CITIZENS COMPASS–It is no longer news that some Nigerians recently lost about 1.3 Trillion Naira to a digital trading platform, CBEX, a situation that is taking its toll on the victims.
CBEX was said to become popular in 2017 with few Nigerians investing in the trading platform in 2024 but this was kept secret as the few secretly smiled to the bank.
The trading platform promised 100% Return On Investment (ROI) after 30 days.
The few investors were said to be cashing out codedly and the platform was said to be majorly patronised by some lecturers until the information got to some of their students who jumped at it and started recruiting other students into the platform particularly in Ogun and Oyo States with Lagos joining recently.
It was gathered that around March 2025, CBEX experienced an unexpected surge which went beyond control and it thereafter crashed leaving many investors in a dilemma.
Few days ago, the Economic and Financial Crimes Commission (EFCC) in a television interview said it would go after the organisers of EFCC but many Nigerians are still waiting.
To forestall future occurrences, Citizens Compass brings you the list of some ponzi schemes that have swindled many Nigerians in less than 10 years.
The first on the list is MMM Nigeria which was introduced in 2016 followed by Ultimate Cycler, Get Help Worldwide (GHW), and Twinkas, all in 2016.
Other ponzi schemes in 2016 were Icharity Club, CrowdRising,
Claritta, Help2Get, Loopers Club, and Givers Forum.
In 2017, the following ponzi schemes were introduced;
NNN Nigeria, MMM Cooperation,
GCCH (Global Crediting Cooperative Hub),
Money Riot, RevoMoney, SwissGolden (Nigeria version),
and NNU (Nigeria News Update).
Others were; Peer2Peer Donation, Twinkas Reloaded, Donation Hub, MyBonus and
ZarFund.
In 2018, the following ponzi schemes took the stage; Bitclub Advantage, Million Money, Helping Hands International, DGSOUK, and Pennywise.
In 2019, Loom and Crowd1 were introduced while in 2020, Lion’s Share, InksNation , Baraza Multipurpose Cooperative and Racksterli were introduced.
Between 2021 till date, the following ponzi schemes were introduced; 86FB (aka 86Z) – 2021, Eagle Cooperative – 2021, Royal Q (Nigerian scam version) – 2021, FINAFRICA – 2021, Ovaioza Farm Produce Storage – 2022, QNet (Nigeria) – 2022, Afriq Arbitrage System (AAS) – 2022, MBA Forex – 2022, Chinmark Group – 2022, Inksledger – 2022, Axim Exchange – 2022, Compoundly – 2024, CALA (Cala Finance) – 2023, 6Dollars Investment – 2023, Sidra, Investment (cloned scam version) – 2024, WealthBuddy – 2024
IAS, BitFinance Global – 2025 and CBEX-2025.
