₦airaland Forum

There will always be people willing and available to buy your market

These people are called the gullibles

always247:
nothing like greed its poverty and uncertainty.
I am a jobless graduate, addicted to betting. anytime i try to stop then I will say to myself what the fk will I do if I stop? its the only thing that gives me hope in this life

What's your source of betting income as a jobless graduate?

Gullibility.
Millions of NIGERIANS are gullible.

Galactico4ever:
What's your source of betting income as a jobless graduate?

working in construction site. but they don sack me

[quote author=Kobicove post=137929145]Cunny man die, cunny man bury am! [/quoteabi o lol]

Pls, Im currently a victim to tune of 14m from glorious wealth fund. Who knows much about them pls. Was told they are into stock investment?

Pls, Im currently a victim to tune of 14m from glorious wealth fund. Who knows much about them pls. Was told they are into stock investment? 08037568292 my contacts

Bright50135:
Pls, Im currently a victim to tune of 14m from glorious wealth fund. Who knows much about them pls. Was told they are into stock investment? 08037568292 my contacts

message me

Poor regulation mainly with limited financial literacy

Humans world over are greedy and there is a general lack of understanding among the general polulace in different countries yet you don't see groups openly fleecing the populace in many countries without regulatory bodies stepping in and perpetrators facing the law

🫵If anyone say to you come let me show you the quickest way to make money, my brothers, my sisters , my enemies , run for your life.. there’s no easy way to make money in this life 🫵

grandstar:
Akinpedia

This Ponzi thing don tire me.

I am from a very conservative Christian group and we have been counselled severally to steer clear of them. There was a particular one in the earlier 2000s. Announcements were made that brothers and sisters engaged in it must stop. Some still continued and it led to sanctions. People with privileges were stripped of them. There were no sacred cows.

Despite these, some never learn

A newly widowed sister sought help from the congregation due to the financial pressure. The congregation raised a large sum of money which was given toi her. She invested this money into a Ponzi scheme and lost it all.

Despite this, another sister, got a loan of around 1m from a microfinance bank. She was to be making payments of 50k to them weekly until the loan and interest was to be paid of.

She stocked her shop and things were going great. A friend approached her, telling her of a pyramid scheme that she invested money into it and got her first payout. My Christian sister now invested 250k into it and promptly lost everything.

I was fuming. This is a woman I personally lent 500k due to the fact that she is the sole breadwinner as the husband has no income. She learnt absolutely nothing from the other sister who lost everything.

The 250k has taken a huge toll on her.

What is sad is that I see her repeating the same mistake again. She keeps saying "they were paying." I told her that "they were paying" to hoodwink people, that is how Ponzi schemes work. They need to deceive the first set of investors so as to lure in others. Despite that, she keeps saying "they were paying." It was even her that received that payment but the one who invited her into the scheme.

Yes, some never learn.

You sound like a J W

zicol2015:
You sound like a J W

I am.

/
Poverty is the plant and greed is the fertilizer.

Ponzi scheme comes in different forms but the most sustainable one is tithes. Heck! They see the tithes wasted on private jets, private institutions and Nollywood actresses; they cheer!

/

zinaunreal:
Na mumuism dey worry us no be ponzi.
If I say world will end tomorrow despite people knowing that a Ghanaian man cashed using using thesame format, Nigerians will still pay me money. That's the level we dey. Even some nairalanders reading this will pay. People that construct better english than I do will even pay more. Mumu 😆

Haha you should be arrested

Akinpedia:
Warm compliments of the festive season to all my fellow Nairalanders, wishing you joy and happiness during this special time of the year.

I was recently looking at some eye-opening statistics that truly shocked me. Did you know that between the years 2016 and 2025, Nigerians have collectively lost more than ₦4.88 Trillion to various Ponzi schemes? This staggering amount highlights the severe impact these fraudulent schemes have had on individuals and the economy over nearly a decade.

From the legendary MMM scandal that shook the financial world back in 2016 to the recent devastating CBEX crash that swallowed over ₦1.3 Trillion just this year alone, the cycle of financial fraud and deception never seems to come to an end. Every single time one scheme "crashes" and collapses, another one quickly emerges under a new name—often cleverly disguising itself using trendy buzzwords like AI, Crypto, or E-commerce as a form of "packaging" designed to mislead and deceive unsuspecting people.

The Big Debate: Greed or Poverty?

Whenever a particular scheme crashes and falls apart, causing significant distress and leading people to start "crying blood" metaphorically due to the severe consequences, the comment section inevitably becomes divided into two distinct groups:

The "Poverty/Sapa" Defense

The current economic situation is extremely challenging for many people. Inflation has surged past 30%, and the Naira is rapidly losing value against the Dollar, almost as if it is swimming backwards. This harsh reality has left countless individuals and families in a state of desperation.

