What Data Say About Nigerians’ Decade of Engaging in Ponzi Schemes

Gain, savings, investment and expenses are critical aspects of human life. These must be done collectively and personally, using different approaches, before you can boast of living a quality life. The use of a method or multiple methods, however, depends on how individuals perceive processes to acquire money before engaging in the following activities.

In this special report, our analyst examines why Nigerians are constantly entering the Ponzi program trap despite its high risk of losing substantial investment capital and sometimes profits. We have developed an interest in this problem because of the recent public “panic” surrounding the possible collapse of another program, which has been largely reported and considered by many as another Ponzi program.

Before the rise in internet access and generalized social media, smaller and localized diets probably existed and were often called “wonderful banks”. These entities have promised unrealistic and operated yields without regulatory supervision, frauding public members of the public.

Our checks reveal that the Ponzi scheme was introduced to Nigeria through the Mavrodi World Movement (MMM), which is from Russia in the late 1980s, but gained ground in Nigeria in the late 2010s, becoming particularly significant in early 2015. A few years after 2015, the program collapsed. Despite this, several similar models have emerged, with slight variations in the way they have promised yields on invested capital. Plans like Twinkas, Get helps worldwide, money to business and ultimate business quickly followed.

Piece 1: Notable Ponzi diagrams in Nigeria and reported or estimated losses

What were the regulatory responses?

Several sources consulted by our analyst reveal that the Nigerians have lost more than 500 billion in the last decade due to their commitment to these programs. The losses, as well as the public criticisms of regulatory organizations, in particular the Securities and Exchange Commission and the Committee on Economic and Financial Division (EFCC), led to the introduction of various measures and the invocation of existing laws. The EFCC, for example, has always warned the public of the dangers of Ponzi’s diets.

Laws such as the 2025 law on investments and securities are not silent on solving the problem. The law prescribes more strict sanctions for direct and indirect actors involved in Ponzi regimes, in particular heavy fines and long prison terms. Despite the good intentions of the government with regard to the law, non -state actors in civic space and some citizens called it as “paper tiger”, emphasizing its weakness to prevent new regimes from emerging.

Why is Ponzi concern torsion despite a tighter regulation

A deep dive into the data on Google Trends from 2010 to 2025 reveals a convincing and statistically significant link between the interest in Ponzi regimes and broader economic concerns in Nigeria. The interest of public research for the economy of Ponzi and Nigeria is positively linked to 53.9%.

This means that almost a third of changes in the interest of research around Ponzi regimes can be explained by changes under the country’s economic conditions. During the periods marked by inflation, unemployment and financial uncertainty, more people seem to explore alternatives of Ponzi type, not necessarily avid, but often as desperate adaptation strategies.

Part 1: Public research volume of interest from 2010 to 2025 (from April 13, 2025) in Ponzi and other keywords

The connection becomes even stronger when terms such as return and income are introduced. With a connection of 57.8% and an interest of 33.4% in the Ponzi regimes in return and in income, the data suggest that the interest in Ponzi’s diets is deeply linked to the public concern for income stability and the quest for guaranteed yields. In a climate where employment safety is ephemeral and life costs continue to increase, the attraction of high performance promises, even if fraudulent, becomes more and more difficult to resist.

When the term benefit is added to the mixture, the connection further increases to 59%. This indicates a dangerous reality: the more people want to profit in an unstable economy, the more they are likely to become the prey of Ponzi type opportunities. The reason for profit, in this case, does not simply reflect ambition; It reflects a survival instinct triggered by systemic economic difficulties.

Interestingly, the data also shows that the moderate public interest in economic matters corresponds to an increased curiosity about profit, while a higher accent on the economy seems to reduce median interest in terms of income. Our analyst notes that when people are deeply committed to macroeconomic concerns, they can start questioning rapid fixed income solutions. However, when the commitment is superficial or reactive, the desire for profit tends to dominate, whatever the risk.

The constant interest in the “return” at all levels of economic focus indicates a deeply rooted desire for investment gains, a rational impulse in an irrational market environment. This also strengthens the idea that the popularity of Ponzi’s regimes is not only rooted in deception, but also in unsecured financial expectations and the absence of viable alternatives and confidence.

In the end, the positive link between the research of “ponzi” and “the economy of Nigeria” reflects more than just curiosity. Our analyst emphasizes that he reflects an increasing vulnerability. The periods marked by economic anxiety create the perfect environment for the diets of Ponzi to prosperate, adds our analyst.

Part 2: Public research volume of interest from 2010 to 2025 (from April 13, 2025) in Ponzi and other keywords in percentages