Nigerians And Ponzi Scheme

Nigeria is a country with endless possibilities. With its population, resources, and infrastructure, they should have as much as 500 billion dollars in their foreign reserve and a trillion dollars as their yearly budget, but that is me been presumptuous.

But in reality, we are just a country with multiple facets. Poverty, ignorance, arrogance, lack of integrity Is what is spelled on our names as Nigerians. Infrastructural decay and mindless looting by politicians and those in key positions have marred our development.

As a means of hope for Nigerians comes Ponzi schemes with a mantra to change the poverty level of the average Nigerian to financial freedom. How will they do that, nobody dared to ask because of greed. Who doesn't want financial freedom?

Thousands of people bought the idea, took action and reaped rewards at first, millions joined later and were scammed. Nobody taught them to do their research on before jumping to get rich quick schemes.

Today, since the demise of the popular Russian Ponz scheme(MMM), quite a number of them have cropped up with the same mantra " financial freedom." Thousands are still participating in ultimate cycler, twinkas, loopers, pay lord, pair me, etc

Just recently the Nigeria Internet Registration Association decided to clamp down on the nefarious activities of this schemes, by asking Nigerians to report such schemes to this email abuse@nira.org.ng.

The proliferation of this schemes, has brought about a lot of questions from Nigerians; why are the Security and Exchange Commission (SEC) and Central Bank of Nigeria quiet? Why not outrightly place a ban on such schemes and the URL by the Federal Government?

Yet, Nigerians are still patronizing this schemes. The truth of this discourse is, most of these politicians are participating in these schemes, at least I know of one of them. At a time of recession, this schemes feels like a breath of fresh air for most people until it gets sour.

For us to curb this menace, we have to start orientating Nigerians about Ponzi schemes and how the system works, instead of cursing those that are participating in such schemes and be termed as "enemy of progress." National Orientation Agency and some NGOs should champion this cause.

We cannot continue to live by the river and keep washing our eyes with Spittle.