multi million PML, how crazy is this? Scam, or possibly real?

Question

We have been approached by a millionaire from Nigeria. I have ran a check on him and he is indeed wealthy, if he is who he says he is. He has approached us with a multi million dollar loan offer. Seems bogus, and not sure why anyone would loan that much. I have had some legal advice on the loan papers, and everything seems in place. If he is who he says he is, it seems logical for him to loan us the money. He will make a lot more interest lending the money than investing any more in his country, or from the banks there. I am concerned with it being a scam, but not sure what purpose he would gain in doing this. Is the only thing I can do to protect us is to take it to a lawyer and let them handle it? Has anyone else ran into a large loan initiated from a person abroad. How do you close on such a loan? My concern is signing the papers and not getting the money. I don't see how he could do anything if he doesn't actually loan the money. Looking at it as "if it's too good to be true, it isn't real". Any input on this would be appreciated.

Account Closed · Answer

Terry:  how were you "approached" by this person?  Why did he select you and your business to loan millions to? Do you have anyway to vet the communications you are getting as actually coming from the person who has the assets you've checked out?

Do not give any bank information to this person. A multi-million dollar loan?  Absolutely let an attorney handle the details and and the escrow.  Even if the person really has the money to loan, there are all kinds of issues with high dollar amounts coming into the country, and being deposited into your account. Those kind of wire transfers generate govt scrutiny of everyone involved.

Keep us posted!

Terri Lewis · Answer

Thanks everyone. You have all had some really great, and interesting knowledge regarding this topic. He hadn't asked for any personal info yet, but somewhere in the process I would have to give him bank information and that's what really concerned me. I had already done a ton of google searching and checked out the email. Everything passed with flying colors. He owns or owned 7 gas stations there. I saw where 3 were up for sale in 2012. I worried about it though, too easy is not the best thing very often.

Account Closed · Answer

Did he ask for an upfront fee?

Joe Gore

Jerry W. · Answer

I went to college with a person from Nigeria and their country is a different world almost.  He told me you had to pay a bribe to get a government job every month you kept the job.  Then that job would would let you use it's authority to extort money from others to make money for yourself.  It is an art form.  Example the checkout guy at the airport.  If you do not bribe him he will keep you held up for days, and your luggage will most likely be ransacked or damaged.  A master swindler there is like a pro athlete in our country.  The government set up a program for farmers to get a loan for another ox etc to increase crop production.  They had to stop it, all that happened was that the farmers bought more wives with it.  Keep that in mind if you deal with someone from Nigeria.

Joel Owens · Answer

On the Nigerian thing I have also seen China and other areas send spam e-mail with a legitimately wealthy person there they are impersonating.

A quick way is to take the e-mail you get and copy it and then go to google.com and paste it. Generally you will see tons of posts about it being a scam etc.

Joel Owens · Answer

I can tell you on the commercial real estate side when I have foreign clients buying here the lenders do not like seeing buyers from certain countries.

The reason is those areas are notorious for money laundering, scams, or terrorist activities, etc.

Some countries do not have taxes which makes it even more difficult here for commercial lenders to assess the borrower for loan purposes.

Dawn Anastasi · Answer

Does this person happen to be a Nigerian prince?

Anthony Aguillard · Answer

Not to say that all Nigerian are scammers. Nigeria is well known for being the home of well educated and experienced scammers. They have some of the best in Nigeria. I would not release any of my personal information to someone I don't know. It could end up in the wrong hands. Good luck.

Terri Lewis · Answer

That was what I was also wondering. If the county is common for scams. I also could wrap up time and money, checking it out, that could be put to good use elsewhere. Weird though he is wanting it to be handled by a third party here. Just not wanting to come here to do so.

Pete T. · Answer

I would pass