Nigerians who invested in CBEX, a platform that used crypto trading as a ploy, are now languishing in debt while crying their eyes out. The platform, which promised a 100% return on investment (ROI) in 30 days, has folded up—without a trace.
As of the time of this report, investors are said to have lost about N1.3 trillion. The investment was denominated in US dollars and operated entirely online. They only had a shadow office in Ibadan, Oyo State, Southwest Nigeria.
But CBEX isn’t the first Ponzi scheme to deceive investors with promises of a 100% ROI in just 30 days—a feat that is practically impossible, but which continues to attract the greedy and the desperate.
The Model They Use
In March 2017, the Nigerian Deposit Insurance Corporation (NDIC) revealed that Nigerians lost at least N18 billion to the Mavrodi Mundial Movement, popularly known as MMM. But that wouldn’t stop Nigerians from investing in subsequent pyramid and Ponzi schemes that sprang up afterwards.
Since MMM’s audacious entry into the Nigerian financial landscape, several others have adopted its model to deceive investors, claiming it’s possible to earn 100% ROI within 30 days—a claim often repeated by the promoters of these dubious platforms.
While MMM was founded by a Russian ex-convict, Sergey Mavrodi, most of the schemes that followed in Nigeria have been owned and managed by Nigerians. For example, Chinmark Group, founded by one Marksman Chinedu Ijiomah, reportedly disappeared with billions of naira in investors’ money. The founder vanished into thin air, only to resurface in 2024 with another promise to his gullible investors: “We are back and better.”
Since then, Chinmark Group, Racksterli, and Twinkas, among others, have continued to take advantage of the greed and desperation of their investors.
How They Work
These schemes typically use the classic MMM or Ponzi model, where the founders promise to “end poverty” by offering investors quick returns—usually within or under 30 days.
For instance, Racksterli, which promised investors a 100% return on N50 million, vanished into thin air after collecting billions of naira. They promised someone who invested N500,000 a return of N1 million at the end of the cycle—typically 30 days.
But there’s no real business behind it. They don’t invest the money. Instead, they use funds from new investors to pay earlier ones—not profits, just redistribution.
Their Promoters
To gain traction, they often seek endorsement from celebrities and individuals with massive social media followings. Racksterli, now a collapsed Ponzi scheme, was promoted by Nigerian singer Davido and a former Nigerian lawmaker, Dino Melaye.
Some schemes even use radio stations to spread their message and recruit new members. The recently collapsed CBEX, for example, was reportedly promoted by OSBC Radio, a station owned by the Osun State Government, according to Sahara Reporters.
List of Ponzi Schemes That Have Disappeared With Nigerians’ Money
Below is a list of Ponzi or pyramid schemes that have disappeared with their investors’ money between 2016 and the present:
- CBEX-2025
- BitFinance Global – 2025
- Sidra Investment (cloned scam version) – 2024
- Compoundly – 2024
- WealthBuddy – 2024
- CALA (Cala Finance) – 2023
- 6Dollars Investment – 2023
- Intelligence Prime capital- 2023
- Opera Investment Club – 2023
- Ovaioza Farm Produce Storage – 2022
- QNet (Nigeria) – 2022
- Afriq Arbitrage System (AAS) – 2022
- MBA Forex – 2022
- Chinmark Group – 2022
- Inksledger – 2022
- Axim Exchange – 2022
- 86FB (aka 86Z) – 2021
- Eagle Cooperative – 2021
- Royal Q (Nigerian scam version) – 2021
- FINAFRICA – 2021
- Lion’s Share – 2020
- InksNation – 2020
- Baraza Multipurpose Cooperative – 2020
- Racksterli – 2020
- Loom – 2019
- Crowd1 – 2019
- Bitclub Advantage – 2018
- Million Money – 2018
- Helping Hands International – 2018
- DGSOUK – 2018
- Pennywise – 2018
- NNN Nigeria – 2017
- MMM Cooperation – 2017
- GCCH (Global Crediting Cooperative Hub) – 2017
- Money Riot – 2017
- RevoMoney – 2017
- SwissGolden (Nigeria version) – 2017
- NNU (Nigeria News Update) – 2017
- Peer2Peer Donation – 2017
- Twinkas Reloaded – 2017
- Donation Hub – 2017
- MyBonus – 2017
- ZarFund – 2017
- Ultimate Cycler – 2016
- Get Help Worldwide (GHW) – 2016
- Twinkas – 2016
- Icharity Club – 2016
- Crowd Rising – 2016
- Claritta – 2016
- Help2Get – 2016
- Loopers Club – 2016
- Givers Forum – 2016
- MMM Nigeria – 2016
CAUTION:
No legitimate investment will give you 100% ROI in 365 days, let alone in 30 days. For instance, Nigeria’s Treasury Bills offer a return of 10–18% per year, while Mutual Funds typically yield between 10% and 25% annually.
Anytime you see any platforms promising 100% returns in 30 days, kindly run and avoid them like the plague. Even cryptocurrency investments are not guaranteed.