Despite repeated warnings, Nigerians continue to fall prey to Ponzi schemes promising quick riches. From the notorious MMM to the latest CBEX collapse, here’s a timeline of major scams that have devastated families and drained billions since 2016.
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1. MMM Nigeria (2016)
The most infamous Ponzi scheme in Nigeria’s history, MMM promised 30% returns in 30 days. Millions joined before its December 2016 crash, resulting in widespread financial ruin.
2. Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, Loopers Club, Givers Forum (2016)
Riding MMM’s popularity, these copycat platforms used referral models to lure thousands, only to vanish within months.
3. NNN Nigeria, MMM Cooperation, GCCH, RevoMoney (2017)
After MMM’s collapse, these schemes rebranded the same model, targeting previous victims desperate to recover losses.
4. Bitclub Advantage, Million Money, Helping Hands International (2018)
Crypto and charity-themed schemes emerged, exploiting digital currency trends but ending in massive losses.
5. Loom, Crowd1 (2019)
Viral on WhatsApp and Facebook, these “double your money” scams collapsed quickly when new recruits dried up.
6. InksNation, Lion’s Share, Baraza Multipurpose Cooperative (2020)
InksNation promised a digital currency to end poverty but was shut down by the SEC. Baraza and Lion’s Share mimicked MLM and cooperative models, but still operated as classic Ponzi schemes.
7. Racksterli, Eagle Cooperative, 86FB (2020–2021)
Leveraging influencer marketing and sports betting, these platforms attracted millions before crashing spectacularly.
8. FINAFRICA, Royal Q (Nigeria version), Ovaioza (2022)
FINAFRICA used forex trading hype, Royal Q posed as a crypto trading bot, and Ovaioza claimed to store and sell agricultural produce—all failed to deliver promised returns.
9. CALA Finance, 6Dollars Investment, Sidra Investment, WealthBuddy, Compoundly (2023–2024)
Heavily marketed online, these schemes mimicked DeFi and crypto trends, using bonuses and hype to attract victims.
10. BitFinance Global, CBEX (2025)
The latest wave includes BitFinance Global and CBEX, both promising unrealistic returns and now leaving investors stranded. CBEX, for example, allegedly vanished with over ₦1.3 trillion, echoing the devastation of MMM.
EFCC’s Crackdown
The Economic and Financial Crimes Commission (EFCC) recently exposed 58 illegal Ponzi schemes, warning Nigerians to steer clear of unregistered investment platforms masquerading as legitimate businesses. Their ongoing crackdown aims to sanitize the financial sector and protect the public from predatory operators.
Why Ponzi Schemes Thrive
High unemployment, inflation, and financial illiteracy drive desperate Nigerians towards these scams. Until stronger regulations and better financial education prevail, the cycle of fraud and loss is likely to continue6.
Stay vigilant: If it sounds too good to be true, it probably is.
