Despite numerous warnings from financial authorities and experts, Nigerians continue to fall prey to Ponzi schemes promising unrealistic returns. From the infamous MMM to the recent collapse of CBEX, here’s a look at some of the most notable scams that have drained billions from citizens over the past decade:
1. MMM Nigeria (2016)
Arguably the most notorious Ponzi scheme in Nigerian history, MMM promised 30% returns within 30 days. It attracted millions of participants and collapsed in December 2016, leaving a trail of financial devastation.
2. Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, Loopers Club, Givers Forum (2016)
Riding on MMM’s popularity, these copycat schemes used referral networks and cycling payment models to draw in thousands. Most disappeared within months, taking investor funds with them.
3. NNN Nigeria, MMM Cooperation, GCCH, RevoMoney (2017)
In the aftermath of MMM’s crash, these platforms emerged with similar structures, often reusing the same tactics and even the MMM name to lure in former participants.
4. Bitclub Advantage, Million Money, Helping Hands International (2018)
Masquerading as crypto-based or charitable initiatives, these schemes tapped into the rising interest in digital currencies but ended with familiar losses.
5. Loom and Crowd1 (2019)
Loom spread virally on WhatsApp and Facebook, promising fast returns with small contributions. Crowd1 posed as a tech investment platform but was widely condemned as a pyramid scheme.
6. InksNation, Lion’s Share, Baraza Multipurpose Cooperative (2020)
InksNation claimed it would eliminate poverty through a blockchain project but was shut down by regulators. Baraza posed as a cooperative but operated like a Ponzi, while Lion’s Share mimicked multi-level marketing (MLM) models.
7. Racksterli, Eagle Cooperative, 86FB (2020–2021)
These schemes used influencer endorsements and sports betting narratives to gain traction. 86FB was one of the most high-profile collapses, wiping out millions in investments.
8. FINAFRICA, Royal Q (Nigeria version), Ovaioza (2022)
FINAFRICA capitalized on the forex trading trend, Royal Q posed as an automated crypto bot, and Ovaioza claimed to be an agricultural storage business. All three failed to deliver the promised profits.
9. CALA Finance, 6Dollars Investment, Sidra Investment, WealthBuddy, Compoundly (2023–2024)
These digitally-savvy platforms used sleek websites and social media marketing to gain trust. Sidra turned out to be a cloned scam, while others mimicked decentralized finance (DeFi) trends to attract new users.
10. BitFinance Global and CBEX (2025)
The latest in the long line of Ponzi-style collapses, BitFinance and CBEX have already caused financial pain in 2025. Both followed the same formula: bold claims, flashy platforms, and eventual disappearance—leaving thousands of Nigerians counting their losses once again.
From old-school pyramid schemes to high-tech crypto scams, the cycle continues. Without stronger financial education and enforcement, these patterns are likely to persist.
Other Ponzi schemes that have made away with Nigerians’ money include:
Claritta – 2016
Money Riot – 2017
SwissGolden (Nigeria version) – 2017
NNU (Nigeria News Update) – 2017
Peer2Peer
Donation Hub – 2017
MyBonus – 2017
ZarFund – 2017
DGSOUK – 2018
Pennywise – 2018
Poyoyo Investment Limited – 2021
QNet (Nigeria) – 2022
Afriq Arbitrage System (AAS) – 2022
MBA Forex – 2022
Chinmark Group – 2022
Inksledger – 2022
Axim Exchange – 2022
The Economic Financial Crimes Commission (EFCC) had on March 11, 2025, alerted Nigerians on the operations of 58 companies posturing as investing entities and defrauding innocent Nigerians of their hard-earned money.
Find below the names of the illegally operating companies:
Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech, Green Eagles Agricbusiness Solution Limited, Richfield Multiconcepts Limited, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network), Letsfarm Integrated Services, Bara Finance & Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, (Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited,) and Crowdyvest Limited,
Others are : Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and Oxford Gold Integrated, Skapomah Global Limited, MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU.Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment & Works Limited.
The rest include: Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, NISL Ventures Limited & Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.
New Daily Prime reported that the EFCC and INTERPOL have launched a full-scale investigation into the collapse of the CryptoBank Exchange (CBEX), a Ponzi scheme defrauding investors of up to ₦1.3 trillion (approximately $847 million).
