10 Times Nigerians Lost Billions To Ponzi Schemes

These schemes lure participants with promises of high returns by relying on continuous recruitment and false claims of success, unscrupulous operators use a variety of tactics to deceive investors, including displaying fabricated transaction records, manipulating data to appear profitable, and guaranteeing unrealistic returns.

• MMM Nigeria

  In 2016, mmm Nigeria became notorious by promising daily returns through a pyramid-like structure. The scheme depended on recruiting new members to pay off earlier investors and displayed falsified profit records that created an illusion of consistent growth. When recruitment eventually slowed, the entire operation collapsed, leaving many investors with substantial financial losses.

• Profit plus scheme

  Reportedly active in 2017, the profit plus scheme lured participants by offering rapid, high returns on investments. Operators employed flashy marketing techniques and inconsistent transaction records to mislead investors about the scheme’s profitability. Eventually, as new deposits failed to meet the high payout promises, the scheme broke down, causing severe financial damage.

• Golden opportunity investments

  Popular around 2018, golden opportunity investments marketed itself as a shortcut to quickly double one’s money. The scheme used glossy promotional materials and fabricated testimonials to build credibility. heavily reliant on an ever-expanding network of recruits, its model crumbled once the cash flow was interrupted, resulting in massive losses for its investors.

• Surefund ponzi

  In 2019, surefund ponzi operated under the guise of a secure investment fund, offering detailed yet entirely false transaction histories. by manipulating reported returns to generate the illusion of profitability, the scheme misled investors until a decline in new funds caused its liquidity to vanish abruptly, leading to significant financial setbacks.

• Capital boost investments

  Another scheme from 2017, capital boost investments attracted investors by promising steady and consistent growth through large-scale recruitment. its operators manipulated account statements and projected returns that were simply impossible to achieve. as the recruitment phase stalled, the scheme collapsed, resulting in heavy losses for a wide range of investors.

• Quickgain ventures

  In 2020, quickgain ventures promised the rapid doubling of money through strong network effects. the scheme presented misleading records to create a false facade of regular profit distribution. however, when the actual cash inflow could not sustain the extravagant returns, the operation unraveled quickly, leaving many investors at a loss.

• Wealth factory

  Operating in 2021, wealth factory relied heavily on social media to promote exorbitant gains. by issuing staged transaction records that appeared to show consistent payouts, the platform built investor confidence on a shaky foundation. when the underlying funds proved insufficient to meet the heightened payout demands, the scheme collapsed, causing significant financial damage.

• Fortune express

  Also active in 2021, fortune express presented itself as an exclusive investment club offering rapid returns. using fabricated financial statements and a relentless push for recruitment, the scheme created a false sense of security among investors. ultimately, as the cash flow dried up, fortune express fell apart, leaving participants with major financial setbacks.

• Dream investment consortium

  Peaking around 2020, the dream investment consortium enticed investors with promises of exclusive benefits and quick profits through constant network expansion. the scheme relied on circulating fabricated success narratives and misrepresenting financial statistics. once the promised returns failed to materialize, the consortium collapsed swiftly, resulting in widespread capital losses.

• Cbex

  In 2025, cbex emerged as a digital trading platform that turned out to be another ponzi-style scam. Despite an appearance of legitimacy, cbex engaged in deceptive practices such as obscuring actual cash flows and providing misleading transaction records. when the inevitable collapse occurred, investors faced severe losses and widespread financial chaos, highlighting yet another cautionary example of fraudulent operations in Nigeria.