7 Things MMM And Ponzi Schemes Reveal About The Average Nigerian

MMM Nigeria Ponzi Scheme
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:

Ponzi Schemes

If anything is pretty easy to notice about the average Nigerian, it is the fact that the average Nigerian 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, 419ers, and back in the day "money doublers" have always thrived and evolved in Nigeria.

#2 Think In Bandwagons

It doesn't take a rocket scientist to discover that a lot of 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 and more Pyramid and Ponzi Schemes, as fraudsters have discovered a quick and easy way to lure greedy Nigerians in, to invest their funds. This usually comes with a promise of high returns (30%, 50%, in extreme cases, even 100%) in 30 to 45days.

Usually such investments have no underlying asset being invested in, nor any insurance to protect investors from loss.

#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, Haven't you noticed?

Notable historical repetitions being Presidency 1984, Presidency 2015; Ponzi Scheme emergence 2005/6 , Ponzi Scheme re-emergence 2015/16; the "Umana Umana schemes" of the 80s, 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.

All you need to sell a good lie to a Nigerian is, show him a "fake" example, lure him with high profits, lace it with a little bit of God in it, and voila!

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 on a normal day.

Perhaps they seem to hold the notion that it's better to live through an experience than die avoiding it. And even when they fail, they pick themselves up and start all over again, even stronger.

The belief that he would someday "make it" keeps the Nigerian 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.

This could probably be an explanation why betting houses, pool tables, and lotto houses dot major street corners, and keep proliferating.

As long as they a Nigerian is assured of the return (or expected return) and has probably seen other people earn a return in like manner, he is ready to risk is money in it.


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  4. It's the bandwagon people/mentality for me. If one person makes a million from selling dog poop, every street corner will be filled with dog poop sellers the next week.


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