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CBEX, MMM, other notable ponzi schemes that crashed in Nigeria

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Nigeria has been plagued by numerous Ponzi schemes over the years, resulting in billions of naira in losses for unsuspecting investors.

Here are some of the most notable ones:

Early Schemes (2016-2018)

  1. MMM Nigeria (2016)

Promised returns of up to 30% within 30 days, affecting over 3 million Nigerians with estimated losses of ₦18 billion.

  1. Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, Loopers Club, Givers Forum (2016)

Used referral networks and cycling models to lure thousands into investing, only to vanish within months.

  1. NNN Nigeria, MMM Cooperation, GCCH, RevoMoney (2017):

Copycat schemes that rebranded old models with new names, exploiting previous participants who hoped to recover losses.

  1. Bitclub Advantage, Million Money, Helping Hands International (2018):

Masqueraded as crypto-based platforms or charity networks, capitalizing on growing interest in digital currencies.

Social Media-Fueled Schemes (2019-2021)

  1. Loom and Crowd1 (2019):

Used viral social media campaigns to promise “double your money” schemes that quickly collapsed when recruitment stalled.

  1. InksNation, Lion’s Share, Baraza Multipurpose Cooperative (2020):

InksNation promised a digital currency to end poverty, while Baraza operated like a classic Ponzi scheme.

  1. Racksterli, Eagle Cooperative, 86FB (2020-2021):

Used influencer marketing and sports betting gimmicks to lure investors.

Recent Schemes (2022-Present)

  1. FINAFRICA, Royal Q, Ovaioza (2022):

FINAFRICA used forex trading, Royal Q posed as a crypto trading bot, and Ovaioza claimed to store and sell agricultural produce.

  1. CALA Finance, 6Dollars Investment, Sidra Investment, WealthBuddy, Compoundly (2023-2024):

Heavily marketed online, mimicking DeFi and crypto investment trends.

  1. CBEX (2025):

A digital asset trading platform that promised 100% returns in 30 days, with estimated losses of ₦1.3 trillion ($847 million). CBEX used artificial intelligence claims and referral systems to lure investors.

NB: The Securities and Exchange Commission (SEC) has been working to combat these schemes, including launching investor education campaigns and imposing stricter regulations. The new Investment and Securities Act (2025) grants the SEC extended authority to regulate digital asset exchanges and impose penalties on offenders.

ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE

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Tags: CBEX MMM Nigeria ponzi schemes

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