Business
Top Ten Ponzi Schemes That Have Stolen From Nigerians
From MMM to CBEX, here’s a rundown of the most notable scams that have drained billions from Nigerians since 2016.

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 )
Business
NRS Chair: New tax laws won’t be implemented until January
According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandates…

•President Bola Tinubu shake hands with NRS Chairman, Zach Adedeji.
The Chairman of the Nigeria Revenue Service (formerly FIRS), Zach Adedeji, has disclosed that the implementation of the newly signed four tax fiscal reform laws will commence by January 1st, 2026.
Adedeji told State House correspondents shortly after the President signed the bills into law, the previous day.
Adedeji said that the modalities will be put in place ahead of the implementation.
Adedeji further explained that the six-month period between the enactment of the new fiscal laws is designed to give ample time to those saddled with the implementation to carefully prepare and ensure that all Nigerians are adequately sensitised.
According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.
Business
President Tinubu List Economic Expectations from New Tax Laws
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.

President Bola Tinubu said today that the four tax reforms bills he signed into law reflect his administration’s resolve to create a modern, transparent, and efficient tax system capable of supporting national development, promoting investment, and reducing the burden of multiple taxation on citizens.
President Tinubu explained that the laws would be unifying Nigeria’s fragmented tax system, remove redundant overlaps, boost investor confidence, enhance transparency, and promote coordinated efforts across all levels.
He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.
“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser focused on unlocking opportunities for all,” he said.
He added : ” These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.
Designed to overhaul Nigeria’s fiscal and revenue administration framework, the laws which have been described as a major leap in the nation’s economic reform drive.
“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.”
Business
Tinubu signs four Tax Reform Bills to law today
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.

President Bola Ahmed Tinubu will today (Thursday) sign into law four tax reform bills set to overhaul Nigeria’s fiscal landscape, streamline tax administration, and boost investor confidence.
The ceremonial signing is scheduled to take place at the State House, Abuja.
In a statement , Bayo Onanuga, Special Adviser to the President on Information and Strategy, said that the four bills are : the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.
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