Over the past decade, Nigeria has become a breeding ground for Ponzi schemes, which have fleeced millions of citizens out of trillions of naira under the guise of “investments,” “donations,” and “cooperative societies.”
These fraudulent schemes, often presented as opportunities for financial salvation in a country struggling with economic hardship, have devastated households, ruined small businesses, and left countless Nigerians in despair. In some extreme cases, they have even contributed to loss of life.
SaharaReporters has compiled a comprehensive list of 50 Ponzi schemes that have wreaked havoc on Nigerian society, highlighting the scale of damage caused by such scams.
From the infamous MMM Nigeria that shook the nation in 2016, to the more recent BitFinance Global and CBEX in 2025, these scams share common traits: they promise high returns with little effort, exploit public ignorance, prey on financial desperation, and ultimately disappear without a trace.
Despite repeated warnings from financial experts and regulatory bodies, many of these schemes operated openly, some even advertising on national television and partnering with well-known celebrities and influencers to gain credibility. This strategy enabled them to lure in unsuspecting victims, further exacerbating the scale of their reach.
The Economic and Financial Crimes Commission (EFCC), the Central Bank of Nigeria (CBN), and the Securities and Exchange Commission (SEC) have often stepped in after the damage had been done. While some perpetrators have been arrested, many continue to evade justice, often rebranding under new names or relocating their operations abroad to escape scrutiny.
See full list below:
– MMM Nigeria
– Ultimate Cycler
– Get Help Worldwide (GHW)
– Twinkas
– Icharity Club
– Crowd Rising
– Claritta
– Help2Get
– Loopers Club
– Givers Forum
– 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
– Bitclub Advantage
– Million Money
– Helping Hands International
– DGSOUK
– Pennywise
– Loom
– Crowd1
– Lion’s Share
– InksNation
– Baraza Multipurpose Cooperative
– Racksterli
– 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
– CALA (Cala Finance)
– 6Dollars Investment
– Sidra Investment (cloned scam version)
– WealthBuddy
– Compoundly
– BitFinance Global
– CBEX