Ponzi schemes "Watch out for the next"

[Mr_Brilliant$]

Ponzi schemes in Nigeria are not even something new anymore, it is like a cycle at this point...  When one crashes, people will shout and act shocked… then few months later, another one pops up and the same thing repeats..
From reports, over 200+ Ponzi schemes have entered Nigeria in the last 10 years.. That number alone should tell you this is not a coincidence, it is a pattern..


source

And the painful part is, they will keep coming because they know one thing: people will still fall for it...

And if we are to be real here, the current economic situation in Nigeria makes things worse.. People are desperate to survive, to make extra income, to escape the pressure… and these schemes know how to target that vulnerability, then before you know it, billions are gone..

Just recently, CBEX crashed and took over ₦1.3 trillion with it… that’s around $840 million. Gone. Just like that.. And the people behind it? Nowhere to be found..



That is how it always ends.
And the truth is, it will not stop.. Another one will definitely come. With a different name, different branding, maybe even looking more Legit.. but the same structure and plan..



So at this point ehn, the best thing we can do is stay sharp and stop falling for the same tricks..  Some signs to always watch out for and identify these schemes are:
1. No real identity behind it
If you can not clearly know who is running it, that is already a big red flag.. Because they will not put their face out there, no accountability… For easy escape.
2. Guaranteed profits
Any platform promising fixed or sure returns is lying to you. There is nothing like that in real investing.
3. Referral based earnings
This is one of the common way to identify them as well. If the main way to earn is by bringing people in, then it is not a business… it is just recycling peoples money..
4. No clear source of profit
If they can not explain in a simple and verifiable way how they make money, don’t just stress yourself, just avoid it.
And so on... 

We have to be more aware and careful.. and also stop giving these scammers our money easily..

[Bitcoin.com97]

We Nigerian are always fun of falling victim always , because of greed, a friend of mine sent me one last week , all you need do is convince people to register under you and get paid $5 , so is all about referrals and tasks to do to earn more  money , and you can’t withdraw until it get to $100, everyone was doing it at the end , the withdrawal didn’t work .

The funny part is they always knows how to get us , just as you have said , the economy is not friendly at all so everyone is looking for an opportunity to survive, any means that brings money they don’t mind the risk involved and many are losing their sanity once it crashes, I pray we learn and avoid this Ponzi scheme that is always carried out successfully .

[Fivestar4everMVP]

Is it for us to stop giving them our money easily or we should stop giving them our money totally? Cus if you check well, you will realize that this two are not the same, we stop giving them money easily simply means that that will still or may still end up collecting the money but this time, they have to work really hard for it, and this makes no difference to me.

I've been very mindful when it comes to the issue of ponzi scheme, I wouldnt say I've been lucky because I don't usually get myself involved in such schemes because ones I see the only way to make money is to invite other people to join, I simply stay away because I have no one to invite.
The only time I fell victim to ponzi schemes in Nigeria is during the MMM Era, MMM was my first ponzi scheme experience and have been the last so far.
Desperation to make money is what often push alot of people into falling victim to schemes like this.

[Chibit01]

One funny thing about this ponzi something nah say most people way they enter am this year know say eh gi later crash but them chosoe to take the risk, dem they go with the idea of since eh just new and dem just they start i go collect my money and still make profit on top join before eh go later crash, dem no they only end there dem they also invite people way dem know join and some of them go lucky to make the money why some go be the victim way eh go crash for there head once eh end dem don enter another one, just like that.. the greed no they let them avoid am even when eh obvious say nah ponzi.

[Victorybit1]

One funny thing about this ponzi something nah say most people way they enter am this year know say eh gi later crash but them chosoe to take the risk, dem they go with the idea of since eh just new and dem just they start i go collect my money and still make profit on top join before eh go later crash, dem no they only end there dem they also invite people way dem know join and some of them go lucky to make the money why some go be the victim way eh go crash for there head once eh end dem don enter another one, just like that.. the greed no they let them avoid am even when eh obvious say nah ponzi.

 anything wey concern ponzi schemes na for person to just totally avoid am because you no fit know when the thing go spoil and your greed no go ever allow the person to even dey think well sef because na so so big opportunity go dey enter the person mind sey if e try this time around e fit collect better money and when e collect e go wan go higher again and then when the thing spoil by that time e go don invest something wey go pain am well well just because e wan chop free money fast fast .

