Nigeria’s Securities and Exchange Commission (SEC) reports that Nigerians have lost ₦316 billion to Ponzi schemes. Notable scams include MMM Nigeria (promises of 30% monthly returns), Nospecto Oil & “Wonder Banks” (₦106.9 billion lost), and an unnamed ongoing case involving ₦174+ billion. This could possibly be the largest single scheme. The scale is staggering, affecting retirees, civil servants, and everyday Nigerians seeking financial security. The persistence of these schemes despite awareness reflects deeper issues with financial literacy, desperation, and inadequate consumer protection. It is also sad that certain churches (especially evangelical churches), serve as venues where these schemes are promoted.
Your greed and lust for material riches will get you into trouble. The Bible warns against this. 1 Timothy 6:9–10 says, “People who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge men into ruin and destruction. For the love of money is the root of all kinds of evil.” The promises of 30% monthly returns play directly to covetousness. This is a heart issue that precedes the financial loss. When people repeatedly chase get-rich-quick schemes over hard work and industry, they are already opposing the Bible.
Proverbs 13:11 (NLT) says, “Wealth from get-rich-quick schemes quickly disappears; wealth from hard work grows over time.” The Bible teaches you to work hard with your hands, and expect your wealth to grow over time. Not 30% every month. The idea that you will get rich doing nothing is fueled by the greed and lust in your heart. Prosperity and fulfillment will come when God establishes the works of your hands (Psalms 90:17). You should stop looking for shortcuts, settle down, and build a proper career or business. Let God bless you in the things you do.
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