering Authorities and Transparency
The registering authorities must take a proactive approach by regularly publishing data on registered businesses in Sierra Leone. Transparency is key to exposing illegitimate operations and safeguarding the interests of the public.
Lack of Known Investment Risks and Opportunities
One major issue is the lack of awareness regarding investment risks and opportunities. Sierra Leoneans need access to reliable information and education on making informed investment decisions.
Solutions and Advice:
- Educate the Public:
Launch widespread educational campaigns to inform citizens about the dangers of get-rich-quick schemes and the importance of due diligence in financial decisions.
- Strengthen Financial Authorities:
Equip financial authorities with the necessary tools and resources to monitor and regulate financial transactions more effectively.
- Enhance Transparency:
Implement measures that compel registering authorities to publish regular, transparent data on registered businesses, fostering accountability.
- Promote Ethical Investments:
Encourage citizens to pursue legitimate investment opportunities that contribute to long-term economic growth rather than falling for schemes promising unrealistic returns.
In Conclusion:
A Call for Financial Prudence
Sierra Leoneans must learn from the painful experience with Wealth Builders and QNet. The pursuit of wealth should be grounded in prudence, research, and ethical considerations. In the words of wise investors, “Invest wisely, and let the fruits of your labor be the result of careful planning, not hasty decisions.”
Copyright –Published in Expo Times News on Wednesday, January 31st, 2024 (ExpoTimes News – Expo Media Group (expomediasl.com)