[Debbiecrypto]

And the painful part is, they will keep coming because they know one thing: people will still fall for it...

And if we are to be real here, the current economic situation in Nigeria makes things worse..

I can't blame all this to Nigeria economy. Most times our greediness as Nigerians and our willingness to make money fast and become billionaires in few days led many people to ponzi schemes. A friend of mine did Cbex with around one million naira(a loan) and made millions as well at the early stage, was advice to quit but keep saying he has a target and he later lose everything (perfect greed). Another thing is laziness, some Nigerians are lazy. They aren't ready to work and hence they want to live a big man life. Imagine someone telling me he always look for a new ponzi scheme to invest on and do it for few days or weeks before the investment or scheme will crash.

People are desperate to survive, to make extra income, to escape the pressure… and these schemes know how to target that vulnerability, then before you know it, billions are gone..

Engaging in ponzi scheme shouldn't be a way out of poverty or a way to make extra money. No matter what, the schemes owner will always be wiser than us, making millions and leaving many people to cry.

So at this point ehn, the best thing we can do is stay sharp and stop falling for the same tricks..  Some signs to always watch out for and identify these schemes are:
1. No real identity behind it
2. Guaranteed profits
3. Referral based earnings
4. No clear source of profit
We have to be more aware and careful.. and also stop giving these scammers our money easily..

Most people doing this schemes are fully aware they are ponzi scheme but still get themselves involved because they want quick and easy money at all cost. Ponzi scheme is more like whoever act fast will still win to some people, forgetting this schemes owner are wise and know how to trap you more into it.

[Orpichukwu]

With the amount of loss and horror MMM, the Giver forum, Cedex and other Ponzi schemes which have come and gone in the past have done to many Nigerians, if they tell me some people will still be running after Ponzi schemes the way they are rushing them, I won't believe it, but here we are; just this year alone, 200+ Ponzi schemes and people are still registering, looking for where to make fast money. Our economy is not good, and there are no jobs anywhere, but risking our money is not the best way to do all of these things.

[Tmoonz]

With the amount of loss and horror MMM, the Giver forum, Cedex and other Ponzi schemes which have come and gone in the past have done to many Nigerians, if they tell me some people will still be running after Ponzi schemes the way they are rushing them, I won't believe it, but here we are; just this year alone, 200+ Ponzi schemes and people are still registering, looking for where to make fast money. Our economy is not good, and there are no jobs anywhere, but risking our money is not the best way to do all of these things.

I am one of those who will never fall for any ponzi, what they did to my brother is enough lesson for me to learn no matter how bad the economy is or will be I will never fall, presently now I have friends earning from ponzi and they have been disturbing me to join but I have refused they should enjoy I don't really care about it, I value and love my peace of mind, we know that some times it is good to take risk in life but to be frank not all risk worth taken, Ponzi can be attractive but they are deceptive too and I wouldn't want to be among those who will learn the hard way.

[SatoPrincess]

Going through the list gave me a nostalgic feeling as I recognise many of the ponzis mentioned. MMM was very popular in its day. I don’t think I know anyone who did not invest in the platform, they were so big that they had moderators - which was a paid role and they also had people making testimonial videos on YouTube. Till today, some people still believe MMM was not a scam, they think the platform crashed because of the Nigerian government lol.

[Felicity_Tide]

~snip

We have to be more aware and careful.. and also stop giving these scammers our money easily..

Well, I guess the caution and awareness are mainly meant for those of us within the forum, because trust me, Nigerians will likely continue falling for these types of scams. Recently, I have been monitoring a particular one. The whole interface had scams written all over it, but I strongly believe that a lot of Nigerians won't notice because all that matters is how to double their money. It's sad that Nigeria happens to be a very good place to carry out Ponzi scheme, because a lot of people just want to make more money by all means.

And again, the authorities and security agencies are never reliable when if comes to intercepting these scams. We usually find a lot of these scams going away with people's money without facing the law. The best we can actually do for ourselves is to stay aware.

