The paper examines effects of prosperity gospel on contemporary Nigerian Christian church and society. It discussed its historical origin and noted that it was birthed in USA and since the seventies now spreading among Nigerian Christian churches and society like corona virus. The study used historical and descriptive methods in its analysis. It discovered that most prosperity teachings are misused, thus, giving a false impression and interpretation about what the Bible really teaches. Finding revealed that, prosperity teachings in a way gives one a sense of hope, direction and reassurance that the life one lives can get better if one can only have faith in God. Equally, it was observed that the prosperity preachers or churches are quite correct in pointing believers to God and the wonderful promises made in his word in order to get their needs met. However, many of these preachers or churches have misused the gospel for monetization, lust for materialism, crimes and selfish advantages and thereby impoverishing their congregation the more rather than improving their lots. This in-turn has reduced the spiritual and moral capacity of the people in the church and society. The work recommended among other thing that the purpose of gospel preachers today should rather focus on doctrinal issues related to desire for the kingdom of God, soul-winning, salvation of man, hard work and good conduct in the church and society than lust for materialism and commercialization of religious activities.