Since 2016, many Nigerians have continued to lose their money to Ponzi schemes that promise fast and easy profits.Â
These schemes, often promoted on social media and through word of mouth, have used different names and styles, but the end result is usually the same—loss and regret.
The journey began with MMM Nigeria in 2016.
It became widely known for offering up to 30% returns within 30 days.
 It quickly attracted millions across the country.
 However, by December 2016, the platform collapsed and many people lost their savings.
After MMM fell, new schemes appeared, including Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, Loopers Club, and Givers Forum.
These platforms copied the model of recruiting others and earning from referrals.
They drew in thousands of people but disappeared shortly after collecting funds.
In 2017, names like NNN Nigeria, MMM Cooperation, GCCH, and RevoMoney tried to keep the scam going by rebranding.
 NNN and MMM Cooperation especially took advantage of MMM’s past users, tricking them with the hope of getting back what they had lost.
These schemes also failed, leaving many in financial distress.
By 2018, the fraud took a new turn. Bitclub Advantage, Million Money, and Helping Hands International started presenting themselves as cryptocurrency-based or charity networks.
 While the platforms claimed to offer modern financial solutions, they ended up leaving users with no returns.
In 2019, the rise of social media helped the spread of Loom and Crowd1.
 These two were pushed aggressively on WhatsApp and Facebook.
 People were promised double returns if they could bring others in.
 Once new recruits stopped joining, the system collapsed, and the money vanished.
In 2020, InksNation, Lion’s Share, and Baraza Multipurpose Cooperative entered the scene.
 InksNation claimed it would end poverty through a digital currency but was later shut down by the authorities.
 Baraza claimed to be a cooperative, while Lion’s Share followed the structure of multi-level marketing.
All three failed to meet their promises and closed down.
Racksterli, Eagle Cooperative, and 86FB gained attention in 2020 and 2021.
 These schemes used influencers and sports betting language to build trust.
 86FB, especially, was very popular before it crashed suddenly, leaving investors with heavy losses.
By 2022, FINAFRICA, Royal Q (Nigeria version), and Ovaioza were trending. FINAFRICA attracted people with forex trading claims.
Royal Q acted as a crypto trading robot, and Ovaioza said it was into storage and sales of farm produce. But like others before them, none of these platforms gave the promised results.
The trend continued in 2023 and 2024 with CALA Finance, 6Dollars Investment, Sidra Investment, WealthBuddy, and Compoundly.
These schemes used online ads and crypto-related language to draw in young investors.
Sidra, in particular, was found to be a copy of another scam. Others used digital finance buzzwords and promised bonuses that never came through.
Now in 2025, two fresh names—BitFinance Global and CBEX—are already causing trouble.
They follow the same tricks as past schemes, offering unrealistic returns and disappearing with people’s money once trust is built.
Despite years of warnings, many still believe these schemes will help them escape poverty or grow wealth quickly. But history has shown that each new version brings only more disappointment.
