Tracing the Trail of Ponzi Schemes in Nigeria: From MMM to CBEX

Despite constant warnings from regulators and financial experts, Ponzi schemes continue to thrive in Nigeria, preying on people seeking quick financial returns. From the infamous MMM to the recently collapsed CBEX, these fraudulent schemes have collectively stolen billions from Nigerians, leaving a trail of financial ruin and broken promises. Below is a detailed list of some of the most notable Ponzi schemes that have scammed Nigerians since 2016.

1. MMM Nigeria (2016)

Regarded as Nigeria’s most infamous Ponzi scheme, MMM Nigeria launched in 2016 and quickly became a household name. It promised participants a 30% return on investments within 30 days. By December 2016, MMM had attracted millions of Nigerians before crashing, leaving investors stranded with no means to recover their funds.

2. Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, and Givers Forum (2016)

Riding on MMM’s popularity, these schemes emerged in quick succession. They used referral networks and “cycling” models to lure participants with promises of quick returns. Like MMM, they also collapsed after a short lifespan, leaving investors in financial distress.

3. NNN Nigeria, MMM Cooperation, GCCH, and RevoMoney (2017)

After the MMM debacle, copycat platforms like NNN Nigeria and MMM Cooperation surfaced. These schemes leveraged the MMM name, targeting victims who were desperate to recoup their losses. However, they provided no reprieve and ended in similar failure.

4. Bitclub Advantage, Million Money, and Helping Hands International (2018)

As cryptocurrency gained traction, scammers shifted tactics. These schemes presented themselves as crypto-based or charity-driven platforms, promising extraordinary returns on investment. Their collapse further proved they were Ponzi schemes in disguise.

5. Loom and Crowd1 (2019)

These schemes leveraged social media to go viral. WhatsApp groups and Facebook campaigns pushed Loom and Crowd1, promising participants double or triple their investments. When new recruits dwindled, the schemes fell apart, taking millions of naira with them.

6. InksNation, Lion’s Share, and Baraza Multipurpose Cooperative (2020)

InksNation claimed to introduce a digital currency that would end poverty but was shut down by the SEC for being fraudulent. Baraza, a so-called cooperative, turned out to be a classic Ponzi scheme, while Lion’s Share used multi-level marketing tactics to scam investors.

7. Racksterli, Eagle Cooperative, and 86FB (2020–2021)

Racksterli used influencers to promote its platform, while 86FB posed as a sports betting platform offering guaranteed winnings. Both platforms collapsed, taking millions of naira from unsuspecting investors.

8. FINAFRICA, Royal Q (Nigeria Version), and Ovaioza (2022)

These schemes targeted Nigerians with promises tied to forex trading, crypto bots, and agricultural investments. They used buzzwords and exaggerated profit margins to attract investors, but none of these promises were fulfilled.

9. CALA Finance, 6Dollars Investment, Sidra Investment, and WealthBuddy (2023–2024)

The rise of decentralized finance (DeFi) created opportunities for new Ponzi schemes like CALA Finance and Sidra Investment. These platforms used fake testimonials, referral bonuses, and flashy marketing to deceive investors.

10. CBEX and BitFinance Global (2025)

CBEX, the latest addition to Nigeria’s Ponzi scheme history, promised a 100% return in 30 days. It collapsed in April 2025, taking over ₦1.3 trillion from investors. Similarly, BitFinance Global followed the same playbook, luring unsuspecting victims with promises of massive returns.

The Ripple Effect of Ponzi Schemes in Nigeria

Ponzi schemes have cost Nigerians billions over the years, with the Nigeria Deposit Insurance Corporation (NDIC) reporting losses of ₦911.45 billion to fraud-related activities in 23 years. These schemes highlight the importance of verifying financial platforms and adhering to regulatory advice to avoid falling victim.