[Dreadboost]

Ponzi schemes are generational problem. In every generation, Ponzi schemes will exist but not with the same strategy, in an advance method that will still drive people to go all in. What I've understood in the last few years is that, most Nigerians don't like to learn a lesson twice if not multiple times. There are many Nigerians that wont stop joining Ponzi schemes even if they are fully aware its a scam trick. People are now comfortable risking their hard earned money on tricky scheme with the mentality that early birds earns the benefit of it joining it. The mentality has shifted from it being a trick to it being an opportunity for those who will join at the very beginning.

[Yablee0]

For this things to keep on reoccurring over and over again shows that people are not tired of learning the hard way ,in other words they practically love losing money all in the name of greed and quest for quick money. If not tell me, this things aren't new anymore, it's something that has been going on for more than one or two decades now and still people are not ready to realize that all this spicy offers aren't what they always think they are, that it's just a trap and only the greedy once can fall such victim. Another thing is that, people will only listen or learn maybe when they have already fall victim, therefore any effort put in trying to speak sense to them to make them understand how this things are fake , all effort will only fall on deaf ears but only experience (being a scam victim) can make people listen and do the right thing.

[Sir_Garry55]

One funny thing about this ponzi something nah say most people way they enter am this year know say eh gi later crash but them chosoe to take the risk, dem they go with the idea of since eh just new and dem just they start i go collect my money and still make profit on top join before eh go later crash, dem no they only end there dem they also invite people way dem know join and some of them go lucky to make the money why some go be the victim way eh go crash for there head once eh end dem don enter another one, just like that.. the greed no they let them avoid am even when eh obvious say nah ponzi.

 anything wey concern ponzi schemes na for person to just totally avoid am because you no fit know when the thing go spoil and your greed no go ever allow the person to even dey think well sef because na so so big opportunity go dey enter the person mind sey if e try this time around e fit collect better money and when e collect e go wan go higher again and then when the thing spoil by that time e go don invest something wey go pain am well well just because e wan chop free money fast fast .

I remember when my brother been get this kind Ponzi scheme wahala, omo it was very dreadful and at the same time funny too, because if you check the whole thing it's a gradual process before you now get so involved in it and na because of the greed wey dey play for people mind na dey get them so involved in the act, sometimes Dem dey even get chance to cash out when them start the process you many stories of people own too na small small till e come big well well.

[Mr_Brilliant$]

With the amount of loss and horror MMM, the Giver forum, Cedex and other Ponzi schemes which have come and gone in the past have done to many Nigerians, if they tell me some people will still be running after Ponzi schemes the way they are rushing them, I won't believe it, but here we are; just this year alone, 200+ Ponzi schemes and people are still registering, looking for where to make fast money. Our economy is not good, and there are no jobs anywhere, but risking our money is not the best way to do all of these things.

I am one of those who will never fall for any ponzi, what they did to my brother is enough lesson for me to learn no matter how bad the economy is or will be I will never fall, presently now I have friends earning from ponzi and they have been disturbing me to join but I have refused they should enjoy I don't really care about it, I value and love my peace of mind, we know that some times it is good to take risk in life but to be frank not all risk worth taken, Ponzi can be attractive but they are deceptive too and I wouldn't want to be among those who will learn the hard way.

Bro, like, e go hard well well for me to fall for Ponzi scheme as well.. With all the things were Ponzi scheme do people? I nor go try am self.. And me I don already know their style and patterns, so when I see one I go know..
Meself value my own peace, I nor wan come dey regret plenty regret..
Even if e good to take risk, nor be risk like Ponzi scheme, it’s not worth it at all, I rather take normal sport gambling risk than ponzi scheme risk. lol..

[Emjay24]

And the painful part is, they will keep coming because they know one thing: people will still fall for it...

And if we are to be real here, the current economic situation in Nigeria makes things worse.. People are desperate to survive, to make extra income, to escape the pressure… and these schemes know how to target that vulnerability, then before you know it, billions are gone..

The economic condition of the country is the main issue here, if people lived a more comfortable life on the average, most would not be falling victim unnecessarily to these platforms. The patronage of these platforms is as a result of Nigerians desperate attempts to survive the hunger and poverty in this country. Even for some of us whose financial situation allows a more comfortable life, we still feel this financial pressure to survive in one way or the other.

