Nigerians have been the victims of numerous Ponzi scams over the years, which promised rapid wealth but resulted in catastrophic losses.
From the 2016 crash of the notorious Mavrodi Mundial Moneybox, or MMM, which left millions of investors stranded, to the recent failure of CBEX and other cryptocurrency-based platforms, the temptation of large profits at low risk has continued to draw in gullible consumers.
Arguably the most well-known of them all, MMM spread like wildfire throughout Nigeria, with members making enormous profits in the early going until the eventual meltdown destroyed billions of dollars in personal assets.
The same pattern has been followed by other schemes including Loom, Ultimate Cycler, Twinkas, and MBA Forex Trading and Investment Limited after then: initial rewards to attract additional participants, followed by an inevitable collapse.
Ponzi schemes are still evolving, rebranding and using social media to garner trust and expand quickly, despite repeated warnings from government agencies and banking regulators. However, a lot of victims disregarded warning signs and legal counsel.
A list of well-known Ponzi scams that have duped Nigerians is provided below:
MMM Nigeria (2016)
Nigeria’s most notorious Ponzi scheme ever. Within 30 days, a 30% return on investment was promised. Millions were involved at its height. In December 2016, the platform crashed, causing massive losses.Givers Forum, iCharity Club, Loopers Club, Twinkas, Get Help Worldwide, and Ultimate Cycler (2016)
These platforms, which capitalized on MMM’s success, attracted investors with peer-to-peer contribution and cycling mechanisms. They promised fast payouts, but as fewer people signed up, they fell apart in a matter of months.Twinkas, Get Help Worldwide, Loopers Club, iCharity Club, Givers Forum, and Ultimate Cycler (2016)
Peer-to-peer contributions and cycling processes drew investors to these platforms, which took advantage of MMM’s popularity. company promised quick payouts, but company failed in a few of months as fewer people joined.
- Bitclub Advantage, Million Money, Helping Hands International (2018)
These schemes were disguised as cryptocurrency investment or charity donation networks. They used complex jargon and blockchain buzzwords to lure investors but failed to deliver on their promises.
- Loom, Crowd1 (2019)
Leveraging social media, especially WhatsApp and Facebook, Loom and Crowd1 spread rapidly. They promised users exponential returns for inviting others but soon vanished when recruitment slowed.
- InksNation, Lion’s Share, Baraza Multipurpose Cooperative (2020)
InksNation introduced “Pinkoin,” a fake digital currency it claimed would end poverty. Lion’s Share operated as a multi-level marketing platform. Baraza claimed to be a cooperative society but mimicked the Ponzi format. All were shut down or exposed by regulators.
- Racksterli, Eagle Cooperative, 86FB (2020–2021)
These platforms relied heavily on influencer marketing and betting themes. 86FB gained nationwide popularity before it collapsed, taking billions in investor funds with it.
- FINAFRICA, Royal Q (Nigerian version), Ovaioza (2022)
FINAFRICA claimed to offer forex trading services, Royal Q posed as a crypto trading bot, and Ovaioza marketed itself as an agro-storage and sales company. All three collapsed, unable to sustain investor payments.
- CALA Finance, 6Dollars Investment, Sidra Investment, WealthBuddy, Compoundly (2023–2024)
These schemes embraced the language of DeFi and online finance. They ran aggressive online campaigns, offered unrealistic bonuses, and used fake testimonials before eventually shutting down or disappearing.
- BitFinance Global, CBEX (2025)
In the most recent wave, BitFinance Global and CBEX are already under scrutiny in 2025. CBEX, advertised as an artificial intelligence-powered cryptocurrency trading platform that allows users to buy and sell digital assets with promises of “100 per cent returns every month. However, many have claimed that their funds suddenly disappeared from the CBEX trading app.
Following this, the CBEX office, located at Seliat Bus Stop in the Egbeda-Idimu area of Lagos State, was swarmed on Tuesday by aggrieved investors.
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