Despite constant warnings, Nigerians remain vulnerable to Ponzi schemes disguised as investment opportunities. From MMM to CBEX, these fraudulent platforms have looted billions by promising quick, unrealistic returns. Here’s a timeline of some of the most notorious scams:
🕳️ 1. MMM Nigeria (2016)
The original trap. Promised 30% returns in 30 days and crashed with millions of victims.
🔄 2. Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, Loopers Club, Givers Forum (2016)
Copycats that leveraged MMM’s popularity. All crashed within months.
👥 3. NNN Nigeria, MMM Cooperation, GCCH, RevoMoney (2017)
Rebrands of old scams, preying on those already burned.
🔗 4. Bitclub Advantage, Million Money, Helping Hands International (2018)
Crypto and charity fronts hiding classic Ponzi structures.
📱 5. Loom, Crowd1 (2019)
Social media-driven frauds, using virality over value.
🧾 6. InksNation, Lion’s Share, Baraza Cooperative (2020)
False promises of poverty alleviation and digital currency revolutions.
📣 7. Racksterli, Eagle Cooperative, 86FB (2020–2021)
Sport betting spins and influencer marketing gone rogue.
💸 8. FINAFRICA, Royal Q (Nigeria), Ovaioza (2022)
Forex and agri-trade illusions, none delivering on their hype.
🌐 9. CALA Finance, 6Dollars Investment, Sidra, WealthBuddy, Compoundly (2023–2024)
Modernized with DeFi, cloned brands, and crypto buzzwords.
⚠️ 10. BitFinance Global, CBEX (2025)
Newest entrants already raising red flags. Same script. New names.
