WATCH THE VIDEO HERE Over the years, Nigerians have fallen victim to a series of Ponzi schemes that promised quick riches but ended in devastating losses. From the infamous Mavrodi Mundial Moneybox, popularly known as MMM that crashed in 2016, leaving millions of investors stranded, to the recent collapse of CBEX and other crypto-based platforms, the allure of high returns with little risk has continued to attract unsuspecting citizens. MMM, arguably the most notorious of them all, swept through Nigeria like wildfire, with participants earning huge profits early on before the eventual crash wiped out billions in personal savings. Since then, similar schemes such as Loom, Ultimate Cycler, Twinkas, and MBA Forex Trading and Investment Limited have followed the same pattern—initial payouts to lure in more people, followed by an inevitable collapse. Despite repeated warnings from financial regulators and government agencies, Ponzi schemes continue to evolve, rebranding and leveraging social media to gain trust and spread rapidly. Many victims, however, ignored red flags and regulatory advice. Below is a list of notable Ponzi schemes that have defrauded Nigerians: MMM Nigeria (2016) Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, Loopers Club, Givers Forum (2016) NNN Nigeria, MMM Cooperation, GCCH, RevoMoney (2017) Bitclub Advantage, Million Money, Helping Hands International (2018) Loom, Crowd1 (2019) InksNation, Lion’s Share, Baraza Multipurpose Cooperative (2020) Racksterli, Eagle Cooperative, 86FB (2020–2021) FINAFRICA, Royal Q (Nigerian version), Ovaioza (2022) CALA Finance, 6Dollars Investment, Sidra Investment, WealthBuddy, Compoundly (2023–2024) BitFinance Global, CBEX (2025) 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.
The most infamous Ponzi scheme in Nigeria’s history. It promised a 30% return on investment in 30 days. At its peak, millions were involved. The platform crashed in December 2016, leading to widespread losses.
Riding on MMM’s popularity, these platforms used peer-to-peer donation and cycling systems to attract investors. They offered quick payouts but collapsed within months as new sign-ups dwindled.
These copycat platforms tried to rebrand the failed MMM model, preying on desperate Nigerians still reeling from previous losses. They promised better structures and recovery plans—but ended the same way.
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.
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 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.
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 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.
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.
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.
From MMM to CBEX: Timeline of Ponzi schemes that have duped Nigerians
