Nigeria: MMM Is Nigeria's Most Popular Ponzi Scheme - ReportMost Nigerians are aware of MMM as a ponzi scheme than other similar multi-level marketing schemes that infiltrated the country during the current recession. A report released yesterday by the NOIPolls 59 per cent of Nigerians polled expressed awareness of MMM and 66 per cent of Nigerians aged between 18 and 35 years had the highest level of awareness. The report indicated that the North-East and the North-West regions ranked low in awareness of the ponzi scheme, indicating that less residents of the regions could have been defrauded in the scheme.

Most Nigerians are aware of MMM as a ponzi scheme than other similar multi-level marketing schemes that infiltrated the country during the current recession.

A report released yesterday by the NOIPolls 59 per cent of Nigerians polled expressed awareness of MMM and 66 per cent of Nigerians aged between 18 and 35 years had the highest level of awareness.

The report indicated that the North-East and the North-West regions ranked low in awareness of the ponzi scheme, indicating that less residents of the regions could have been defrauded in the scheme.                              

   

On why young people had highest level of awareness of the scheme, NOIPolls stated, "this statistics could be associated with the fact that this is the most adventurous and active age group in the society. Also, unemployment amongst this age group is very high, therefore, pushing the youths to discover other sources of financial breakthrough to survive."

Analysis of the report showed that the Ultimate Cycler, another ponzi scheme, proved to be another social financial scheme which 11 per cent of Nigerians are familiar with.

"Other mentions include Helping Hands (6 percent), iCharity (4 percent) and Givers forum (3 percent) among other schemes," the report said.

The report said 53 per cent of the respondents claimed not to have heard about any of these social financial schemes.