Abstract
This paper is a study on Ponzi schemes, development and the Christian church in Nigeria. It traced the emergence of Ponzi schemes in Nigeria. The paper considered the practices of Mavrodi Mondial Movement (MMM), being one of the strongest Ponzi schemes in Nigeria. It assessed the impact of this Ponzi scheme on development in the country. It also looked into the role played by the Christian Church during the period of the scheme’s existence in the country. The paper, however concluded that, despite the people involved in the scheme being interested in supposedly helping people (including those in the scheme and the less privileged), it is contrary to the ethos of Christianity that touches on labour and its corresponding success. The data collected for the study were analysed using socio-historical approach.
Highlights
In the era where many people are interested in making quick money or are having the get-rich-quick syndrome, there is nothing they would not do in order to have money and sustain themselves. Tade (2013) explores the use of Internet fraud popularly known in Nigeria as Yahoo Yahoo and the addition of spiritual elements with internet surfing to boost success rates (Yahoo plus) by the people interested in making quick money
The paper, concluded that, despite the people involved in the scheme being interested in supposedly helping people, it is contrary to the ethos of Christianity that touches on labour and its corresponding success
With the advent of Mavrodi Mondial Movement (MMM) in Nigeria in November 2015, there had been an astronomical rise in the number of Ponzi schemes in the country with some lasting for a couple of months, while others crash in a couple of days or even hours
Summary
Oluwasegun Peter Aluko1,* & Ibukun Oluwakemi Olawuni2 1Department of Religious Studies, Obafemi Awolowo University, Ile-Ife, Nigeria 2Department of Christian Religious Studies, Redeemer’s University, Ede, Osun State, Nigeria.
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