As the current state of Nigerian economy worsens, so many Nigerians have resorted to Ponzi scheme. Not minding how secure the investment is. The belief in the success of the Ponzi scheme is high.
The invasion of several Ponzi scheme in Nigeria has made it so competitive that other scheme are beginning to spring up, promising ridiculous, outrageous and unimaginable amount of returns to investment. The enterprises is virtually non-existent which the investment payment yields quick returns to earlier investors from money invested by later investors.
Ponzi schemes in Nigeria is fast becoming a trending investment. Though fraudulent operations that yields faster returns to investors without a legitimate source of the returns.
The central bank of Nigeria (CBN) and securities and Exchange commission (SEC) has come out to warn Nigerians over putting their money in the scheme. But would you blame them? When the present economic hard time is unfavourable to many. Many have resorted to investing their money on Ponzi schemes like MMM Nigeria, Ultimate cycler Nigeria, icharity and others as a source of income.
MMM Nigeria which is the most popular out of other Ponzi scheme in Nigeria. Owned by Russian brothers who perpetrated one of the world’s largest Ponzi scheme of all times, the Mavrodi brothers. But Nigerians has however believed in the scheme since the Government didn’t provide or solve any the economic challenges. Since the Government of President Buhari couldn’t provide employment for graduates, feed her citizens. “MMM Nigeria is the answer to financial challenges,” like many of them would say. Not minding the implications of the investment which runs like a pyramid waiting for an unknown time to breakdown and swallow organisms in it.
Another scheme that is gradually becoming popular is the ultimate cycler Nigerian. “Trust Nigerians to be very greedy.” They are not moving away from MMM. They are only looking out to make more money, quick cash as fast as they can. They put their money on MMM and also ultimate cycler.
Ultimate cycler is also a new money doubling scheme. According to their claims, their package is far more better than MMM. If a member pays N12,500 to a fellow member, they get N50,000 in return. “Indeed far better than MMM,” you would Say.
But all of them are still Ponzi scheme. When the scheme crashes, it may never come back again and all investor’s money goes down with it.
Few days back, the ultimate cycler website page displayed an error, telling its members they would be back. The “Error” message sent panic to its members. Some feared the scheme had crashed with their investments gone. My phone kept ringing. Calls from couple of friends who are into the scheme. They were begging me to help check if I can get in touch with any of the site administrators. But I am not into the scheme, I have no interest. I never sent them an errand to invest their money on the scheme.
There was panic. I can imagine the blood pressure of people that rose. Not until the ultimate cyclers crew sent out messages on their twitter page that the scheme had not crashed. The site was only undergoing maintenance. They advised their members to relax.
As we end 2016, what would be the fate of Ponzi scheme in Nigeria if it remains active till 2017? After MMM crashed in Zimbabwe which sent many citizens to suicide mission because they lost their life savings and earnings. Just imagine what will happen in Nigeria if MMM, ultimate cycler and other schemes crashes. Don’t forget we are still in recession. Imagine what the crash would do to so many people. If members of ultimate cycler could get such a panic when the website was down for maintenance, imagine what would happen when the site crashes and never comes back.
Which is better in you own opinion?