Top Six Ponzi Schemes in Nigeria you should Know

Top Six Ponzi Schemes in Nigeria you should Know
Online money making Ponzi schemes are gaining more popularity in Nigeria on a daily basis. Trust Nigerians not to miss any opportunity to make more money especially in this season of economic recession.

Currently, MMM is the most popular. It has seen millions of Nigerians invest their money in the scheme which increases by 30% after one month.

Despite warnings from the federal government and the Central Bank of Nigeria, more Nigerians are putting their money in the scheme. Nigerians have turned deaf ears to all the warnings and are enjoying free money, not minding where it is coming from.

Following the success and popularity of MMM, more Ponzi schemes are springing up in Nigeria and some have a higher interest rate than MMM.

Below are other Ponzi schemes which have sprung up after MMM.

1. Givers forum

Top Six Ponzi Schemes in Nigeria you should Know

This is one of the most popular Ponzi scheme in Nigeria. Unlike MMM which promises 30% return on investment, this one offers a 40% increase on your investment. On November 22, report surfaced that the site had crashed as members were not able to log in. However, the site came back up days later.

2. MMM united

Top Six Ponzi Schemes in Nigeria you should Know

Launched in August, this one promises you 100% of your investment and 5% on all bonuses in 30 days. It works the same way as MMM Nigeria only that it has a higher interest rate.

3. Ultimate cycler

Top Six Ponzi Schemes in Nigeria you should Know

This online money doubling scheme offers more money than MMM. You sign up with N12,500 and in one month, you will get N50,000. Nice catch right? On December 1, its members were thrown into panic as report surfaced that the site had crashed. Members were shut out and could not gain access into their account. It later came back up. Reason given for the website going down was that the servers were being upgraded.

4. Get help worldwide

Top Six Ponzi Schemes in Nigeria you should Know

Whatever money you invest on this platform grows in 30 days by 30% if in local currency or 50% if in bitcoin. It is modeled after the popular MMM.

5. Icharity

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This Ponzi scheme is fast gaining popularity. It is an international investment platform where members can give and receive donations from one another. You start from grade one where you pay N7400 to register and you will earn N37,000. In grade two, you earn N370,000 and grade three earns N3.7million.

6. Zar fund

Top Six Ponzi Schemes in Nigeria you should Know

Though not as popular as MMM, it is ranked as the 57th most visited website in Nigeria. It came in the third week of September and reportedly has over 50,000 members already. Once you register in Zarfund, you have to pay 0.03 bitcoin within 24 hours. This money goes to person who invited you to join. You get payment from those you refer to join the programme.

MMM which stands for Mavrodi Mondial Moneybox made its way into Nigeria in 2016. Many Nigerians are getting hooked on this latest get-rich-quick scheme.

The CBN has warned Nigerians against investing their money on the scheme which it says is fraudulent and not supported by any business model.

You dare not criticize MMM or its members will attack you. They will school you on how MMM is helping families feed in this time of recession. Most people keep increasing their investment even though they have been warned to invest only their spare cash.

What will make someone invest all his life savings in MMM if not greed?

The major problem of our society is greed or don’t you think so?

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