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By: Funmilayo Adewunmi Ajayi
It started with ₦20,000. She got ₦30,000 back in just five days.
“Na legit,” she said. “I even saw testimonials on X and Instagram. Don’t dull yourself!”
Next, she put in ₦100,000 and got ₦150,000.
The cycle continued… until it didn’t.
After a month, the app/website disappeared. Her money vanished with it. So did her peace of mind and her net worth.
You’d think that would be the end of the story. But a few months later, she joined another one.
New name. New group chat. Same story.
Why do so many Nigerians, even those who have been scammed before, keep falling for Ponzi schemes?
From the early days of MMM to RevoMoney, Wales Kingdom Capital, MBA Forex, and now shady online trading and crypto apps like CBEX—the names change, the platform changes, but the structure is always the same. Scammers have upgraded from blurry flyers and random social media broadcasts to polished websites, mobile applications, and even endorsements from so-called influencers and celebrities.
The goal is always to build trust. They offer steady returns over time. People see results, become impressed, and pour in more money. Their friends follow suit. Then suddenly, everything disappears.
Nigeria has a hustle culture that sometimes crosses into delusional expectations about building wealth. When jobs are hard to find, the economy feels stuck, and inflation keeps rising, people start reaching for anything that looks like a lifeline. But is that enough reason to risk your hard-earned, limited resources on schemes that promise everything and explain nothing?
A burning question always comes up: why?
Why do people fall for the same kind of scam over and over? Don’t we learn from our mistakes, or from the experiences of others? Or do we simply believe that it can’t happen to us?
For some, hope overshadows logic. Things are already hard, and these schemes feel like answers to prayers. Victims of past scams try again, hoping this one will help them recover what they lost. That desire to break even can become a dangerous cycle.
Then there’s FOMO—the fear of missing out. When everyone on WhatsApp, TikTok, and X is claiming they’ve cashed out, it’s hard not to feel left behind. It starts to seem like the entire world is making money except you.
In other cases, it’s just outright greed. Dressed up as optimism and disguised as “smart hustle,” some people convince themselves that if they just join early, they’ll beat the system and escape before it collapses. But the truth is, Ponzi schemes are designed for most people to lose. Always!
At the end of it all, the victims are the ones who suffer. They lose money, time, and confidence. Many are forced to start from scratch, with nothing to show for all their risks. Isn’t it better to put your money in real investments that grow steadily and give you peace of mind?
Ponzi schemes will keep evolving. Today, they look like crypto. Tomorrow, they show up as AI trading bots. Next week, it could be an “investment cooperative.”
Until we stop confusing fast money with smart money, the cycle will continue.
So, the next time a deal looks too good to be true, pause and ask yourself:
Am I really investing or just gambling in disguise?
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