Society

4 Popular Ponzi Schemes That Have Dupped Nigerians Millions Over The Years

Published

3 years ago

Apr 26, 2022.

EDITOR’S PICK:

Over the years, Nigerians have suffered significant financial losses as a result of Ponzi scams. Not long ago, some Lagos businesses began protesting the loss of N600 million to a company called Family Food Support Association. Chinyere Emeka-Atu, the company’s owner, persuaded the merchants to pay N9,000 every month for several months with the promise of increasing the money after a set amount of time.

And now, a so-called Football investment company, 86FB (86W and 86Z), has left so many Nigerians in tears, after the company have reportedly hanged withdrawals for more than a week, and claimed they are upgrading their system.

So, in this article on EKO HOT BLOG, we would be looking at some Ponzi schemes that have dupped Nigerians millions over the years.

1. Cowlane Ponzi scheme

When the Cowlane Ponzi scheme came out, it promised to increase the finance of anybody that invests in it.

After paying the first sets of people, some Nigerians accepted the scheme as legitimate and true to its word. Lots of money was invested in the scheme by hundreds and even thousands. When the scheme crashed, it reportedly took Millions of Naira from Nigerians.

2. MMM

The next fraudulent scheme we shall look at is the infamous Mavrodi Mundial Movement (MMM). MMM lasted between 2015 and 2016. During this period, millions of Nigerians invested billions of Naira into the scheme.

When it newly came into Nigeria, it paid a lot of money to those people that invested early, we can say it is one of the biggest Ponzi schemes that have existed in the country. Some were wise to leave after a first-pay, while others wanted more.

When MMM crashed, it was reported that Billions of Naira were lost. Since the platform was a scheme in which people offer help to each other, there was nobody available to be held for the repayment of the funds.

3. Dureil Ponzi scheme

Just like other Ponzi schemes, Dureil promised to double people’s money without the investors having to do much work, but it didn’t last for very long. Just when people started trusting Dureil, the scheme crashed with millions of Naira that belonged to Nigerians.

FURTHER READING

4. Givers Forum

It was one of the top online money making Ponzi schemes in Nigeria, back in 2016. Just like MMM is claimed to be a community of givers, people who provide each other financial help on the principle of percentage growth.

‘In GIVERS FORUM, you do not have to make contracts or pledge your property, there are no lenders and no debtors. Everything is very simple: one participant asks for help, and another one helps.

It was one of the most popular back then, and of course, it crashed with lots of Naira, dupping thousands of Nigerians

Click to watch our video of the week: