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.
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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.