Lifestyle
Popular Ponzi Schemes That Have Pauperised Nigerians Since MMM
By Gideon Ayeni
In what has become a recurring cycle of deceit and financial heartbreak, Nigerians continue to fall victim to Ponzi schemes despite a long history of fraudulent platforms that have made away with billions in hard-earned money.
From the infamous MMM Nigeria that crashed in 2016 to the recent BitFinance Global and CBEX in 2025, the list of collapsed Ponzi schemes reads like a graveyard of financial scams—each promising quick returns and ending in tears.
In 2016 alone, platforms like Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, Loopers Club, and Givers Forum lured thousands with promises of unbelievable profits, only to disappear shortly after. The following years brought no relief, as schemes like NNN Nigeria, MMM Cooperation, GCCH, and RevoMoney emerged in 2017, followed by Bitclub Advantage, Million Money, and Helping Hands International in 2018.
The trend continued into 2019 with Loom and Crowd1, both of which gained traction through social media hype before eventually crashing. By 2020, new names like InksNation, Lion’s Share, and Baraza Multipurpose Cooperative dominated the scene, exploiting economic hardship and high unemployment rates.
Despite increased awareness and warnings from financial regulators, Nigerians kept investing in platforms such as Racksterli, Eagle Cooperative, and the notorious 86FB between 2020 and 2021. Others like FINAFRICA, Royal Q (Nigerian version), and Ovaioza Farm Produce Storage followed suit in 2022, crashing and leaving thousands stranded.
In 2023 and 2024, new names like CALA Finance, 6Dollars Investment, Sidra Investment (a cloned scam), WealthBuddy, and Compoundly emerged. Each repeated the same playbook—lavish promotions, referral bonuses, and limited-time offers—before collapsing under the weight of their own deceit.
Yet, in 2025, scams like BitFinance Global and CBEX have already begun to wreak havoc on unsuspecting investors.
Experts say desperation, low financial literacy, and a strong desire for quick wealth remain key reasons why Nigerians fall prey. Despite repeated losses and the destruction left in the wake of each failed platform, the allure of fast money continues to draw in new victims.
GWG.ng reports that while the names may change, the tricks remain the same—and until a collective shift in mindset and regulation is achieved, more Nigerians may still “fall mugu” in the hands of well-packaged scams.
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