Despite repeated warnings by the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria, , Nigerians continue to fall victim to Ponzi schemes promising quick returns.

From MMM to CBEX, here’s a rundown of the most notable scams that have drained billions from Nigerians since 2016.

1. MMM Nigeria (2016)

The most infamous Ponzi scheme in Nigeria’s history, MMM Nigeria promised returns of up to 30% within 30 days. The scheme attracted millions before it crashed in December 2016, leaving countless investors in financial ruin.

2. Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, Loopers Club, Givers Forum (2016)

These platforms emerged in the shadow of MMM’s popularity. Using referral networks and cycling models, they lured thousands with mouthwatering promises, only to vanish within months.

3. NNN Nigeria, MMM Cooperation, GCCH, RevoMoney (2017)

After the MMM crash, copycat schemes took over, rebranding old models with new names. NNN and MMM Cooperation tried to ride on the MMM name, exploiting previous participants who still hoped to recover losses.

4. Bitclub Advantage, Million Money, Helping Hands International (2018)

These schemes masqueraded as crypto-based platforms or charity networks.

They capitalized on the growing interest in digital currencies but delivered the same outcome — massive losses.

5. Loom and Crowd1 (2019)

Viral social media campaigns fueled the rise of Loom and Crowd1. Promoters used WhatsApp and Facebook to promise “double your money” schemes that quickly collapsed when recruitment stalled.

6. InksNation, Lion’s Share, Baraza Multipurpose Cooperative (2020)

InksNation promised a digital currency that would end poverty but was shut down by the SEC. Baraza claimed to be a cooperative but operated like a classic Ponzi, while Lion’s Share mimicked MLM structures.

7. Racksterli, Eagle Cooperative, 86FB (2020–2021)

These platforms used influencer marketing and sports betting gimmicks. 86FB, in particular, gained popularity before crashing spectacularly, taking millions from investors.

8. FINAFRICA, Royal Q (Nigeria version), Ovaioza (2022)

FINAFRICA used the lure of forex trading. Royal Q posed as a crypto trading bot, and Ovaioza claimed to store and sell agricultural produce. All failed to deliver on promised returns.

9. CALA Finance, 6Dollars Investment, Sidra Investment, WealthBuddy, Compoundly (2023–2024)

These new-age platforms were heavily marketed online. Sidra was a clone scam, while others mimicked DeFi and crypto investment trends, using hype and bonuses to attract victims.

10. BitFinance Global and CBEX (2025)

In the latest wave, BitFinance Global and CBEX are among the schemes already causing financial pain in 2025.

They repeat the same patterns — false claims, unrealistic returns, and eventual disappearance.

(Words and Image credit: Vanguard )

The Minister of Marine and Blue Economy, Adegboyega Oyetola, says that the Cabotage Vessel Financing Fund (CVFF) will be disbursed to eligible shipping companies through the government-approved lending institutions.

Oyetola said: ” Qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.

The fund will be administered in partnership with carefully selected and approved primary lending institutions (PLIs), ensuring professional and efficient disbursement.”

Accordingly, Oyetola has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process that will lead to the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF).

The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, over two decades, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition.

However, successive administrations failed to operationalise the fund for indigenous shipping until now.

Oyetola, in a press statement by the Media and Communications Adviser to the Minister, Dr Bolaji Akinola, yesterday, lamented that for over 20 years, the CVFF remained a dormant promise.He said this is not just about disbursing funds but about rewriting a chapter in the nation’s maritime history, saying:

“Today, we are bringing it to life deliberately, transparently and strategically.”NIMASA, in alignment with the Minister’s directive, has already issued a marine notice inviting eligible Nigerian shipping companies to apply. “

The Federal Inland Revenue Service (FIRS) is determined to rake in N25.2 trillion revenue in 2025, higher than the N21.6 trillion it collected in 2024.

This was disclosed by FIRS Executive Chairman, Dr Zacch Adedeji, who noted that the FIRS was facing the challenge of ever-increasing demand for greater tax revenue collection by government at all levels, especially in the face of dwindling direct revenue contribution by some Ministries, Departments and Agencies (MDAs).

In a keynote address during the opening ceremony of a two-day workshop, organised by the Service on “Tax Expenditure and its Effects on Government Revenue”, the FIRS chairman said that under the current dispensation, the Service was contributing an average of over 60 percent monthly to the Federation Account.

Adedeji, who was represented by FIRS Coordinating Director, Corporate Services Group, Bola Akintola, said that this is due to several proactive and reformative steps adopted by the Service.

He, however, said that the government was losing revenue through tax incentives, which had been difficult to quantify due to limited data availability.