Having experienced what I would call two Ponzi Scheme cycles in my adult life, I have learned a thing or two and made some observations which I think are worth learning from.
I did a check and I found 7 things that Ponzi schemes like MMM and others reveal about the average Nigerian.
#1 Nigerians Are Greedy:
If anything is pretty easy to notice about the average Nigerian, it is the fact that he is greedy.
The average Nigerian is always on the lookout for ways and means to get more, for less or outsmart the other guy and get a quick buck.
This is one of the reasons why scammers ad 419ers and back in the day "money doublers" have always thrived and evolved in Nigeria.
#2 Think In Bandwagons
It doesn't take a rock scientist to discover that Nigerians tend to think in bandwagons.
A good example is the "I pass my neighbour" syndrome. Another is what happens when one person or industry seems to be booming, everybody quickly justles to do the same thing.
SEE ALSO: My First Recession Experience. How I Survived! [Part 2]
The same scenario is presently playing out with the proliferation of more Ponzi Schemes as fraudsters have discovered a quick and easy way to lure greedy Nigerians in to invest their funds.
#3 Don't Learn From History
It is important that History is returned back to the classrooms in Nigeria because Nigerians don't seem to learn much from history.
History seems to always repeat itself in Nigeria.
Notable historical repetitions being Presidency 1984, Presidency 2017; Ponzi Scheme emergence 2005/6 , Ponzi Scheme re-emergence 2015/16; and so many others I can't list here.
If only Nigerians would learn from history, a lot of negative history would not repeat itself.
#4 Are Quite Gullible
One explanation for the proliferation of "fake prophets" and scammers is the underlying fact that a large number of Nigerians are gullible.
As long as the spinner is able to weave a good tale, the victim is likely to take the bait or fall into the trap.
Little wonder fake churches, fraudsters, Ponzi schemes and the like are on the increase in Nigeria.
#5 Are Resilient
In all, the average Nigerian despite all the negativity and even the losses and recessive economy would hardly contemplate suicide.
Perhaps they seem to hold the notion that it's better to live through an experience than die avoiding it.
The belief that he would someday "make it" keeps him going no matter what.
SEE ALSO: How To Know When Nigeria’s Economy Is In A Recession
#6 Are Enterprising
The Ponzi scheme proliferation era has shown that Nigerians are quite enterprising.
If they, however, get involved in more genuine and profitable ventures, Nigeria would definitely prosper.
#7 Are Risk Takers
Although many might consider this a downside, Nigerians are very much willing to take risks with their money, contrary to popular assumption.
As long as they are assured of the return (or expected return) and have probably seen other people earn a return in like manner, they are ready to risk it.