Despite repeated warnings from authorities and financial experts, Nigerians continue to fall victim to Ponzi schemes that promise quick and unrealistic returns. From the infamous MMM Nigeria to the recent CBEX scandal, these schemes have drained billions from unsuspecting citizens since 2016.
1. MMM Nigeria (2016)
Widely regarded as the most notorious Ponzi scheme in Nigeria, MMM Nigeria promised 30% returns in 30 days. It attracted millions before crashing in December 2016, leaving many in financial distress.
2. Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, Loopers Club, Givers Forum (2016)
Riding on MMM’s popularity, these platforms used referral networks and cycling models to attract thousands, only to vanish within months.
3. NNN Nigeria, MMM Cooperation, GCCH, RevoMoney (2017)
Post-MMM, similar schemes emerged under new names, including NNN and MMM Cooperation, which preyed on hopeful investors looking to recover previous losses.
4. Bitclub Advantage, Million Money, Helping Hands International (2018)
These platforms disguised themselves as crypto or charity initiatives, capitalizing on digital currency trends but delivering devastating losses.
5. Loom and Crowd1 (2019)
Boosted by viral WhatsApp and Facebook promotions, Loom and Crowd1 promised quick double-your-money returns before collapsing once new recruitment slowed.
6. InksNation, Lion’s Share, Baraza Multipurpose Cooperative (2020)
InksNation promised to eradicate poverty through a digital currency but was shut down by the SEC. Baraza and Lion’s Share mimicked cooperatives and MLM structures with the same end result — collapse.
7. Racksterli, Eagle Cooperative, 86FB (2020–2021)
These schemes leveraged influencer marketing and sports betting themes. 86FB became especially popular before a dramatic crash wiped out millions in investments.
8. FINAFRICA, Royal Q (Nigeria Version), Ovaioza (2022)
FINAFRICA posed as a forex trading platform, Royal Q claimed to be a crypto trading bot, and Ovaioza sold itself as an agro-investment company. None fulfilled their promises.
9. CALA Finance, 6Dollars Investment, Sidra Investment, WealthBuddy, Compoundly (2023–2024)
These modern platforms adopted the look of DeFi and crypto trends. Sidra was a known clone scam, while others used hype and bonuses to trap investors.
10. BitFinance Global and CBEX (2025)
The latest to join the list, BitFinance Global and CBEX are already showing signs of fraud. They repeat the familiar cycle: big promises, unrealistic returns, and sudden disappearance.
As the cycle continues, experts warn that unless more Nigerians learn to spot the red flags of Ponzi operations, these scams will keep finding fertile ground.
Follow News Review on Facebook and X
