According to wikipedia: "A Ponzi scheme is a fraudulent investment operation where the operator generates returns for older investors through revenue paid by new investors, rather than from legitimate business activities."

It is true that the goodness of Ponzi schemes has the ability to make you think-- you can get rich overnight. And when this thought is triggered, there’s nothing in the world that can make you think otherwise.

For, more than once, the Central Bank of Nigeria warned against MMM. But Nigerians, as we know ourselves to be, love every scheme that has to do with money-doubling; and the rate at which people still invest in Ponzi schemes brings confirmation to this.

Undeniably, online Ponzi schemes have gained a whole lot of popularity following the profit people made from MMM, which as at last year, was the most popular of Ponzi schemes in Nigeria.

Nigerians who invest in schemes like this justify their actions by blaming the economic recession for it. They felt participating in schemes like that would alienate their sufferings and make things better for them.

Well, as a matter of fact, this cannot be disputed with those who indeed, succeeded in gaining from it. But for the many who can best be described as victims, the story is entirely different.

Here are the top five Ponzi scheme in Nigeria today

1. MMM

I do not think it is possible for Ponzi schemes to be listed without including MMM. As a matter of fact, MMM ranks high in the online money making portal in Nigeria.

MMM Nigeria is part of the MMM global community, which is a Russian Ponzi scheme that has been in existence since 1989.

Upon investment, the scheme rewards, with 30 percent, the amount the investor, invests with.

2. Twinkas

Twinkas is more than wonderful. When you join them, I mean twinkas, you will need to donate the sum of either N5000, N10000, N20000 or N50000 to a fellow member assigned by the system.

Or your direct link, and the member will then confirm your donation and then the system will automatically assign 2 other registered people under you from spillovers who will also pay you the joining amount each, into your bank account, making 200% (i.e. 200% of N5000 is N10000, 200% of N10000 is N20000 200% of N20000 is N40000 and 200% of N50000 is N100000).

3. Zar fund

Zar fund was set up by Hannes Jordaan, an online entrepreneur who lives in South Africa. The scheme works by offering financial assistance to those who need it.

Members are expected to join through a referral link which is level one. Then they will make an upline payment of 0.03btc per month to be able to receive the same amount from members under them in level one downline.

With enough collection of funds from those in level one, members are pushed to level two. Zar fund is believed to be an easy way of making money.

4. Get help worldwide

Get help worldwide is popular among the Ponzi scheme. It is proclaimed to allows people make as much as they can online.

This scheme started in August 2016 and has become popular in Nigeria ever since then. It is a mutual fund peer to peer donation; people help other people by providing direct financial help.

Third parties are not encouraged in this scheme. The help offered yields a profit of 30 percent if it is in local currency and 50 percent if it is in bitcoin. The profit is made within 30 days.

5. Loopers club

The profit you get as a participant of loopers is synonymous to the one that twinkas offers. At loopers club, you get 200% (double) of your money in 7-14 days.

Upon registration, you will be directed to select a package that best suits you.

N5,000 package –> to get N10,000 (N5K from 2 people)

N10,000 package –> to get N20,000 (N10K from 2 people)

N20,000 package –> to get N40,000 (N20K from 2 people)

N50,000 Package –> to get N100,000 (N50K from 2 people)

N100,000 Package–> to get N200,000 (N100K from 2 people)

N200,000 Package–> to get N400,000 (200k from 2 people)

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