If there’s one thing Nigerians love, it’s a good hustle, and if it promises quick money, it’s even better! But over the years, many have found out the hard way that not every “investment” is legit. From “double your money” scams to cryptocurrency confusion, Ponzi schemes have danced through Nigeria like a conga line of heartbreak.
In the last few days, social media has been awash with the news of the crash of CBEX. A lot of people claim to have lost their life savings to the “investment” scheme. The news has been all over the media, print, online and even television and radio. It has been discussed in markets, beer parlours and bukas. City People’s KELECHI OKORIE, writes on 12 alleged Ponzi schemes that have sent a lot of Nigerians to hospitals in the last 10 years.
Here are 12 Ponzi schemes that promised heaven and delivered pepper:
MMM (Mavrodi Mundial Moneybox) – The Granddaddy of All Scams
Launched in Nigeria in 2015, MMM promised a whopping 30% monthly return. It was like the biggest Christmas party ever—until the music stopped in December 2016. Millions of Nigerians lost their savings. Some still carry the trauma like a badge.
Ultimate Cycler – “You Bring Four People…”
This one came with the classic pyramid model. You register, and bring four people, they bring four people… and somehow, you become rich. Sadly, when the cycle broke, what came crashing was trust—and people’s 12,500 naira investments.
Twinkas – Where Screenshots Were the Receipts
Twinkas came in 2017 like a masked magician, offering 100% returns. People brought their friends, even their pastors! But when payouts stopped and the “Twinkas dashboard” wouldn’t load, Nigerians realised the joke was on them.
Loom Money – The WhatsApp Menace
Loom started as a group chat and ended as a group cry. This one spread like wildfire in 2019, where “investors” were told to “enter a circle” and get paid once they reached the centre. Most never saw the centre, only the end.
Pennywise Wealth – Fool Me Once…
The name sounded like a savings app, but Pennywise was anything but wise. In 2020, it pulled in millions with promises of safe investments, only to vanish into thin air with users’ funds. No pin, no trace.
MBA Forex – The Forex Dream That Became a Nightmare
Nigerians love Forex, but MBA Forex took the love too far. With celebrity endorsements and sleek offices, it seemed legit—until the CEO disappeared in 2021 and left behind unpaid investors and broken dreams.
Baraza – The Cooperative That Cooperated with People’s Money
Baraza Multipurpose Cooperative claimed to be legit, registered and all, but turned out to be a glorified Ponzi. In 2021, investors cried out after over ₦2 billion vanished with no refund in sight.
InksNation – Blockchain or Blah-blah-chain?
InksNation claimed to be a “charity-based blockchain platform.” It even promised to end poverty in Nigeria! But all it really ended was people’s savings. The founder was declared wanted by the EFCC in 2020.
RackSterli – Influencers’ Favourite Trap
This scam had style—complete with celebrity influencers and Instagram pizzazz. It offered up to 40% ROI. But when the app stopped paying and everyone started complaining, influencers quietly deleted their posts.
Ovaioza – The Foodstuff scheme
This recent case in 2022 shook the streets. Ovaioza was a “storage business” that took investor funds to buy and sell food items. It looked like a legit hustle—until the promoters were arrested for fraud running into billions.
CheilTV – Stream, Share, Scam
CheilTV looked like the Netflix of the hustle world. It promised users could earn money by watching videos and referring others—easy money, right? Sadly, the only thing many people saw was their capital disappear without a trace. Once the referral web stopped growing, the site ghosted like a bad date.
86FB (86Z) – Football Betting or Fast-Fall Betting?
86FB came in hot with an “arbitrage sports betting” model that claimed to beat the bookies and rake in daily profits. With Telegram groups buzzing and influencers hyping it up, many Nigerians bought the dream. But in 2022, the platform crashed, and investors were left staring at empty dashboards and deleted groups.
Remember, this list is by no means exhaustive.
The Bottom Line: If It’s Too Good to Be True…
Ponzi schemes often come wearing agbada and speaking plenty of grammar. But if you look closely, the signs are always there: unrealistic returns, referral-based payout, no clear business model, and plenty of hype.
So next time someone says, “Just put 10k and get 100k in 2 weeks,” ask them one question: “ Which magician dey in charge?”
KELECHI OKORIE
