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
Nigerian Exchange Emerges Top In Africa By Dollar Values
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
The Nigerian equities market has emerged Africa’s strongest performer in U.S. dollar terms with a 68.2 percent Year- till-Date (YtD) return in the first seven months of 2026.
The bourse performance between January and July 24, 2026 outpaced other continental stock markets helped by investors confidence on the back of reforms by the Nigerian government.
The strong performance in dollar terms highlights the impact of exchange rate dynamics and renewed foreign portfolio participation.
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
Source: ThisDay
Business
Phillips Consulting Report Ranks Enugu Nigeria’s Fastest Improving State
The report assigned Enugu under Governor Peter Mbah a Momentum Score of +1.15, the highest among the 33 states assessed, placing it ahead of Jigawa, which scored +0.77, and Abia with +0.67 to complete the top three.
• Governor Peter Mbah
Enugu State has been ranked as Nigeria’s fastest-improving state in the 2026 Phillips Consulting State Performance Momentum Index, outperforming 32 other states in the latest assessment of governance and development across the country.
The report assigned Enugu under Governor Peter Mbah a Momentum Score of +1.15, the highest among the 33 states assessed, placing it ahead of Jigawa, which scored +0.77, and Abia with +0.67 to complete the top three.
According to Phillips Consulting, the Momentum Index measures the rate at which states improved relative to the national average during the review period. Positive scores indicate above-average progress, while negative scores reflect slower-than-average improvement.
The report said Enugu’s emergence as the national leader reflected deliberate governance, strong fiscal discipline, and sustained implementation of reforms, while the South-east recorded the strongest overall regional performance among Nigeria’s six geopolitical zones
Business
IMF Warns of AI Financial Shocks Across Institutions, Markets
The recommendation was made by the IMF’s Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian, in a blog post outlining how AI is transforming financial markets, lending, supervision and risk management.
The International Monetary Fund (IMF) has called on central banks and financial regulators to strengthen governance frameworks for Artificial Intelligence (AI), warning that the rapid adoption of the technology across the financial system could create new systemic risks if left inadequately supervised.
The recommendation was made by the IMF’s Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian, in a blog post outlining how AI is transforming financial markets, lending, supervision and risk management.
Adrian noted that AI is increasingly being used to price financial risks, allocate credit, execute trades and support supervisory activities, creating opportunities for greater efficiency while introducing new vulnerabilities that regulators must address.
He identified three immediate priorities for policymakers: strengthening oversight of AI-driven trading, lending and supervisory technology (SupTech); improving transparency around AI adoption, model dependencies and correlated investment strategies; and expanding international cooperation on cyber security and operational resilience.
According to him, AI has compressed the speed of financial transactions, allowing trading, lending decisions and supervisory analysis to occur in real time. While these innovations have improved market efficiency, they also increase the speed at which financial shocks can spread across institutions and markets.
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