It was after waiting for the company’s response for a month that she realised she had been the unwitting victim of a loan scam that has so far conned thousands of people into parting with their money.

Raliat Adewunmi was one off those that applied for a loan from Royal Investment on November 1.

The company had allegedly given a misleading ad of offering loans under the World Bank's scheme with no file charge, no guarantor, and zero per cent interest.

The company promised to give between half a million and 3 million naira  to 10 million Nigerians who are expected to benefit from the alleged initiative.

The only requirements to be eligible for the loan was an application form at 1,000 naira and 2 passport photographs.

Adewunmi like many others who collected the form were told that they would be contacted within a few days for the next stage.

Officials of the company had told applicants that they would be invited for n interview to explain what they want to use the money for before the loan could be disbursed.

Days turned to weeks and weeks have turned to a month without any communication from the company.

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During this period, Adewunmi was constantly calling the numbers on the form.

That was the only way she could reach the company as it has no official address.

The venue where the forms were sold in Ikeja was rented for just that particular day.

Narrating her experience to Bounce News, Adewunmi said she took her time to find out more about the company but could not find any.

She, however, decided to give it a try. There’s no harm in trial, she must have thought.

To her like many others, who applied, one thousand naira is not too much to part with.

She said she became suspicious after the company failed to communicate with her and other applicants for weeks.

She said she was forced to call one of the numbers  one day and told the receiver that she wanted to cancel her application and have her money refunded.

“He said I would be re-imbursed, but that was the last time I heard from them.”

When Bounce News called all the three numbers on the form, noboby from the other end picked for days.

And when, somebody eventually did, he refused to disclose where the company’s address is, even when our reporter told him he was among those that collected the form.

He simply said 'you will be contacted.'

Further enquires were rebuffed.

While the number of those that collected the forms could not be ascertained, it is believed to be in the range of thousands.

Our correspondent who was on ground when the forms were sold saw thousands of people struggling to take the form.

As at the time of filing this report, an email sent to World Bank to ascertain its involvement in the loan scheme has not been replied.

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