Another ponzi scheme just crashed, leaving behind a trail of losses, pain, and shame. Like clockwork, the conversations online followed a familiar script: ‘Nigerians are too greedy’. ‘They should have known better’. ‘It was obviously a scam’.
And I’ll admit it’s easy to think that way at first. But then I paused. I reflected. And I realised: Maybe we’re not being entirely fair. What if it’s not just greed driving people into these schemes but desperation?
Let’s take a step back and consider the reality:
•Inflation is skyrocketing.
•The Naira loses value almost daily.
•Basic necessities now feel like luxuries.
•Jobs are hard to find, and even harder to keep.
•The average business owner is drowning in costs.
•Banks offer interest rates that can’t even compete with inflation.
In such a harsh economic climate, when someone hears ‘bring 100k and get 300k in 30 days’, it doesn’t sound like greed, it sounds like a lifeline.
And let’s not forget: most people don’t understand how investing works. Financial literacy remains low. People aren’t taught about risk, returns, due diligence, or diversification. So, when a trusted friend or influencer promotes a platform, it feels like a no-brainer.
In fact, it’s not just Nigeria. Ponzi schemes have scammed people all over the world even in wealthy countries with strong institutions. The difference? In those countries, there are more regulated options for people to build wealth safely. Nigerians don’t feel like they have that luxury.
So no, it’s not just greed. It’s survival. It’s hope. It’s the silent desperation of a people trying to make ends meet in a system that doesn’t work for them. This isn’t to excuse poor decisions but to understand them. And hopefully, to shift the narrative.
What we need isn’t more mockery, it’s more financial education, more accessible investment options, and more empathy.
Let’s build a world where no one has to gamble their last savings just to stay afloat.
