Discussions in this paper are based on socio-religious cum philosophical views of such scholars as Emile Durkheim, Max Weber, Sigmund Freud and most especially Karl Marx who views religion as 'opium of the people'. This explains why some people in Yorubaland of Nigeria hide under the practice of religion to enrich themselves at the expense of other people. Using historical and descriptive methods, the paper investigated and found out that, as a result of high level of unemployment rate, greed

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... d laziness, many people in the study area have taken the practice of religion as the quickest way of amassing wealth for themselves using crooked means, and this negatively affects the socio-economic status of Yorubaland in particular and Nigeria as a nation. The paper recommended employment generation, religious education, and checks and balances as corrective measures. Nigeria, particularly in the South Western area, has, in recent time, turned out to be the modern Israel where people are being called to prophet-hood almost on daily basis. This is evident in the proliferation of religious houses springing up at every nook and cranny where people visit for spiritual therapy. It is worth noting that the people in this area of research practice different religions. However, our attention in this paper is focused on Christianity and Islam which are predominantly professed. Buildings, shops and stores which had hitherto been utilized for one commercial activity or the other, are being bought over or hired to be converted into religious houses. Walls of private houses, bus stops and other public places are being defaced with posters carrying pictures of 'men of God'. Many bill boards that were erected originally for advertisement of industrial products and new other ones, are now conspicuously displaying the beautiful photos of General Overseers, Pastors (either male or female), Evangelists and Sheikhs. To cap it up are paid advertisements on Radio and Television, sponsored by various individuals, religious