The Great Nigerian Scam List: MMM, CBEX, QNet, And 47 Other Ponzi Giants Unmasked

In the last ten years, Nigeria has emerged as fertile ground for Ponzi schemes that have siphoned trillions of naira from millions of unsuspecting citizens under the pretense of “investments,” “donations,” or “cooperative societies.”....KINDLY READ THE FULL STORY HERE▶

Disguised as financial lifelines in a country plagued by economic struggles, these fraudulent operations have wreaked havoc on families, crippled small businesses, and plunged many into deep financial despair. In some tragic cases, the consequences have even led to loss of life.

SaharaReporters has compiled a detailed list of 50 Ponzi schemes that have left a trail of destruction across Nigerian society, underscoring the immense damage they’ve caused.

From the notorious MMM Nigeria that rocked the nation in 2016, to more recent scams like BitFinance Global and CBEX in 2025, these fraudulent platforms share a blueprint: lofty promises of quick and effortless returns, manipulation of public ignorance, exploitation of economic desperation—and ultimately vanishing into thin air, leaving victims with nothing.

Despite repeated warnings from financial regulators and experts, many of these scams operated in plain sight—some even aired TV ads and enlisted popular celebrities and influencers to build credibility and lure in more victims.

The EFCC, CBN, and SEC have intervened, but often only after massive damage had been done. While a few culprits have been apprehended, many remain at large—some rebranding under new names, others shifting their operations abroad to evade accountability.

Below is the full list of identified Ponzi schemes:

– MMM Nigeria
– Ultimate Cycler
– Get Help Worldwide (GHW)
– Twinkas
– iCharity Club
– Crowd Rising
– Claritta
(…and 43 more)