I regret to notify you of this sad reality, sensitization would not work, as long as the condition of living does not improve, people would continually patronize these schemes to try their luck, and do not be surprised that some of the these Ponzi schemes gets its initial funding linked to government officials since they know that they would cashout handsomely on the longrun. It might as well have become a new hustling point for them.

[Xackie]

And the painful part is, they will keep coming because they know one thing: people will still fall for it...

And if we are to be real here, the current economic situation in Nigeria makes things worse.. People are desperate to survive, to make extra income, to escape the pressure… and these schemes know how to target that vulnerability, then before you know it, billions are gone..

The economic condition of the country is the main issue here, if people lived a more comfortable life on the average, most would not be falling victim unnecessarily to these platforms. The patronage of these platforms is as a result of Nigerians desperate attempts to survive the hunger and poverty in this country. Even for some of us whose financial situation allows a more comfortable life, we still feel this financial pressure to survive in one way or the other.

I regret to notify you of this sad reality, sensitization would not work, as long as the condition of living does not improve, people would continually patronize these schemes to try their luck, and do not be surprised that some of the these Ponzi schemes gets its initial funding linked to government officials since they know that they would cashout handsomely on the longrun. It might as well have become a new hustling point for them.

You are right about that,  Many people are finding it hard to survive. So these kinds of Ponzi schemes interest them alot because they feel they can make easy money out of it. And what usually increases their interest is when the see the agents posting fake testimonies, that kind of thing elevate them a lot. No matter how we broadcast about the evil about Ponzi schemes,  Nigerians won't stop involving themselves into it. Hadn't been the economy is favorable, there's employment, people won't even think of venturing into except they are pushing into it because of their greed. And if you notice the owners of these Ponzi usually target the average/poor citizens not the rich. Quite sad though.

[cocadalcan]

Ponzi schemes come up with new names to deceive people and use famous people to promote them. Some citizens fall into this trap expecting to get rich in a short time and later regret it. Know that there is no short cut to getting rich, but if someone tries to entice you, they will cheat you in the future.
Those schemes keep trying to raise funds in new ways and you will not be able to find them after receiving a large amount of funds. Basically, they start their operations by paying local leaders in the area where they start their operations, to obtain the necessary permits and to lure you. Keep your funds safe from those fraudsters and keep your funds under your control. The wisest thing to do is to invest for the long term.

[Ndabagi01]

Ponzi schemes will continue to prevail in Nigeria and nothing can stop them from evolving every time they come. Look at the youths of today, everyone is not after fast money even though the economic situation in the country is not favourable for them all. Falling for cheap ways of making money is the talk of the day. Many Nigerians now even know Ponzi schemes when they see one, but what they’re after is that they get their money out quickly and earn on them before they eventually crash. With such mindset, more and more Nigerians will continue to patronize them and will fall for losing large amount of money. It is the same process, they’re after big amount of money before they exit scam, so as you bring in more people, the more their chances of making big amount of money off you.

[Biirakedee]

Every year new Ponzi schemes de show with sweet promise. People wey de suffer from hardship go rush in with their last card only to lose everything when the operator pack. I done see many victim, graduates, traders, even civil servant. The next one go always come with better packaging and better marketing. My advice is that never invest what you cannot afford to lose, genuine investment takes time, no be get rich quick.
Note, if e too good to be true, e no true. Let’s wise up and avoid being greedy.

[OsaiEmma]

3. Referral based earnings
This is one of the common way to identify them as well. If the main way to earn is by bringing people in, then it is not a business… it is just recycling peoples money..

Referral based earnings is not always a tell sign that this venture is a ponzi. So many businesses do adopt this cause it is a good marketing strategy, Instead of u going out there fishing for users or customers, u have other customers who are satisfied with ur work do the marketing for u with a promised reward so as to motivate them in doing it.

Yes, ponzi scheme has been very much successful in Nigeria because there is too much hardship and struggling in Nigeria, I think that's the main reason, one way I think one can spot ponzi is when ur promised an unrealistic fast return that is just too good to be true, then that's most likely a ponzi.