Well, more than ever before, online ponzi schemes are now popular in Nigeria. Some have blamed this on the biting economic situation in the country – that has forced many Nigerians to look for alternative means to make ends meet, and put food on their table. The Nigeria’s cyberspace was awashed with lots of these money-doubling schemes last year, with the Central Bank of Nigeria coming out strongly against the prominent among them, MMM. Nigeria’s Security and Exchange Commission also warned Nigerians of investing in the scheme, before participants accounts were frozen last December – and with assurance that it would be reopened on January 14, 2017.
But, not only MMM now, a number of these ponzi schemes have crept into Nigeria’s cyberspace, with tens and thousands of Nigerians pouring in their savings. Some of these include:
1. MMM Nigeria (nigeria-mmm.net): MMM currently is the most popular online money making portal in Nigeria. MMM Nigeria is part of the MMM Global community, a Russian Ponzi scheme dated back to 1989. MMM gives you a technical platform which helps millions of participants worldwide to connect those who NEED help to those who are ready to PROVIDE help, for FREE. All transferred funds to another participant are your help given by your own good will to another one, absolutely gratis. The scheme promises a 30% return on investment to members.
2. Ultimate Cycler (ultimatecycler.com): Ultimate Cycler was founded by Peter Wolfing, a United States based network marketer. When you register, you will need to donate the sum of N12,500 to a fellow member and the person will then confirm your donation.
The system (Admin) will put 4 other registered people under you from spillovers who will also pay you N12,500 each, into your bank account, making N50,000. You can also bring people to register under you if you can’t wait for the system to do it for you.
3. Givers forum (giversforum.net): is one of the top online money making Ponzi schemes in Nigeria just like MMM Nigeria, Ultimate Cycler, i-charity, crowd rising etc. With the increasing rate of new Ponzi schemes in Nigeria today, one can only imagine how long these schemes will trend on the web. The domain “giversforum.net” was registered on 17th October 2016 and as today, it is one of the top 5 ponzi schemes in Nigeria.
GIVERS FORUM is a community of givers, people who provide each other financial help on the principle of “Give, it shall be given unto you, good measure, pressed down, shaken together, running over…” In GIVERS FORUM you don’t have to make contracts or pledge your property, there are no lenders and no debtors. Everything is very simple: one participant asks for help — another one helps.
The only thing that GIVERS FORUM demands from its participants is to be honest and kind to each other. You ask for financial help when you need it, you give financial help when you are able to do it.
Just like MMM Nigeria, there is no central account, where all the System money flows to (and where it can be easily stolen from). All the money is only in the bank accounts of the participants themselves.
4. Zar fund (zarfund.com): Zar fund is founded by Hannes Jordaan, an online entrepreneur living in South Africa. Zarfund help with direct funding for your financial needs. With this program you are just a click away from financial freedom.
After joining your level 1 upline’s referral link, you pay your upline 0.03btc per month to be in a position to receive the same from each of your level 1 downlines. This is followed by receiving the same amount from each of the two people you recruited. This initiates a chain such that with enough collection of funds from your level 1 downline you get to upgrade to level 2 in the same manner you joined. This process keeps expanding and helps you gain enough money in a convenient way.
5. Icharity (icharity.club): International Charity Club (iCharity Club) is an International network of donors. iCharity.Club is a peer-to-peer donation platform for members to help other members in a systematic way. By using this platform, member can give and receive donations from each other. It is open to everybody, anywhere in the world can join this program.
The major difference between iCharity.Club and other networks is that iCharity.Club platform allows members to donate directly to each other (peer-to-peer) while other networks allow members to donate to each other through a central system (peer-to-server). This is why it has been very difficult for people to succeed in other networks being that every payment goes into a central system which further decides who to give, when to give and how to give members money.
6. Crowd Rising (crowdrising.net): This is relatively new in the online Ponzi Scheme market in Nigeria, although it currently receive low traffic as one of the visited sites in Nigeria. The system was designed in such a way that it can be used by Fundraisers, such as for Charities, Schools, Clubs, Churches, non-profits, family, and personal financial needs etc., etc. The donations are NOT collected by the Administrator, nor are they automated by the system, rather donations are sent directly and personally from one member to another member, from one member’s payment processor to another member’s payment processor.
7. Get Help Worldwide (gethelpworldwide.com): Get help worldwide is one of the trending mutual fund peer-to-peer donation portal in Nigeria today. The scheme has only been in existence since August 2016 and it already having a major share in the mutual fund community.
It is simply an online Community where people are helping each other Financially Directly with No Third Parties Involved, whatever Help you give to someone financially grows by 30% if in Local currency or 50% if in Bitcoin in 30 days.
8. e-Cooperative.online: Unlike MMM Nigeria that gives 30%. returns on investment, e-Cooperative.online do not promise any per cent on capital donated, rather it a simple system that enable members raise the money they seek for any business project, make money from their venture, show them ideas on how to manage the money they have made, and of course show them how that money can be multiplied using various financial instrument. There are two sides to ecooperative and you can choose which one you want to be involved in. The first side is the multilevel part of ecooperative. The second side is the business part.
Some of the services that ecooperative renders are – Fundraising through cooperative, Online and offline business development, Internet marketing and training, Online Advertising, Agro-economic ventures, Financial Empowerment services, Hire purchase service, Micro-credit, eCommerce/Online Shopping and Skill Acquisition training.
9. NNN Nigeria: Barely three days after the alleged crashed of the Mavrodi Mundial Moneybox popularly known as MMM, another Ponzi scheme resurfaced in Nigeria, NNN. NNN is a community of ordinary people, selflessly helping each other, a kind of mutual aid. This is the first sprout of something new in modern soulless and ruthless world of greed and hard cash. The goal here is not the money. The goal is to ACQUIRE AS MUCH AS YOU CAN, as stated on the website. The website is modeled after MMM Nigeria but while MMM promised 30% on investment, NNN promises 35%.
According to the website, NNN is owned by the participants, its a community by the people and for the people. A team of freedom lovers in America headed by an influential Yoruba man came up with a logic ad tested it offline in New York City in 2014. In September 2015, these men held a conference in VI Lagos where they introduced NNN logic. It was an improved MMM system- there will be no moratorium and the system will be automated.
PS: While Nigerian Bulletin does not have the exclusive right to dictate how individuals choose to spend his money, income, or savings, it is wise to CAREFULLY CONSIDER where you put in your funds. Ponzi schemes are not reliable means of investments. They have no tangible business models worth investing on. And this article is NOT in anyway promoting any of the Ponzi schemes.