Nigerians have witnessed several Ponzi schemes that have duped citizens of trillions of naira under the guise of “investments”, “donations”, and “cooperative societies”.
These scams, often masquerading as financial salvation in a country battered by economic hardship, have left millions of Nigerians in tears, despair, and in some cases, death
The list, according to SaharaReporters contains names of 50 Ponzi schemes that have scammed households, ruined small businesses, and exposed the Nigerian government’s inability to protect its people from organized digital fraud.
From the infamous MMM Nigeria that shook the nation in 2016, to the more recent BitFinance Global and CBEX in 2025, these scams share a similar DNA: they promise high returns for little effort, thrive on ignorance, prey on desperation, and vanish without trace.
Despite warnings from financial experts and some regulatory agencies, many of these platforms operated openly, some even advertising on national television and partnering with celebrities and influencers.
The Economic and Financial Crimes Commission (EFCC), Central Bank of Nigeria (CBN), and Security and Exchange Commission (SEC) have often reacted after the damage was done.
While some perpetrators have been arrested, many remain free, rebranding under new names or relocating their digital operations abroad.
The lack of coordinated intelligence sharing and the absence of punitive regulations have turned Nigeria into a fertile ground for financial predators.
SEE FULL LIST BELOW:
2016: The Year the Floodgates Opened
– MMM Nigeria
– Ultimate Cycler
– Get Help Worldwide (GHW)
– Twinkas
– Icharity Club
– Crowd Rising
– Claritta
– Help2Get
– Loopers Club
– Givers Forum
2017: The Copycat Craze
– NNN Nigeria
– MMM Cooperation
– GCCH (Global Crediting Cooperative Hub)
– Money Riot
– RevoMoney
– SwissGolden (Nigeria version)
– NNU (Nigeria News Update)
– Peer2Peer Donation
– Twinkas Reloaded
– Donation Hub
– MyBonus
– ZarFund
2018 – 2020: Crypto and Cooperatives Take Over
– Bitclub Advantage
– Million Money
– Helping Hands International
– DGSOUK
– Pennywise
– Loom
– Crowd1
– Lion’s Share
– InksNation
– Baraza Multipurpose Cooperative
– Racksterli
2021 – 2022: Tech-Fueled Deception
– 86FB (aka 86Z)
– Eagle Cooperative
– Royal Q (Nigerian scam version)
– FINAFRICA
– Ovaioza Farm Produce Storage
– QNet (Nigeria)
– Afriq Arbitrage System (AAS)
– MBA Forex
– Chinmark Group
– Inksledger
– Axim Exchange
2023 – 2025:
– CALA (Cala Finance)
– 6Dollars Investment
– Sidra Investment (cloned scam version)
– WealthBuddy
– Compoundly
– BitFinance Global
– CBEX
