There is an Igbo proverb our elders never spoke merely for decoration. They spoke it as warning, history and prophecy: nwata ga-eji ihe gburu nna ya egwu egwu na-akpọ ọnwụ oku — the child who plays with the same thing that killed his father is inviting death.
Every time another Ponzi scheme emerges in Nigeria and thousands rush toward it with blind hope, borrowed money and life savings, that proverb stops being folklore and becomes reality.
We have been here too many times.
A Nation That Refuses to Learn
In 2016, MMM Nigeria arrived dressed in the language of “mutual aid,” promising returns no legitimate investment could sustain. Millions invested. Millions lost their savings.
Then came Twinkas.
Then Loom.
Then MBA Forex.
Then Racksterli.
Then CBEX, whose collapse reportedly wiped out enormous sums belonging to ordinary Nigerians—money meant for children’s education, business capital, retirement and family survival.
Now comes NRC (National Reading Culture), a platform that presented itself as promoting literacy while allegedly operating a task-based earning model that promised extraordinary returns.
Participants reportedly paid registration fees running into tens of thousands of naira with assurances of weekly earnings that no legitimate investment consistently delivers. Like many schemes before it, it eventually collapsed, leaving countless participants counting their losses.
One social media post captured the tragedy perfectly.
“I invested borrowed money.”
That single sentence explains Nigeria’s Ponzi epidemic better than any government report ever could.
Greed Is the Engine. Ignorance Is the Fuel.
The architects of Ponzi schemes are criminals who prey on hope and desperation.
But an uncomfortable truth must also be acknowledged.
These schemes continue to succeed because greed keeps opening the door while ignorance keeps it unlocked.
No legitimate investment consistently pays 20, 30 or 50 percent weekly.
No regulated financial institution on earth doubles investors’ money within weeks without corresponding risks.
Every Ponzi scheme survives on one simple principle: money from new investors is used to pay earlier investors until recruitment slows and the structure collapses under its own weight.
This pattern has repeated itself so many times that it should no longer surprise anyone.
Yet Nigerians continue to believe that somehow, somehow, the next one will be different.
Many participants even admit they know such platforms are Ponzi schemes. Their strategy is simple: “Enter early and leave before it crashes.”
Unfortunately, mathematics does not negotiate with optimism.
Someone must always be left holding the empty bag.
Desperation Has Become a Business Model
Nigeria’s economic hardship has created fertile ground for financial predators.
High unemployment.
Persistent inflation.
A weakening naira.
Shrinking purchasing power.
For millions of citizens, legitimate opportunities appear increasingly scarce, making promises of quick wealth dangerously attractive.
Fraudsters understand this reality better than policymakers do.
They package greed as empowerment.
They disguise recruitment as entrepreneurship.
They market gambling as investment.
And desperate citizens willingly participate.
To Those Who Lost Money
This is not written to mock victims.
Many invested out of genuine desperation rather than reckless greed.
The criminals behind these schemes deserve prosecution.
But prevention remains better than sympathy after the collapse.
The next time anyone promises guaranteed extraordinary returns…
Pause.
Ask questions.
Verify whether the company is licensed by the Securities and Exchange Commission (SEC).
Ask where the profits actually come from.
If the explanation depends more on recruiting people than producing goods or services, walk away.
Never borrow money to invest in an opportunity you do not fully understand.
That is not investment.
It is financial self-destruction.
Government Cannot Continue Arriving After the Funeral
Government also carries responsibility.
Regulators too often become active only after billions have disappeared.
Nigeria needs prevention rather than post-collapse investigations.
The SEC, EFCC and other regulatory agencies should identify and shut down suspicious investment schemes before they become national disasters.
Fraud promoters should face swift prosecution and meaningful asset recovery.
Financial literacy should become part of secondary and tertiary education.
Public awareness campaigns should be as frequent as health campaigns because financial fraud has become a national epidemic.
Digital platforms that knowingly profit from fraudulent investment advertisements should also face greater regulatory scrutiny.
Most importantly, regulators should establish rapid public warning systems capable of alerting citizens immediately suspicious investment platforms emerge.
The National Assembly’s investigations into recent investment scams are welcome.
But Nigerians need more than hearings.
They need enforcement.
The Proverb Still Speaks
Our elders preserved wisdom in proverbs because they knew memory fades while rhythm remains.
The child who plays with what killed his father is inviting the same fate.
Nigeria buried MMM.
Nigeria buried Twinkas.
Nigeria buried MBA Forex.
Nigeria buried Racksterli.
Nigeria buried CBEX.
Now NRC joins that growing cemetery.
Sadly, somewhere today, another platform is already being built.
It will wear a respectable name.
It will promise financial freedom.
It will recruit trusted influencers.
It will attract thousands.
And when it eventually collapses, another generation will ask the same question:
“How did this happen again?”
The answer has never changed.
Greed whispers.
Ignorance believes.
Fraud profits.
Only knowledge, discipline, effective regulation and consistent law enforcement can finally break this cycle.
Until then, Nigeria will continue gathering after every collapse to mourn deaths that were foretold long before they happened.
Perhaps it is finally time for this generation to put the poison down.
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