COTONOU, Benin • More than a hundred thousand people in the tiny West African nation of Benin have lost their savings in a Ponzi scheme run by a now-defunct company that appeared to be publicly endorsed by the country's president.

The government said in a statement last month that more than 130,000 people gave their savings to Investment Consultancy and Computering Services. Together they lost more than $130 million, the statement said. In Benin, a country of 8.7 million people, the average yearly income hovers at $750. Many lost months to years of savings in the scam.

The corporation was registered as a nonprofit computer service company and was operating illegally as a banking institution. ICC was forced to close on July 1, and more than a dozen of its employees were jailed.

President Boni Yayi appeared on television with ICC managers. Television news shows showed Yayi and other top government officials posing alongside the managers of the investment firm. The images were reproduced on T-shirts.

While investors interpreted Yayi's presence as an endorsement, the president did not officially speak in favor of ICC.

"This is a private affair between a business and its clients," said spokesman Candide Azanai.