Over the last ten years, Nigeria has witnessed an alarming rise in the number of Ponzi schemes that have swindled millions of unsuspecting citizens, disguising themselves as “investment platforms,” “cooperatives,” or “donation networks.”
These fraudulent operations have taken advantage of economic challenges and widespread financial desperation to lure people with promises of unrealistic profits. The outcome has often been catastrophic—wrecked livelihoods, shattered small businesses, emotional trauma, and, in some cases, tragic loss of life.
Naturenex reports that SaharaReporters compiled a detailed list of 50 notorious Ponzi schemes that have left a trail of financial ruin across the country. From the infamous MMM Nigeria that dominated headlines in 2016 to recent platforms like CBEX and BitFinance Global in 2025, these scams share a common pattern: quick profit promises, minimal effort required, and eventual disappearance once enough funds have been gathered.
Despite ongoing warnings from authorities, including financial experts and regulatory agencies, many of these schemes operated openly, using advertising and celebrity endorsements to attract more victims. Their tactics gave them a sense of legitimacy, allowing them to grow unchecked until they eventually collapsed.
Although the EFCC, CBN, and SEC have stepped in on several occasions, their interventions have often come after the schemes have already inflicted serious damage. While some culprits have been apprehended, many others have escaped justice by changing their names, relocating operations, or using new digital tools to avoid detection.
Below is the full list of Ponzi schemes identified:
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 (also known as 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 version)
WealthBuddy
Compoundly
BitFinance Global
CBEX
