The first I knew about at first was a pyramidal scheme, it was actually through text message, but I couldn't have enough experience at the time to fathom how it could lead to scam, but eventually led to scam. I lost 2000 Naira, it was in 2012. I couldn't know it was a pyramidal scheme until when I joined this forum but I know how it operated, I know about MMM earlier but I did not do it because I already known what would definitely be the outcome due to my past experience, although, I was unable to differentiate between Ponzi and pyramidal scheme but yet both will result to scam, but I know how both operate.

That is correct, I think MMM is still the largest Ponzi scheme in Nigeria, correct me if wrong. When I went to bank after the collapsed, the story of a man that used the money he wanted to use for his wedding was all I was hearing around, the man also borrowed some money and put all on MMM, he lost all the money. My brother even lost 275000 naira to MMM which he showed me on his device. There were a lot of people that lost when MMM could no longer be able to use New Nigerian investors money to pay the old Nigerian investors when almost all or all Nigerians that were interested have all invested already and no new investors coming in. That led to the collapsed of MMM that result to losses for new Nigerians that invested at the time of the collapsed, and as we know the multitude will suffer the loss.

Nigerians should avoid such high yield return investment that will result to scam, many Nigerians have lost to ponzi and pyramidal scheme, there are still many coming up, but we should all avoid them all if we do not want to be a scam victim. These links below show how Ponzi scheme in Nigeria resulted to scam.


7 trending Ponzi schemes in Nigeria in 2016
Nigerians lose N18b to Ponzi schemes - by The Nation  March 3, 2021.