From MMM to CBEX: Timeline of Ponzi schemes which have duped Nigerians

Through the years, Nigerians have fallen sufferer to a sequence of Ponzi schemes that promised fast riches however led to devastating losses.

From the notorious Mavrodi Mundial Moneybox, popularly often known as MMM that crashed in 2016, leaving thousands and thousands of traders stranded, to the current collapse of CBEX and different crypto-based platforms, the attract of excessive returns with little danger has continued to draw unsuspecting residents.

MMM, arguably probably the most infamous of all of them, swept by means of Nigeria like wildfire, with members incomes big earnings early on earlier than the eventual crash worn out billions in private financial savings.

Since then, comparable schemes resembling Loom, Final Cycler, Twinkas, and MBA Foreign exchange Buying and selling and Funding Restricted have adopted the identical sample—preliminary payouts to lure in additional individuals, adopted by an inevitable collapse.

Regardless of repeated warnings from monetary regulators and authorities businesses, Ponzi schemes proceed to evolve, rebranding and leveraging social media to realize belief and unfold quickly. Many victims, nevertheless, ignored crimson flags and regulatory recommendation.

Beneath is a listing of notable Ponzi schemes which have defrauded Nigerians:

MMM Nigeria (2016)
Essentially the most notorious Ponzi scheme in Nigeria’s historical past. It promised a 30% return on funding in 30 days. At its peak, thousands and thousands have been concerned. The platform crashed in December 2016, resulting in widespread losses.

Final Cycler, Get Assist Worldwide, Twinkas, iCharity Membership, Loopers Membership, Givers Discussion board (2016)
Using on MMM’s reputation, these platforms used peer-to-peer donation and biking programs to draw traders. They provided fast payouts however collapsed inside months as new sign-ups dwindled.

NNN Nigeria, MMM Cooperation, GCCH, RevoMoney (2017)
These copycat platforms tried to rebrand the failed MMM mannequin, preying on determined Nigerians nonetheless reeling from earlier losses. They promised higher buildings and restoration plans—however ended the identical approach.

Bitclub Benefit, Million Cash, Serving to Fingers Worldwide (2018)
These schemes have been disguised as cryptocurrency funding or charity donation networks. They used complicated jargon and blockchain buzzwords to lure traders however did not ship on their guarantees.

Loom, Crowd1 (2019)
Leveraging social media, particularly WhatsApp and Fb, Loom and Crowd1 unfold quickly. They promised customers exponential returns for inviting others however quickly vanished when recruitment slowed.

InksNation, Lion’s Share, Baraza Multipurpose Cooperative (2020)
InksNation launched “Pinkoin,” a pretend digital foreign money it claimed would finish poverty. Lion’s Share operated as a multi-level advertising platform. Baraza claimed to be a cooperative society however mimicked the Ponzi format. All have been shut down or uncovered by regulators.

Racksterli, Eagle Cooperative, 86FB (2020–2021)
These platforms relied closely on influencer advertising and betting themes. 86FB gained nationwide reputation earlier than it collapsed, taking billions in investor funds with it.

FINAFRICA, Royal Q (Nigerian model), Ovaioza (2022)
FINAFRICA claimed to supply foreign currency trading companies, Royal Q posed as a crypto buying and selling bot, and Ovaioza marketed itself as an agro-storage and gross sales firm. All three collapsed, unable to maintain investor funds.

CALA Finance, 6Dollars Funding, Sidra Funding, WealthBuddy, Compoundly (2023–2024)
These schemes embraced the language of DeFi and on-line finance. They ran aggressive on-line campaigns, provided unrealistic bonuses, and used pretend testimonials earlier than ultimately shutting down or disappearing.

BitFinance International, CBEX (2025)
In the latest wave, BitFinance International and CBEX are already below scrutiny in 2025. CBEX, marketed as a man-made intelligence-powered cryptocurrency buying and selling platform that enables customers to purchase and promote digital belongings with guarantees of “100 per cent returns each month. Nevertheless, many have claimed that their funds all of the sudden disappeared from the CBEX buying and selling app.

Following this, the CBEX workplace, situated at Seliat Bus Cease within the Egbeda-Idimu space of Lagos State, was swarmed on Tuesday by aggrieved traders.