![\"businessman\"](\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgT4BjUfSMYgR73XNXhcGOgzoCAufV_ThS0abau4173j_WtIDY2Vq0txykipZnJgH38jtnbP0DSB_qemGRJShnLuQvCJmkeIdOTSKJuDTSo2cE4KD1BT4Kh_dSP25cJiOGLyaxGCtI4pTmu5CxLPrwIkGabqG3AoptFjXFvjvakQf7P_8boaOJepN_IYg\/w640-h453\/dollars.jpg\" "\\"businessman\\"")
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<\/span><\/p>\nThe Nigerian Ponzi scheme is not a new
\nphenomenon. Nigerians usually fall for these sites, lured by the promise of
\nquick money. In most cases, they start out as legitimate investment platforms
\nbut later turn into scam sites after getting enough investors and promising
\nthem huge returns on their investments.<\/span><\/p>\nIn this article, we will look at the 10
\nPonzi schemes and investment platforms that have crashed in Nigeria over the
\nyears.<\/span><\/p>\nMMM<\/span><\/b><\/p>\nMMM Nigeria is one of the most famous
\nPonzi schemes in Nigeria. MMM Nigeria is a Russian-based Ponzi scheme that
\nbegan in 1989 and has been operational for over 30 years now. In addition to
\nRussia, it also has operations in other countries including South Africa,
\nIndia, and China among others.<\/span><\/p>\nThe platform gained massive popularity
\naround 2016 when it promised 30% monthly returns on investments. By November
\n2016, there were at least 3 million Nigerians involved with MMM Nigeria with an
\nestimated N1 trillion invested by investors into the platform.\u00a0<\/span><\/p>\nHowever. when
\nthings started going downhill for them after some months of operation (which we
\nwill discuss later), their website crashed because they had millions of people
\ntrying to log in at once!<\/span><\/p>\nUltimate
\nCycler<\/span><\/b><\/p>\nUltimate Cycler is the latest Ponzi
\nscheme that crashed in Nigeria. It claims to be an investment platform that
\ngenerates returns on cryptocurrency from smart contracts and other blockchain
\ntechnologies.<\/span><\/p>\nThe company claims that you can earn up
\nto 7% daily through its smart contracts, and it has invested in various
\ncompanies to help create those smart contracts.<\/span><\/p>\nIt also says that it’s backed by a
\n“blockchain development company,” which will use your investment
\nmoney to develop these new technologies so they can be used for investments,
\nprofits, and more. According to the Ultimate Cycler website:<\/span><\/p>\n\n- \u201cWe have made significant
\n investments into companies such as Ethereum(ETH) and Ripple(XRP). These
\n are two of the most popular cryptocurrencies currently used on their
\n respective platforms.”<\/span><\/li>\n- “Our group has additionally
\n partnered with different Blockchain Development Companies (BTC-LN) and
\n we’re running collectively closer to growing greater Smart Contracts
\n primarily based totally solutions.<\/span><\/li>\n- “We presently manipulate over
\n 50 one-of-a-kind varieties of Cryptocurrencies which includes Bitcoin Cash
\n (BCH), Stellar Lumens (XLM), Cardano (ADA), EOS etc…”<\/span><\/li>\n<\/ul>\nTwinkas<\/span><\/b><\/p>\nTwinkas was an online investment
\nplatform that crashed in 2017. The company promised investors up to 200%
\nreturns on their investments, with a return period of six months. Investors
\ncould earn from the platform by making a minimum investment of N5,000 ($17).
