Bad Governance

Bad policies and failure to implement good economic recovery plans over decades, especially in this last decade has given room to many Ponzi schemes to seem attractive to Nigerians. The inflation rate in the country is one of the saddest knock on effect of what has been going on right now. I don't even want to bring up statistics and numbers because it's truly depressing. Don't invest in anything in this country that the return on investment is less than 20% annually. It's a simple waste of time, effort and resources. The exchange rate is another topic on it's own, when $2k is equal to a million naira. Foreign investment is down, local factories are shutting down due to high taxes. Bad road network and fuel price is the biggest difference between price of food items in the north and southern part of the country. It is hard to find big private investments firms in the country without the support of government officials. Bank loans is nothing to write home about. Some banks will quote 35-45% interest on your loan and with collateral. What happened to all the loan schemes the government introduced due to Covid 19? They have all encountered one problem or the other, a big example is NIRSAL. There are so many knock on effects that even the blind can see except for people in authority or place where real change can be done. I believe they are blinded to it on purpose because in a saner climate, they can't get away with 10% of what they do. What about insecurity? Crime rate is up on all counts no matter the metrics you use in calculating. Today, 85% of daily news in Nigeria are bad, except for the entertainment news, scandals and gossips to derail our focus. The only place where you can escape reality is by watching NTA. Like I once read somewhere on twitter, Nigeria can be practically burning and NTA will be showing you cultural dance from Akwa-Ibom, it's that terrible. If you can't see a correlation between bad governance and why people go for high risk investment schemes then you are fast asleep or caught up by the propaganda on display.


High sophisticated operations of Ponzi Scheme operators

With easy access to internet and improvement in technology, these scheme operators becomes smarter and wiser. They operate social media accounts with bots. There are so many eastern European countries that sells bots on Twitter, Facebook and other social media sites. Even Nigerians sells bots as cheap as five thousand naira for 1k followers to fellow Nigerians who tend to believe social media accounts with huge followings equate authenticity. Social media account with bots are easy to spot, but for only patient and smart people. Ponzi Scheme operators have the best looking designs when it comes to websites. They display unrealistic analysis of how people can make returns on their investments with them in less than 3 months. An average Nigeria is too busy looking for the next meal that they overlook small details here and there when it comes to these schemes. These scheme operators then gloss over their acts by using celebrities and social media influencers to generate traffic and legitimize their schemes. Talk of edited texts messages and WhatsApp conversations, they are experts as well. No regulatory authority is working on shutting them down so they get to run their schemes for weeks, months and years sometimes. Government agencies only gets involve when there is public outcry after many might fallen for the scams. This is not a ploy to defame people's businesses, but to enlighten average Nigerians to see how these unscrupulous scheme works. Ponzi scheme operators emulates our politicians if we are being honest with each other. If politicians can use celebrities and influencers during their campaigns, why not Ponzi scheme operators? They are all about the money.


The Nigerian greed

In what universe is 60% ROI possible on a constant basis? Even the richest man on earth can't promise you that. Nigerians are product of their environment. When we talk of seeing corrupt politicians living the best of life, people with connections getting jobs and appointments, it tends to rub off on an average Nigerian. Let's be frank, an average Nigerian is scheming and plotting on how to move ahead in life regardless of the cost to others knowingly or unknowingly. More than 98 million Nigerian live below the poverty line according to Nigerian government statistics, and you can easily increase that by 30% - 50% because you can't get a true number due to different factors. An average Nigerian don't know the difference between healthy competition and toxic rivalry. Turning a competitor into an enemy. So they do everything to get ahead and some of these Ponzi scheme operators use that to their advantage. It's easy to sell a greedy man a Ponzi scheme, such a person doesn't need much convincing. Some Nigerians are not greedy, they just want to live a better life and hence try things they wouldn't normally do. I get to interact with lots of people in my line of business. When I tell them that landed properties and Agriculture can fetch them between 20%-40% return on investment annually, they scuff at me because they want things that will double their money in less than 3-6 months. It's unrealistic but they wouldn't agree with you. They tend to believe the lies and people with sweet tongue of high ROI. The Nigerian factor has turned everyone and everything into competition whereby everyone is in an imaginary race. They tend to forget what works for Mr. A can't or might not work for Mrs. B. People tend to throw away logic when they hear about investments schemes and the greed factor is why these things will keep happening all over again.

I can only hope people read and learn.

You did a good job here

Happyfela:
You did a good job here

Thanks