“Nigeria’s Ponzi Scheme Epidemic: A Cycle of Deceit”

Nigeria has seen numerous Ponzi schemes over the years, with notable examples including:

1. MMM Nigeria (2016) – promised 30% returns within 30 days
2. Ultimate Cycler, Get Help Worldwide, Twinkas (2016) – used referral networks and cycling models
3. NNN Nigeria, MMM Cooperation (2017) – copycat schemes exploiting previous participants
4. Bitclub Advantage, Million Money (2018) – crypto-based platforms with massive losses
5. Loom, Crowd1 (2019) – viral social media campaigns promising “double your money”
6. InksNation, Lion’s Share (2020) – digital currency and MLM structures
7. Racksterli, Eagle Cooperative (2020-2021) – influencer marketing and sports betting
8. FINAFRICA, Royal Q (2022) – forex trading and crypto trading bots
9. CALA Finance, WealthBuddy (2023-2024) – new-age platforms mimicking DeFi and crypto trends
10. BitFinance Global, CBEX (2025) – latest schemes with false claims and unrealistic returns

These schemes have drained billions from citizens, highlighting the need for caution and awareness.

Nigeria has been plagued by numerous Ponzi schemes over the years, with devastating consequences for investors. From MMM Nigeria in 2016, which promised returns of up to 30% within 30 days, to the latest schemes like BitFinance Global and CBEX in 2025, these scams have consistently repeated the same patterns – false claims, unrealistic returns, and eventual disappearance.

Despite repeated warnings, Nigerians continue to fall victim to these schemes, which often use social media campaigns, influencer marketing, and promises of quick riches to lure in unsuspecting investors. The Economic and Financial Crimes Commission (EFCC) and other regulatory bodies have stepped in to warn investors about these schemes, but the scams persist.

The impact of these Ponzi schemes has been severe, with billions of naira lost by citizens who were promised quick and easy wealth. The schemes often target vulnerable individuals who are desperate for financial solutions, and they can have long-lasting effects on individuals and communities.

It’s essential for investors to exercise caution and do their due diligence before investing in any scheme, and to be wary of promises that seem too good to be true.