The Economic and Financial Crimes Commission (EFCC) has warned citizens to steer clear of 60 illegal Ponzi scheme operators in Nigeria.
These companies, operating without registration with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), have been identified as potential threats to the financial well-being of unsuspecting Nigerians.
Unfortunately, these Ponzi schemes make mouth-watering offers to Nigerians who, probably out of greed or a desire to get rich overnight without work, fall for their tricks and are eventually tricked out of their hard-earned money. According to the EFCC, some of these operators have already faced legal action, with five convicted and another five pleading guilty, awaiting sentencing.
Despite the great publicity that followed each scam, Nigerians always fall for the next one, a prrof that they simply prefer to take the risk and should not be pitied when it fails.
Below is a list of these scheme that have successfully scammed citizens of billions:
MMM Nigeria – 2016
Ultimate Cycler – 2016
Get Help Worldwide (GHW) – 2016
Twinkas – 2016
Icharity Club – 2016
Crowd Rising – 2016
Claritta – 2016
Help2Get – 2016
Loopers Club – 2016
Givers Forum – 2016
NNN Nigeria – 2017
MMM Cooperation – 2017
GCCH (Global Crediting Cooperative Hub) – 2017
Money Riot – 2017
RevoMoney – 2017
SwissGolden (Nigeria version) – 2017
NNU (Nigeria News Update) – 2017
Peer2Peer Donation – 2017
Twinkas Reloaded – 2017
Donation Hub – 2017
MyBonus – 2017
ZarFund – 2017
Bitclub Advantage – 2018
Million Money – 2018
Helping Hands International – 2018
DGSOUK – 2018
Pennywise – 2018
Loom – 2019
Crowd1 – 2019
Lion’s Share – 2020
InksNation – 2020
Baraza Multipurpose Cooperative – 2020
Racksterli – 2020
86FB (aka 86Z) – 2021
Eagle Cooperative – 2021
Royal Q (Nigerian scam version) – 2021
FINAFRICA – 2021
Ovaioza Farm Produce Storage – 2022
QNet (Nigeria) – 2022
Afriq Arbitrage System (AAS) – 2022
MBA Forex – 2022
Chinmark Group – 2022
Inksledger – 2022
Axim Exchange – 2022
Compoundly – 2024
CALA (Cala Finance) – 2023
6Dollars Investment – 2023
Sidra Investment (cloned scam version) – 2024
WealthBuddy – 2024
BitFinance Global – 2025
CBEX-2025
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