Nigeria has witnessed several Ponzi schemes over the years, with millions of people losing their hard-earned money in the pursuit of quick and unrealistic returns. These schemes often promise extraordinary profits with little or no risk, only to collapse and leave investors devastated. Below are ten of the most notable Ponzi schemes that affected Nigerians.
1. MMM Nigeria (2016)
MMM remains the most famous Ponzi scheme in Nigeria’s history. The platform promised returns of up to 30% per month. At its peak, millions of Nigerians participated before the scheme froze accounts and eventually collapsed, causing losses estimated in billions of naira.
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