Biden Slams Trump Over ‘Ponzi Scheme’-Nigerians Fire Back With Painful Truths
Biden slams Trump & Musk over Social Security “Ponzi scheme.” Nigerians react by listing every scam that scammed them from MMM to Chinmark.
Alphonse
Tuesday, April 15, 2025
The word "Ponzi scheme" is trending across the world thanks to a fiery speech from U.S. President Joe Biden and a sharp response from Nigerians who know the word all too well.
What started as a political attack in America has turned into a deep, global conversation one filled with jokes, trauma, and real warnings.
Biden’s Speech Sparks Global Debate
In his first major speech since leaving office, Joe Biden called out Donald Trump and Elon Musk for attacking America’s Social Security system a program that over 70 million people rely on.
“In less than 100 days, they’ve done so much destruction. It’s kind of breathtaking,” Biden said during a national conference in Chicago on April 15.
Biden didn’t mention Trump by name but made it clear: the new administration’s cuts to staff and services could threaten monthly payments for millions of retirees and disabled people.
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He reminded Americans that even during wars, recessions, and pandemics, Social Security checks were delivered. But now, for the first time ever, that might change.
“How do you sleep at night?” Biden asked, speaking directly to Trump-era officials.
He also hit back at Elon Musk, who once called Social Security a Ponzi scheme, saying that such comments only hurt those who depend on these benefits to survive.
Nigerians Flip the Trend With Their Own List of Scams
While Americans debated policy, Nigerians quickly took over the trend reminding the world that Ponzi schemes aren’t just headlines… they are painful memories.
Users across X (Twitter) began posting lists of past scams that have robbed Nigerians over the years.
Some of the most mentioned were:
MMM Nigeria (2016)
Ultimate Cycler
Loom Money
MBA Forex
Twinkas
Chinmark
Racksterli
Eatrich Farms
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One viral post asked:
“Which Ponzi scheme got you? Which one did you dodge?”
Another said:
“Your money didn’t enter any of these? You’re not even Nigerian!”
The replies were brutal, funny, and painfully honest:
“Biden just discovered Ponzi schemes. Nigerians graduated with PhDs in it.”
“If it promises 30% returns monthly, just run.”
“We should be given national awards for surviving MMM.”
Some even pointed out that scammers didn’t always look like criminals. Many Ponzi schemes in Nigeria looked “official” with logos, influencer endorsements, and even office spaces.
While the memes are loud, the emotions are real. Many Nigerians lost their life savings in these fake platforms.
Just like Biden warned about the emotional trauma of seniors waiting for checks, Nigerians know the stress of watching fake investments vanish overnight.
“No kidding, her son-in-law is a billionaire. But what about the 94-year-old mother living alone?” Biden asked, defending elderly victims of Social Security cuts.
The same could be said about a market woman in Abuja or a taxi driver in Lagos who trusted an online platform promising 50% returns in two weeks.
What is the Ponzi Scheme?
A Ponzi scheme is a fake investment setup where early investors are paid with money from new investors instead of real profits. It’s named after Charles Ponzi, an Italian swindler who ran one of the biggest scams in the 1920s. Just like the scams Nigerians listed MMM, Loom, and others Ponzi schemes collapse the moment new money stops coming in, leaving thousands in losses.
Whether it’s government benefits or private investments, people are tired of being used, lied to, and left behind.
The “Ponzi scheme” trend showed that the fear is real both in developed and developing nations. But it also reminded us: if it sounds too sweet, it’s probably sour.
