A RELIGIO-ETHICAL APPRAISAL OF PONZI SCHEMES IN NIGERIA IN THE ‘CHANGE’ ERA

Abstract

Change, they say, is constant. It is usually experienced in all aspects of human endeavor. Change could either be positive or negative and response to it could also be positive or negative. The burgeoning of 'Ponzi schemes' is a response to the current economic slump in Nigeria's change era. This study however, gives a religio-ethical appraisal of Ponzi schemes in Nigeria. The data for this qualitative study is basically derived from interviews, literatures, publications, internet, and observations. This study is anchored on divine command theory and utilitarianism as its theoretical framework. Results however show that the pathetic economic situation of Nigeria contribute greatly to the gullibility of Nigerians to these schemes. Some Nigerians sold their sense of moral judgment, conscience and religious principles at the altar of survival. In a nutshell, Ponzi schemes are unethical, anti-religious tenets and anti-development and it is indeed, another window of cybercrime. Cyber criminals take advantage of the situation to defraud a lot of Nigerians. The government is therefore urged to follow the global trend and train cyber experts who could shut down illicit/malignant economic cyber schemes/websites. More so, religious bodies and persons should always stand on the precepts of their scriptures and should not compromise their faith for pecuniary gains. Finally, Nigerians should be more sensitive and live by the principles of beneficence and non-maleficence. Change should be managed with religious and ethical considerations.