MMM Nigeria: Why you should not invest in ponzi schemes

A major setback which many Nigerians will never forget was on how a fake financial manager named MMM defrauded and absconded with the money of so many Nigerians. Mavrodi Mondial Moneybox (MMM) promised to back 100% of interests based on the investments made on their platform. This sounded too good to be true; some people doubted the authenticity of MMM to pay back, eventually, MMM payed, unfortunately, it didn’t last long as it shattered the hearts of Nigerians who were already building castles in the air with the profits which they were expecting from the MMM ponzi scheme.

This downfall of this failed investment scheme has not deterred Nigerians from investing in ponzi schemes. After the fall of MMM, more ponzi schemes established under different platforms, names and nomenclatures are fully operating in Nigeria, still, Nigerians are taking the risks of investing. This proves that they haven’t learned their mistake from the MMM event.

In this article write-up, you will get to know about why you should not invest in ponzi schemes. Also, you would get tips on better financial options which you can invest your money without fear.

Ponzi schemes could look tasty and palatable; often they come with sweet packages which are almost irresistible. This is why people tend to invest their money even when they are fully aware of the dangers and risks involved. Despite the numerous warnings from the Central Bank of Nigeria (CBN), Nigerian Securities and Exchange Commission (SEC) and other anti-graft agencies in the country, Nigerians are still investing heavily in ponzi schemes.

5 Reasons Why You Should Not invest in ponzi schemes

You Would End Up Disappointed: Every ponzi scheme has an expiry date; it may start with a good form by paying millions to people but the fall and liquidation of the scheme should be expected because it doesn’t last forever. A ponzi scheme could be closed at any time, you could invest your money and lose it the next minute.

You Make Yourself An Opportunist: By investing in ponzi schemes, you make yourself an opportunist because you would be on the lookout for other people (victims) to join under you so that you can make money from a share of their investments.

You Become Greedy: When you invest in ponzi schemes, you will not be satisfied with what you have. There is every tendency that you would put all you have in the ponzi scheme in a bid to make more money. Even when you gain from it, you would want to invest more in it, this is where greediness sets in.

You Won’t Be A Professional In Other Fields: By investing in ponzi schemes, you will not develop your minds on other areas to devout your time into. Your whole attention would be on how you can get more people to register under you and form a 4×4 matrix.

You Would Get Addicted: Lastly, another reason why you should flee from ponzi schemes is that you would get addicted into it. Even when the current ponzi scheme fails to pay, you would speedily welcome another ponzi scheme with open arms so that you could make money for yourself.

Rather than investing in ponzi, you could take your time to learn a skill. Lucrative skills to learn in this century is the digital marketing skill. Perhaps, since you know how to convince people to invest in a ponzi scheme, you can use the same format to influence people to buy a product and you make money from sales. If you are able to grow with this format, you would build a good brand for yourself rather than putting your trust in ponzi.





About OLADAYO SAKOTO