Will There Ever Be An End To Ponzi Schemes Operation In Nigeria?

There is hardly any year that passes, without the record of one or two Ponzi schemes in Nigeria that have swindled a lot of Nigerians of millions and billions of naira. It seems most Nigerians have a very short-term memory, that they easily forget their ordeals or learn from the consequences of others with fraudulent Ponzi schemes. I previously wrote an article on the need for the government to clamp down on Ponzi scheme operators in Nigeria.

What I got to realize is that before the government clamps down on some of these Ponzi schemes, the deed has most likely been done. They hardly arrest these Ponzi scheme operators from the onset, but rather, the arrest is usually made after they have swindled thousands of Nigerians of their hard-earned money. One thing I have to say is that aside from the government playing an active role in clamping down on these schemes, the citizens also have a role to play.

They should ensure to always do a proper background check of whatever scheme they want to invest their money in, to ensure they don’t lose their money. They should also run away from schemes that promise about 60%-80% Roi because any scheme that promises such outrageous returns is fake. After a deep thought on how to curb the Ponzi scheme menace in Nigeria, I concluded that most people who get defrauded by these schemes are also very greedy.