Ponzi Scheme Archives

All you need to know about Investment and Security Bill that seeks to jail promoters of Ponzi schemes.

On March 29, 2023, the Nigerian Senate passed the Investment and Security Bill, which empowers…

How influencers, friends and family members lure us into Ponzi schemes and investment scams

“Good morning. Sorry to ask, if I introduce you to a platform where you would…

The history of Ponzi scheme and why Nigerians are playing big

With the crash of MMM came tens of Ponzi websites and platforms that sprang up to take its place.

Russian, 2 Nigerians arrested for scamming victims of N3 billion in ponzi scheme

EFCC found out that the company had defrauded over seven thousand Nigerians of over N3 billion.

27 operators of “Local MMM”, other illegal financial institutions arrested in Oyo

The EFCC has arrested 27 suspects for allegedly running illegal financial institutions.

Benue: Widow loses N2.9million to ponzi scheme, demands refund

A widow, identified as Mrs Dauda Maiduguri, said she had been defrauded of N2.9 million by one Ibrahim, a top guider of Global Funds International.

“NNN is dead on arrival” – Nigerians wary of another ponzi scheme

Nigerians are aware that, like MMM, NNN is another ponzi scheme that is sure to crash.

MMM Return: Only “poor” members to receive payment, huge investors will take cuts

MMM members who have invested huge sums of money will have to wait till the scheme can “afford” to pay them, or they might eventually be asked to take pay cuts.

BREAKING: Suspected ponzi scheme, MMM reopens!

The suspected ponzi scheme which announced the freeze of participants’ accounts in December announced its return on Friday, January 13.

OPINION: KICC, Pastor Ashimolowo and the love of money, by Samuel Yerokun

“It is very wrong for a church organisation to be investing in a profit making venture – church is not a business.”