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Recent Trends in Ponzi Scheme in Nigeria
03. July 2018 at 22:39
In an economy where it’s so difficult to earn a living, many Nigerians and Youthful Africans inclusive of fellows from my region in Warri, Delta state Nigeria has opted to try out their perceived luck on current ponzi schemes or latest pyramid schemes, with the hope of making huge profit.
The need to make it in life has always been a constant nagging in most of us, and so many struggle and the more ambitious ones struggle harder. Unfortunately, as much as we struggle there seems to be no light at the end of the tunnel and with the current situation in Nigeria many invest in any Ponzi scheme or pyramid scheme as they call it, to stay afloat.

The Ponzi scheme has always been called a scam with its unbelievable returns and its failings, right from Twinkas Ponzi to MMM and co. This made financial securities tighter to eradicate or bring to minimal. Though Ponzi schemes seem more secure but painfully, it gets more people to take its reins to lead more people than ever into financial destruction.

With the current situation in Nigeria, it is of no surprise that more Nigerians still dive into the pool of any new Ponzi scheme. I mean who would not want to make it in Nigeria? The said rise in ponzi schemes has plunged so many businesses into ta myriad of uncertainty. Reports from the oil city of Warri, Delta state, suggest that at least one person is now dead and many others suffering varying degrees of injuries due to stampedes across various commercial banks in the area.

It was learnt that these incidents were as a result of the announced freezing of not less than three million accounts of Nigerians who were participating in the Mavrodi Mundial Moneybox (MMM) scheme with many of them rushing to their banks to verify. According to investigations, an elderly man who was hoping to cash out about N1.5 million is alleged to have slumped and died when he could not do so.

This was truly unfortunate as two persons who also invested in the Ponzi scheme slumped but were successfully revived by sympathisers. Attempts to get bank officials to comment on the matter, yielded no result as bandits were reportedly taking advantage of the situation by robbing the customers who trooped to the banks. Morals, Our youthful brain is like an App, we should start investing time and dedicated thinking space to harvest it's productivity.
Cite This Article As: Esimaje Michael Onoseme. "Recent Trends in Ponzi Scheme in Nigeria." International Youth Journal, 03. July 2018.

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