Top 10 Nigerian Ponzi Schemes and Investment Platforms that Have Crashed

The Nigerian Ponzi scheme is not a new phenomenon. Nigerians usually fall for these sites, lured by the promise of quick money. In most cases, they start out as legitimate investment platforms but later turn into scam sites after getting enough investors and promising them huge returns on their investments.

In this article, we will look at the 10 Ponzi schemes and investment platforms that have crashed in Nigeria over the years.

1. MMM Nigeria: MMM Nigeria is one of the most famous Ponzi schemes in the country. It promised 30% monthly returns on investments and gained massive popularity around 2016. The platform crashed when things started going downhill after some months of operation.

2. Ultimate Cycler: Ultimate Cycler claimed to be an investment platform that generated returns through smart contracts and blockchain technologies. Investors were promised up to 7% daily returns, but the scheme collapsed.

3. Twinkas: Twinkas promised investors up to 200% returns on their investments within six months. The company did not have any license to operate a financial business in Nigeria and eventually crashed in 2017.

4. Zarfund: Zarfund allowed members to make money by recruiting new members. The scheme collapsed in April 2018, affecting thousands of Nigerians.

5. Paycycler: Paycycler was an online platform that promised dividends on a weekly basis but stopped paying its members before going offline for good in 2017.

6. Paidbest: Paidbest was launched in 2018 and went offline in mid-2019. The founder promised to pay back at least 100% of the initial investment within the first week of joining the platform.

7. Surecash: Surecash claimed to be a financial services platform that helped people save money, invest, and make money online. It was founded in 2012 but its credibility was questioned.

8. Unaico/S-Owners Club: Unaico promised investors 150% returns on their investments and claimed to be a global investment club. The scheme collapsed in 2016 due to government intervention.

9. Crowdrise: Crowdrise allowed investors to invest as little as $5 and earn up to $40,000 in return. The founder was charged with fraud, and the scheme shut down in 2017.

10. Makemoneyonline Members Nigeria (MMM Nigeria): MMM Nigeria promised 30% monthly returns on investments and had more than 3 million members in the country. It was founded by Sergey Mavrodi and had previously collapsed in 1994.

These Ponzi schemes have left many Nigerians financially devastated. It is essential to be cautious and conduct thorough research before investing in any platform that promises quick and high returns. Remember, if it sounds too good to be true, it probably is. Always prioritize financial security and do not get swayed by promises of easy money.