NewStats: 3,264,417 , 8,183,667 topics. Date: Wednesday, 11 June 2025 at 01:13 AM 5b685m

Despite repeated warnings, Nigerians continue to fall victim to Ponzi schemes promising quick returns. From MMM to CBEX, here’s a rundown of the most notable scams that have drained billions from citizens since 2016.

1. MMM Nigeria (2016)
The most infamous Ponzi scheme in Nigeria’s history, MMM Nigeria promised returns of up to 30% within 30 days. The scheme attracted millions before it crashed in December 2016, leaving countless investors in financial ruin.


2. Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, Loopers Club, Givers Forum (2016)
These platforms emerged in the shadow of MMM’s popularity. Using referral networks and cycling models, they lured thousands with mouthwatering promises, only to vanish within months.

My parents said shoemaking is for men, now my father calls me Joddu shoemaker and dances to...0:01 / 1:00


3. NNN Nigeria, MMM Cooperation, GCCH, RevoMoney (2017)
After the MMM crash, copycat schemes took over, rebranding old models with new names. NNN and MMM Cooperation tried to ride on the MMM name, exploiting previous participants who still hoped to recover losses.

4. Bitclub Advantage, Million Money, Helping Hands International (2018)
These schemes masqueraded as crypto-based platforms or charity networks. They capitalized on the growing interest in digital currencies but delivered the same outcome — massive losses.

5. Loom and Crowd1 (2019)
Viral social media campaigns fueled the rise of Loom and Crowd1. Promoters used WhatsApp and Facebook to promise “double your money” schemes that quickly collapsed when recruitment stalled.

6. InksNation, Lion’s Share, Baraza Multipurpose Cooperative (2020)
InksNation promised a digital currency that would end poverty but was shut down by the SEC. Baraza claimed to be a cooperative but operated like a classic Ponzi, while Lion’s Share mimicked MLM structures.

7. Racksterli, Eagle Cooperative, 86FB (2020–2021)
These platforms used influencer marketing and sports betting gimmicks. 86FB, in particular, gained popularity before crashing spectacularly, taking millions from investors.

8. FINAFRICA, Royal Q (Nigeria version), Ovaioza (2022)
FINAFRICA used the lure of forex trading. Royal Q posed as a crypto trading bot, and Ovaioza claimed to store and sell agricultural produce. All failed to deliver on promised returns.

9. CALA Finance, 6Dollars Investment, Sidra Investment, WealthBuddy, Compoundly (2023–2024)
These new-age platforms were heavily marketed online. Sidra was a clone scam, while others mimicked DeFi and crypto investment trends, using hype and bonuses to attract victims.


10. BitFinance Global and CBEX (2025)
In the latest wave, BitFinance Global and CBEX are among the schemes already causing financial pain in 2025. They repeat the same patterns — false claims, unrealistic returns, and eventual disappearance.

https://www.vanguardngr.com/2025/04/from-mmm-to-cbex-list-of-ponzi-schemes-that-have-stolen-from-nigerians/

Not excusing Nigerians' greed & quest for quick money, but Govt also has responsibility to protect her citizens.
SEC & other agencies shouldn't be licensing &or allowing such dubious schemes to operate, & scam Nigerians.

Zero sympathy for bastards thinking they can get rich by bringing 1million and keep it for 3months so dey can get additional 500k.

Una go cry blood. Greedy Idiats

MM

My people still never learn

Omooba77:


Swissgold too...


https://www.vanguardngr.com/2025/04/from-mmm-to-cbex-list-of-ponzi-schemes-that-have-stolen-from-nigerians/

Citizens want to double their money by all means since government is doubling poverty consistently in the country. More people will still do other ones if they eventually launch.
Being poor in Nigeria is as good as dead man walking and everybody is desperately trying not to be there.


Seeing acute suffering of people around is enough to scare anyone to act without the brain in their quest to make more money.
But Nigerians need to hear word sha.

When they invite you, you must try to know what are they selling? Is it cement, garri or rice etc
Business outcome cannot automatically translate to a predetermined amount and even more difficult when you don't know the commodity they are selling or the service they are providing that will fetch the profit

after MMM I learnt my lesson, MMM was even 10% monthly. Now someone promised you 100% monthly interest and people ignorantly invested, greed is the problem here. Nigerians will never learn.

You people are GenZ, you dont know of the old ones like WealthSolutions, Canadian Diamonds etc.

Greedy people looking for fast money... That's all I see.

Whenever you're putting money into a system where there is no value being added in of products or services and you're making profit, think twice...

Don’t worry, another one will come up soon and people will still fall for it.

Not mentioned: twinklas.

That name sounds childish

Greedy and foolish Nigerians will continue to fall victims cos dem no dey hear word!

How can someone promise you an investment return of 100% in just 1 month and you believe?

Common sense should tell you that something is off somewhere

Anchor....dey there too

When it's too good to be true. It probably is.

no be small thing

If you believe you can sit, click your phone and somehow money will be generated, you deserve to lose millions. There is nothing spiritual about money. It is physical. You render a service to make money. The harder or smarter the service, the more money you make. When a handicap person can click a phone every hour of a day, there is no way it will generate money. If the action can attract a payment, the money will be minute in sum.

Omooba77:





https://www.vanguardngr.com/2025/04/from-mmm-to-cbex-list-of-ponzi-schemes-that-have-stolen-from-nigerians/

Nigerians are greedy, their gullibility is top notch despite claims to be smart

Y

Smile...

It's well

wazobeer:
Greedy people looking for fast money... That's all I see.

Whenever you're putting money into a system where there is no value being added in of products or services and you're making profit, think twice...

This is surface talk without depth. We think people are fools?

It started since the time of pennywise(2007)lost money on pennywise and MMM but since then I Don wise

To those that cares to listen , when an offer is too good to be true , it is simply a scam .

No arrest

DeepSight:
You people are GenZ, you dont know of the old ones like WealthSolutions, Canadian Diamonds etc.

Umana Umana Wonder Bank!

Adk crashed on Tuesday too

So sad that the citizens of this country don't learn from previous bitter experiences.

Snowx:
Adk crashed on Tuesday too

All the rest will crash because they thrive on recruiting new victims but ones anyone crashes reality sets in and people stop making deposit therefore they all start crashing since it's not a sustainable business model that is based on actual production or creation of value!

Twinkas stole my 10k that year.

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