When a scheme like Loom comes along promising to transform just ₦10,000 into ₦80,000 within a matter of days, it can appear to be the only possible way out for someone struggling to feed their family. Scammers are fully aware of this vulnerability and deliberately present themselves as "community helpers," exploiting the desperation of people who are barely surviving.

The "Greed" Reality

On the other hand, how can anyone reasonably explain a "business" that boldly promises an astounding 100% ROI in just 30 days? To put this into perspective, even the world’s most powerful and established banks cannot guarantee a 30% return over the course of an entire year.

Interestingly, some of the people who fall for these schemes are not those struggling financially—they are often well-to-do individuals such as doctors, bankers, and other professionals who simply desire "fast money" without putting in the usual hard work. They fully understand that it’s a high-risk gamble, yet they hold onto the hope that they can "cash out" early and leave the unfortunate "lastcomers" to bear the financial losses and carry the burden.

The "Red Flags" We Keep Ignoring

Unrealistic Returns: Any investment opportunity that promises to double your money within just a single month should be treated as a major red flag and approached with extreme caution. Such claims are often too good to be true and can be a sign of potential scams or fraudulent schemes designed to take advantage of unsuspecting investors.

The "Bring Two People" Model: When the income is generated solely from recruiting new members, rather than from selling actual products or services, it functions as a pyramid scheme rather than a legitimate business opportunity. This model relies heavily on continuously bringing in new participants to sustain earnings, which is unsustainable and often unethical.

Vague Business Models: Many of these schemes claim to be involved in activities such as "Forex trading," "AI-powered Trading," or "Gold Mining", yet they fail to provide any concrete evidence or transparent information about how the money is actually being generated or where it is being invested. This lack of clarity makes it difficult to verify the legitimacy of their operations or understand the true source of their revenue.

My Question to the House

Why do we continue to fall for these things time and time again? Is it possible that the widespread hunger and desperation throughout the land have clouded our ability to see things clearly and make sound judgments, or is it simply that we are a nation comprised of people who are irresistibly drawn to the idea of receiving "free money"?

Have you ever found yourself in the unfortunate position of being a victim? Or perhaps you managed to "cash out" just in time before the big crash happened? We would love to hear your personal story and experiences related to this. Please feel free to share your thoughts and insights in the comments section below. #MMM #CBEX #PonziScheme #NigeriaEconomy #Sapa #Investment

Definitely not poverty but greed because when you hear of how much they invested you'll know that the victims are not poor but greedy to steal more money from the operators of the scheme but instead got scammed themselves.

Greed is the bane of Nigerians. It is what fuels corruption in Nigeria.

But is it really mumuism, or just a 'nothing to lose' mentality? If a man's salary can't even buy a bag of rice, he’s already 'dead' financially. To him, the Ponzi is a gamble, not an investment. He knows he's a 'mumu,' he just hopes he's not the last mumu to join.

zinaunreal:
Na mumuism dey worry us no be ponzi.
If I say world will end tomorrow despite people knowing that a Ghanaian man cashed using using thesame format, Nigerians will still pay me money. That's the level we dey. Even some nairalanders reading this will pay. People that construct better english than I do will even pay more. Mumu 😆

It’s easy to call them gullible until you see the 'packaging.' These guys use professional websites, office addresses in Lekki/Abuja, and even pay influencers to promote them. When a scheme looks 99% like a real business, even the smartest people can have a 'gullible' moment.

VeeVeeMyLuv:
There will always be people willing and available to buy your market

These people are called the gullibles

UPDATE: Mid-Thread Review – What we’ve learned so far...

Thanks for the massive engagement, everyone. Reading through the 40+ comments, it’s clear we are divided, but some deep truths are coming out:

The "Designer" Ponzi: Someone mentioned that it’s not just "Mumuism" anymore—it’s the "packaging." Scammers now use AI, Crypto, and high-end offices to make "gullibility" look like a "smart investment."

The Church Factor: This is a big one. Has the "Miracle Money" and "Double-Double" theology destroyed our ability to spot a scam?

The "First-In" Mentality: Some people aren't victims; they are "participants" who know it's a scam but hope to cash out and leave others in tears. Is this the peak of "wickedness" or just "surviving Nigeria"?

One more question for the house: > If a scheme launched today promising "20% ROI monthly" (not 100%), backed by a popular celebrity, how many of us calling people "mumu" on this thread would secretly DM them?

Let's be honest for once! 😂

Akinpedia:
Warm compliments of the festive season to all my fellow Nairalanders, wishing you joy and happiness during this special time of the year.

I was recently looking at some eye-opening statistics that truly shocked me. Did you know that between the years 2016 and 2025, Nigerians have collectively lost more than ₦4.88 Trillion to various Ponzi schemes? This staggering amount highlights the severe impact these fraudulent schemes have had on individuals and the economy over nearly a decade.

