MMM, Copycats, 8 other ponzi schemes that wrecked Nigerians

Over the years, Nigeria has become ground zero for Ponzi schemes that prey on the hopes and desperation of a population facing economic uncertainty.

Despite countless warnings from regulatory bodies such as the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), citizens continue to fall for promises of high returns with little or no risk.

These schemes often disguise themselves as investment platforms, cooperatives, or even charity organizations, drawing people in with polished websites, social media hype, and influencer endorsements.

The psychological grip of these scams is powerful: they exploit the dream of financial freedom in a climate of widespread unemployment, inflation, and limited access to credit.

Yet the reality is devastating—billions of naira lost, families thrown into poverty, and trust in legitimate financial systems deeply eroded.

Below is a chronological rundown of some of the most notable Ponzi schemes that have plagued Nigeria from 2016 to 2025, draining the life savings of countless Nigerians in their wake.

1. MMM Nigeria (2016)

The most infamous Ponzi scheme in Nigeria’s history, MMM Nigeria promised returns of up to 30% within 30 days.

The scheme attracted millions before it crashed in December 2016, leaving countless investors in financial ruin. It operated under the guise of a mutual aid community, but it was, in fact, a rebranded version of a Russian Ponzi scheme by Sergey Mavrodi.

Its collapse sent shockwaves across the country, especially as it came just before the holiday season, wiping out life savings and school fees.

2. Clone Storm (2016)

Following MMM’s initial popularity, a wave of similar schemes flooded the digital space.

Names like Ultimate Cycler, Twinkas, iCharity Club, Get Help Worldwide, and Loopers Club exploded into the scene.

They relied on multi-level marketing and peer-to-peer donation models, but most collapsed within months. These schemes preyed on the idea of “helping one another,” masking financial fraud in philanthropy.

3. Copycat Craze (2017)

After the MMM crash, copycat schemes took over, rebranding old models with new names. NNN and MMM Cooperation tried to ride on the MMM name, exploiting previous participants who still hoped to recover losses.

GCCH and RevoMoney claimed to offer more secure investment experiences, but their structures were essentially the same—unsustainable and fraudulent. Each platform used trust built from the past to re-exploit an already wounded population.

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

These schemes masqueraded as crypto-based platforms or charity networks. They capitalized on the growing interest in digital currencies but delivered the same outcome — massive losses.

Bitclub Advantage offered crypto mining “shares,” while Helping Hands International marketed itself as a global humanitarian cause. In truth, all were cloaked Ponzi schemes, dressed up in the buzzwords of cryptocurrency and social impact.

5. Loom and Crowd1 (2019)

Viral social media campaigns fueled the rise of Loom and Crowd1. Promoters used WhatsApp and Facebook to promise “double your money” schemes that quickly collapsed when recruitment stalled.

Loom, in particular, spread like wildfire in WhatsApp groups, where users added friends to “investment circles.” Crowd1 took a more corporate look but was repeatedly flagged by regulators across Africa and Europe for operating illegally.

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

InksNation promised a digital currency that would end poverty but was shut down by the SEC. Baraza claimed to be a cooperative but operated like a classic Ponzi, while Lion’s Share mimicked MLM structures. InksNation’s founder went as far as proclaiming that Nigeria would become the richest country on earth, thanks to his “Pinkoin.” Baraza collected funds under the pretense of cooperative savings, while Lion’s Share used smart contracts to falsely guarantee returns.

7. Racksterli, Eagle Cooperative, 86FB (2020–2021)

These platforms used influencer marketing and sports betting gimmicks. 86FB, in particular, gained popularity before crashing spectacularly, taking millions from investors.

Racksterli offered cashback on digital tasks, while Eagle Cooperative claimed to be community-driven. What they shared in common was a reliance on celebrity endorsements and online credibility to reel in victims.

8. FINAFRICA, Royal Q (Nigeria version), Ovaioza (2022)

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

All failed to deliver on promised returns. FINAFRICA encouraged investment in multiple sectors but ran into legal trouble.

Royal Q took advantage of the crypto craze, while Ovaioza, led by a charismatic founder, collapsed amid allegations of fraud and asset mismanagement.

9. CALA Finance, 6Dollars Investment, Sidra Investment, WealthBuddy, Compoundly (2023–2024)

These new-age platforms were heavily marketed online. Sidra was a clone scam, while others mimicked DeFi and crypto investment trends, using hype and bonuses to attract victims.

With dashboards, referral bonuses, and flashy UI, these scams created the illusion of credibility. Yet, as with their predecessors, the money flowed upwards and vanished when withdrawals surged.

10. BitFinance Global and CBEX (2025)

In the latest wave, BitFinance Global and CBEX are among the schemes already causing financial pain in 2025.

China Beijing Equity Exchange, CBEX is an equity transaction bourse and platform run by the government of Beijing for mergers, acquisitions and restructuring of state-owned enterprises.

The Nigerian scam version falsely adopted this name to create the illusion of legitimacy, fooling investors into thinking they were part of an official Chinese government-backed initiative.

They repeat the same patterns , false claims, unrealistic returns, and eventual disappearance.