A Socio-Historical Perspective on Ponzi Schemes and Development in Nigeria: The Role of the Christian Church

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.