FACTORS INFLUENCING PONZI SCHEME PARTICIPATION IN NIGERIA

Authors

  • Tomola Marshal Obamuyi Federal University of Technology, Akure
  • Grace Oluwabukanla Iriobe Redeemer's University
  • Taofeek Sola Afolabi Redeemer's University
  • Akinpelu Denis Akinbobola Adekunle Ajasin University, Akungba-Akoko, Ondo State, Nigeria
  • Adegboyega John Elumaro Adekunle Ajasin University, Akungba-Akoko, Ondo State, Nigeria
  • Bukola Akintade Faloye Adekunle Ajasin University, Akungba-Akoko, Ondo State, Nigeria
  • Ademola Felix Adeyefa Rufus Giwa polytechnic, Owo, Ondo State, Nigeria
  • Titilope Francis Adepoju Federal University of Technology, Akure, Nigeria
  • Anthonia Olabisi Oni Federal University of Technology, Akure, Nigeria

DOI:

https://doi.org/10.14738/assrj.55.4547

Keywords:

Ponzi scheme participation, Friends’ recommendation, Expected benefits, Economic Situations, Get rich quick syndrome

Abstract

This study examined the factors influencing Ponzi scheme participation in Nigeria. A multi-stage sampling procedure was used to select 384 participants for the study. Descriptive statistic and One-Way ANOVA was employed to analyze the data. The result of the analysis revealed that friends’ recommendation, expected benefits, current economic situations, ease of obtaining funds and the get rich quick syndrome were the most influencing factors on Ponzi scheme participation and these factors were significant with the gender, age, marital status, employment status and educational level at 5% level of significance. The study concluded that ponzi scheme participation was mostly influenced by friend’s recommendation, expected benefit, current economic situations, ease of obtaining funds and the Get rich quick syndrome. Therefore, the study recommended that the Nigerian government should integrate Ponzi schemes into the Nigerian financial system and subject them to the country’s regulatory environment to minimize the consequences of future failure of the schemes.

Author Biographies

Tomola Marshal Obamuyi, Federal University of Technology, Akure

Professor

School of Management Technology

Federal University of Technology, Akure

Grace Oluwabukanla Iriobe, Redeemer's University

Lecturer

Department of Financial Studies

College of Management and Social Sciences

Redeemer's university

Ede, Nigeria

Taofeek Sola Afolabi, Redeemer's University

Lecturer

Department of Financial Studies

College of Management and Social Sciences

Redeemer's university

Ede, Nigeria

Akinpelu Denis Akinbobola, Adekunle Ajasin University, Akungba-Akoko, Ondo State, Nigeria

Lecturer

Department of Banking and Finance

Faculty of Social and Management Science

Adekunle Ajasin University, Akungba-Akoko,

Ondo State, Nigeria

Adegboyega John Elumaro, Adekunle Ajasin University, Akungba-Akoko, Ondo State, Nigeria

 

Department of Banking and Finance

Faculty of Social and Management Science

Adekunle Ajasin University, Akungba-Akoko,

Ondo State, Nigeria

Bukola Akintade Faloye, Adekunle Ajasin University, Akungba-Akoko, Ondo State, Nigeria

 

Lecturer

Department of Banking and Finance

Faculty of Social and Management Science

Adekunle Ajasin University, Akungba-Akoko,

Ondo State, Nigeria

Ademola Felix Adeyefa, Rufus Giwa polytechnic, Owo, Ondo State, Nigeria

 

Lecturer

Department of Accountancy, Rufus Giwa polytechnic, Owo, Ondo State, Nigeria

Titilope Francis Adepoju, Federal University of Technology, Akure, Nigeria

Department of Project Management Technology

School of Management Technology

Federal University of Technology, Akure

Anthonia Olabisi Oni, Federal University of Technology, Akure, Nigeria

 

Department of Project Management Technology

School of Management Technology

Federal University of Technology, Akure

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Published

2018-05-28

How to Cite

Obamuyi, T. M., Iriobe, G. O., Afolabi, T. S., Akinbobola, A. D., Elumaro, A. J., Faloye, B. A., Adeyefa, A. F., Adepoju, T. F., & Oni, A. O. (2018). FACTORS INFLUENCING PONZI SCHEME PARTICIPATION IN NIGERIA. Advances in Social Sciences Research Journal, 5(5). https://doi.org/10.14738/assrj.55.4547