Why Nigerians Fall Victim of Ponzi Schemes

Have you ever wondered why millions of Nigerians are still investing in Ponzi Schemes even after losing a lot of money. In a country where the economy is unstable and salaries don’t come regularly many are bound to fall for the get rich rich quick schemes out there. Just when people think they are done with ponzi schemes,  another one pops up with the hopes of having a lasting effect only for them to go crashing down again.  Many Nigerians today put there money in this schemes for different reasons,  some of which we are going to be looking at:


Firstly, just like every man out there, Nigerians like to have huge returns on their money. Nigerians love to get higher than they give. We want to make money quickly at a very high rate. Many people want to live a comfortable life so when you tell them of a ponzi scheme out there that promises high yields in a few days, they go all out and throw their eggs in a basket.


Secondly, we want easy money, everyone wants to work less and earn more so when they hear of a money doubling scheme where they don’t have to do anything, it is undeniably attractive to them.  But easy money comes with very higr risk,  eventually very few people get to benefit frothem while the rest incur a great loss.

Finally , banks and stock market don’t yield enough to put food on the table. Nigerian banks would hardly pay anyone more than 5% on a savings neither will the stock market bring back a return higher than 10%. No wonder majority would rather stick to their 35% ROI and above.  People love to hear huge numbers.

Many are used to the saying if it is too good to be true,  then it isn’t  however they still fall victims of Ponzi schemes out there. The list of reasons are endless. Ponzi schemes prey on people’s ignorance and circumstances, some fall victims as a result of greed. We would love to hear from you or if you know someone who has lost some money due to ponzi schemes or a personal testimony ,  share with us why you think people keep going back to these shemes even after been warned.