\n<\/span><\/p>\nThe company claimed to possess an algorithm that would help its clients
\nincrease their capital at least by 100%.<\/p>\n
The Nigerian Securities and Exchange
\nCommission warned against investing in Twinkas because it did not have any
\nlicense or authorization to operate a financial business in Nigeria. In
\naddition, none of its designated representatives appeared before the commission
\nwhen summoned during investigations into the matter.<\/span><\/p>\nZarfund<\/span><\/b><\/p>\nZarfund is a Ponzi scheme that shut
\ndown in April 2018. It allowed members to make money by paying a subscription
\nfee, recruiting two new members and getting paid when those new recruits
\nrecruited two more members of their own.<\/span><\/p>\nZarfund was started by Hannes Jordaan,
\nwho was arrested for operating the scam in South Africa. The scheme then moved
\nto Nigeria where it took off quickly before its collapse in April 2018.<\/span><\/p>\nThe pyramid scheme is estimated to have
\naffected thousands of Nigerians who lost money investing with Zarfund.<\/span><\/p>\nPaycycler<\/span><\/b><\/p>\nPaycycler was an online platform that
\nallowed investors to earn money by referring other investors. The company
\ncrashed in the middle of April 2017, owing investors N2.5 billion. The founder,
\nMr. Chinedu John, was arrested by the EFCC in April 2017 and has since been
\nreleased on bail after paying N1 million as surety.<\/span><\/p>\nThe company promised to pay dividends
\non weekly basis but did not fulfill its promise as it stopped paying its
\nmembers\u2019 claims for months before going offline for good.<\/span><\/p>\nPaidbest<\/span><\/b><\/p>\nPaidbest, a Ponzi scheme launched in
\n2018 and went offline in mid-2019. The site was created by an individual who
\nclaimed to be a Nigerian man. He promised investors that he would pay them back
\nat least 100% of their initial investment within the first week of joining the platform.<\/span><\/p>\nThe platform had over 300 members when
\nit crashed and all their money was lost.<\/span><\/p>\nSurecash<\/span><\/b><\/p>\nSurecash was founded in 2012 and claims
\nto be a financial services platform that helps people save money, invest and
\nmake money online.<\/span><\/p>\nAccording to the company\u2019s website,
\nSurecash is owned by a man named Ugochukwu Amadi.<\/span><\/p>\nUnaico\/S-owners
\nclub<\/span><\/b><\/p>\nUnaico was a Ponzi scheme that was
\nlaunched in 2015. Opeyemi Adetunji, a Nigerian businessman, used the platform
\nto promise investors 150% returns on their investments.<\/span><\/p>\nOn its website, Unaico claimed to be
\n\u201cthe only global investment club\u201d with members from over 50 countries. Users
\nwere promised an opportunity for income generation through the program’s
\ncryptocurrency mining operation and trading system. <\/span><\/p>\nIn addition to these
\nbenefits, users could also earn commission by referring others to join the
\nprogram or by buying into one of its many partner companies (including EOS
\nblockchain).<\/p>\n
However, Unaico’s claims were not
\nbacked up by any reputable evidence or third-party audits\u2014and things soon went
\ndownhill when it became clear that this company was indeed running a Ponzi
\nscheme rather than offering legitimate investments or services. <\/span><\/p>\nAfter shutting
\ndown in 2016 due to government intervention, Unaico was forced into liquidation
\nunder British law; however there are still many people who lost money investing
\nwith it because they didn’t know where else they could turn for help at that
\ntime – so if you’re thinking about signing up with any kind of online
\ninvestment platform then make sure you do plenty of research first!<\/p>\n
Crowdrise<\/span><\/b><\/p>\nCrowdrise was a Ponzi scheme that
\nallowed investors to invest as little as $5 and earn as high as $40,000 in
\nreturn. It was introduced in 2016 and shut down in 2017.<\/span><\/p>\nThe founder of Crowdrise was charged to
\ncourt for fraud.<\/span><\/p>\nMakemoneyonline
\nMembers Nigeria (MMM Nigeria)<\/span><\/b><\/p>\nMMM Nigeria was a Ponzi scheme that
\npromised 30% monthly return on investment, and had more than 3 million members
\nin Nigeria.<\/span><\/p>\nMMM was founded by Sergey Mavrodi and
\nlaunched in Russia in 1989. It had previously collapsed in 1994, but started up
\nagain in February 2016 as MMM Global with the tagline \u2018Growth is just around
\nthe corner! Join the movement.<\/span><\/p>\nMMM Global later rebranded itself as
\nMMM Global Foundation, claiming to be an organization that received donations
\nfrom its members and redistributed them among other members based on various
\nprinciples such as contribution history, neediness, and business experience.<\/span><\/p>\n\n
\u00a0<\/p>\n<\/p>\n<\/div>\n\n
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![\"businessman\"](\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgT4BjUfSMYgR73XNXhcGOgzoCAufV_ThS0abau4173j_WtIDY2Vq0txykipZnJgH38jtnbP0DSB_qemGRJShnLuQvCJmkeIdOTSKJuDTSo2cE4KD1BT4Kh_dSP25cJiOGLyaxGCtI4pTmu5CxLPrwIkGabqG3AoptFjXFvjvakQf7P_8boaOJepN_IYg\/s1280\/dollars.jpg\" "\\"businessman\\"")
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