It’s almost become a tradition — a new Ponzi scheme shows up, promises outrageous returns, and Nigerians flock to it in droves. Then, just as predictably, it vanishes with people’s hard-earned money.
We say “Never Again” after every wave, yet somehow, history repeats itself. Again and again.
Let’s take a walk down memory lane — a graveyard of scams that wiped out millions of naira from everyday people:
The Dark Roll Call of Ponzi Schemes in Nigeria
2016 – The Year of Madness
- MMM Nigeria
- Ultimate Cycler
- Get Help Worldwide (GHW)
- Twinkas
- Icharity Club
- Crowd Rising
- Claritta
- Help2Get
- Loopers Club
- Givers Forum
2017 – When It Should Have Ended, But Didn’t
- NNN Nigeria
- MMM Cooperation
- GCCH (Global Crediting Cooperative Hub)
- Money Riot
- RevoMoney
- SwissGolden (Nigerian version)
- NNU (Nigeria News Update)
- Peer2Peer Donation
- Twinkas Reloaded
- Donation Hub
- MyBonus
- ZarFund
2018 – Still Falling
- Bitclub Advantage
- Million Money
- Helping Hands International
- DGSOUK
- Pennywise
2019 – The Year of Loom and Crowd1
- Loom
- Crowd1
2020 – COVID Didn’t Stop Them
- Lion’s Share
- InksNation
- Baraza Multipurpose Cooperative
- Racksterli
2021 – Crypto-Fueled Chaos
- 86FB (aka 86Z)
- Eagle Cooperative
- Royal Q (Nigerian scam version)
- FINAFRICA
2022 – Diversifying the Scam Portfolio
- Ovaioza Farm Produce Storage
- QNet (Nigeria)
- Afriq Arbitrage System (AAS)
- MBA Forex
- Chinmark Group
- Inksledger
- Axim Exchange
2023 – Fresh Branding, Same Tricks
- CALA (Cala Finance)
- 6Dollars Investment
- 2024 – Still Not Learning
- Sidra Investment (cloned scam version)
- WealthBuddy
- Compoundly
2025 – The Madness Continues
- BitFinance Global
- CBEX
Why Do Nigerians Keep Falling for These?
Greed: Let’s be honest — the promise of quick, high returns is seductive.
Ignorance: Many don’t know how to verify a legitimate investment.
Desperation: In a struggling economy, people cling to hope, no matter how unrealistic.
FOMO: “My friend is cashing out” has led many straight into traps.
Final Thoughts: When Will We Learn?
Each of these scams came with warning signs. Yet they thrived — because the truth is, some people don’t want to learn. They want to believe the lie. Until it’s too late.
The real question is: how many more will make this list before we finally get the message?
What are your thoughts? Comment below 👇🏽 👇🏽
