As the recession continues its grip on the Nigerian economy, more and more international Ponzi schemes are targeting Nigerians.
The Russian Ponzi MMM is currently the talk of the town as millions of Nigerians have signed up for it. Despite the dark history of MMM, Nigerians are pouring their money into the money double venture.
The CBN, House of Reps and the EFCC have all issued warnings to Nigerians not to invest in MMM but these words have fallen on deaf ears. In a bid to publish its image, MMM has gone on social corporate responsibility drives by donating items to IDP camps.
With the continuing success of MMM, other Ponzi schemes have set up shop in the country.
Following MMM is the new scheme called Ultimate Cycler. This new money doubling scheme promises better returns on your money than MMM.
The hook for Ultimate Cycler is this; sign up by and paying N12,500 to a fellow member you registered under. When your donation has been confirmed, the Ultimate Cycler admin puts four people under you who will pay N12,500 you resulting in N50,000. In summary, pay N12,500 and get N50,000.
When you have four people under you, Ultimate Cycler bumps you up to the second level. In this stage, you will pay N25,000 from your N50,000 largess to a grade 2 member. After this, the system will put 16 people under you who will pay you N25,000. At this stage, your grand total will be N400,000.
This Ponzi scheme is proving irresistible to many Nigerians trying to survive during these hard times.
Another Ponzi scheme is iCharity. Unlike, other schemes that are peer to server based, iCharity is peer to peer. What this means is that instead of paying money into a system that now determines who your money goes to, you pay directly to members in need of money.
Clearly, Nigerians have seen these schemes throws money at them. With the history of Ponzi schemes, it is only a while before the bubble bursts.