The Scourge of Ponzi Schemes in Nigeria: A List of Notorious Scams
Ponzi schemes have been a persistent threat to the financial security of Nigerians, with numerous scams emerging over the years. These schemes promise unusually high returns or guaranteed investments, only to leave investors with significant financial losses. Here is a list of some of the most notorious Ponzi schemes that have targeted Nigerians:
Early Ponzi Schemes (2016-2017)
- MMM Nigeria (2016)
- Ultimate Cycler (2016)
- Get Help Worldwide (GHW) (2016)
- Twinkas (2016)
- Icharity Club (2016)
- Crowd Rising (2016)
- Claritta (2016)
- Help2Get (2016)
- Loopers Club (2016)
- Givers Forum (2016)
- NNN Nigeria (2017)
- MMM Cooperation (2017)
- GCCH (Global Crediting Cooperative Hub) (2017)
- Money Riot (2017)
- RevoMoney (2017)
- SwissGolden (Nigeria version) (2017)
- NNU (Nigeria News Update) (2017)
- Peer2Peer Donation (2017)
- Twinkas Reloaded (2017)
- Donation Hub (2017)
- MyBonus (2017)
- ZarFund (2017)
Later Ponzi Schemes (2018-2025)
- Bitclub Advantage (2018)
- Million Money (2018)
- Helping Hands International (2018)
- DGSOUK (2018)
- Pennywise (2018)
- Loom (2019)
- Crowd1 (2019)
- Lion’s Share (2020)
- InksNation (2020)
- Baraza Multipurpose Cooperative (2020)
- Racksterli (2020)
- 86FB (aka 86Z) (2021)
- Eagle Cooperative (2021)
- Royal Q (Nigerian scam version) (2021)
- FINAFRICA (2021)
- Ovaioza Farm Produce Storage (2022)
- QNet (Nigeria) (2022)
- Afriq Arbitrage System (AAS) (2022)
- MBA Forex (2022)
- Chinmark Group (2022)
- Inksledger (2022)
- Axim Exchange (2022)
- Compoundly (2024)
- CALA (Cala Finance) (2023)
- 6Dollars Investment (2023)
- Sidra Investment (cloned scam version) (2024)
- WealthBuddy (2024)
- BitFinance Global (2025)
- CBEX (2025)
Protecting Yourself from Ponzi Schemes
To avoid falling victim to these scams, it’s essential to:
- Be cautious of unusually high returns: If it sounds too good to be true, it probably is.
- Research and verify: Research the company, its leadership, and reviews from other investors. Verify if it’s registered with relevant regulatory bodies.
- Understand the risks: Investing always carries some level of risk. Be wary of schemes that promise guaranteed returns or minimal risk.
- Report suspicious activities: If you suspect a Ponzi scheme or have fallen victim, report it to the relevant authorities.
Conclusion
Ponzi schemes have been a significant threat to the financial security of Nigerians, with numerous scams emerging over the years. By being aware of these schemes and taking steps to protect yourself, you can avoid falling victim to these scams. Stay vigilant and prioritize financial education to secure your financial future.