From the legendary MMM scandal that shook the financial world back in 2016 to the recent devastating CBEX crash that swallowed over ₦1.3 Trillion just this year alone, the cycle of financial fraud and deception never seems to come to an end. Every single time one scheme "crashes" and collapses, another one quickly emerges under a new name—often cleverly disguising itself using trendy buzzwords like AI, Crypto, or E-commerce as a form of "packaging" designed to mislead and deceive unsuspecting people.

The Big Debate: Greed or Poverty?

Whenever a particular scheme crashes and falls apart, causing significant distress and leading people to start "crying blood" metaphorically due to the severe consequences, the comment section inevitably becomes divided into two distinct groups:

The "Poverty/Sapa" Defense

The current economic situation is extremely challenging for many people. Inflation has surged past 30%, and the Naira is rapidly losing value against the Dollar, almost as if it is swimming backwards. This harsh reality has left countless individuals and families in a state of desperation.

When a scheme like Loom comes along promising to transform just ₦10,000 into ₦80,000 within a matter of days, it can appear to be the only possible way out for someone struggling to feed their family. Scammers are fully aware of this vulnerability and deliberately present themselves as "community helpers," exploiting the desperation of people who are barely surviving.

The "Greed" Reality

On the other hand, how can anyone reasonably explain a "business" that boldly promises an astounding 100% ROI in just 30 days? To put this into perspective, even the world’s most powerful and established banks cannot guarantee a 30% return over the course of an entire year.

Interestingly, some of the people who fall for these schemes are not those struggling financially—they are often well-to-do individuals such as doctors, bankers, and other professionals who simply desire "fast money" without putting in the usual hard work. They fully understand that it’s a high-risk gamble, yet they hold onto the hope that they can "cash out" early and leave the unfortunate "lastcomers" to bear the financial losses and carry the burden.

The "Red Flags" We Keep Ignoring

Unrealistic Returns: Any investment opportunity that promises to double your money within just a single month should be treated as a major red flag and approached with extreme caution. Such claims are often too good to be true and can be a sign of potential scams or fraudulent schemes designed to take advantage of unsuspecting investors.

The "Bring Two People" Model: When the income is generated solely from recruiting new members, rather than from selling actual products or services, it functions as a pyramid scheme rather than a legitimate business opportunity. This model relies heavily on continuously bringing in new participants to sustain earnings, which is unsustainable and often unethical.

Vague Business Models: Many of these schemes claim to be involved in activities such as "Forex trading," "AI-powered Trading," or "Gold Mining", yet they fail to provide any concrete evidence or transparent information about how the money is actually being generated or where it is being invested. This lack of clarity makes it difficult to verify the legitimacy of their operations or understand the true source of their revenue.

My Question to the House

Why do we continue to fall for these things time and time again? Is it possible that the widespread hunger and desperation throughout the land have clouded our ability to see things clearly and make sound judgments, or is it simply that we are a nation comprised of people who are irresistibly drawn to the idea of receiving "free money"?

Have you ever found yourself in the unfortunate position of being a victim? Or perhaps you managed to "cash out" just in time before the big crash happened? We would love to hear your personal story and experiences related to this. Please feel free to share your thoughts and insights in the comments section below. #MMM #CBEX #PonziScheme #NigeriaEconomy #Sapa #Investment

madridguy:
Poverty is the main reason.

Except you mean poverty of the mind else shey no be only poor people dey invest in ponzi na

zinaunreal:
Na mumuism dey worry us no be ponzi.
If I say world will end tomorrow despite people knowing that a Ghanaian man cashed using using thesame format, Nigerians will still pay me money. That's the level we dey. Even some nairalanders reading this will pay. People that construct better english than I do will even pay more. Mumu 😆

bro drop aza ahhh world wan end kee?abeg drop aza make you help me beg God

Akinpedia:
It’s easy to call them gullible until you see the 'packaging.' These guys use professional websites, office addresses in Lekki/Abuja, and even pay influencers to promote them. When a scheme looks 99% like a real business, even the smartest people can have a 'gullible' moment.

Well you are right
I agree with you
No argument about that

And to add, we can't really blame the so-called gullibles
They were only looking for answers, solutions, to be served product and services the way they desired, requested, paid for, but they got served scam services instead.

The thing is just greed. Even after reading this, some people will still go and fall for another scheme, they will not learn any lesson. After they will say it is as if they used jazz on them.

In the words VDM " Don't play, if you not gonna learn you gonna learn the hard way"

The Awoof syndrome, coupled with greed, poverty and lack of discipline.

InvertedHammer:
/
Poverty is the plant and greed is the fertilizer.

Ponzi scheme comes in different forms but the most sustainable one is tithes. Heck! They see the tithes wasted on private jets, private institutions and Nollywood actresses; they cheer!

/

you didn't mention every sunday offerings

Funny part, the first few that risks the ponsi got their promised intrest.

Ego mbute, financial illiteracy and quick riches mentality

PulaPower:
Greed

Miracle money..

They’ve been told in church that miracle exist..

Miracle do exist.