Alarming statistics reveal that Nigeria has been plagued by numerous Ponzi schemes since 2016, with over 40 identified scams duping citizens out of their hard-earned money. These schemes promise unusually high returns, only to collapse, leaving investors with significant financial losses.
The list of Ponzi schemes includes MMM Nigeria, Ultimate Cycler, Get Help Worldwide (GHW), Twinkas, Icharity Club, and many others. These scams have been popping up with alarming frequency, with some even rebranding and re-emerging under new names.
Experts warn that these schemes are unsustainable and will inevitably collapse, causing financial harm to those who invest. Authorities urge citizens to exercise caution and conduct thorough research before investing in any scheme.
The Nigerian government has been advised to take stricter measures to regulate and monitor investment opportunities to protect citizens from falling prey to these scams.
Recent Scams Include:
- CALA (Cala Finance)
- 6Dollars Investment
- Sidra Investment (cloned scam version)
- WealthBuddy
- BitFinance Global
- CBEX
Citizens are advised to:
- Be cautious of unusually high returns on investments
- Conduct thorough research before investing
- Verify the legitimacy of investment opportunities
- Report suspicious schemes to authorities
The Nigerian government is working to protect citizens from these scams, but awareness and vigilance are key to preventing further financial losses.
