30 results
- 19 Sept 2018
Angry Nigerians Call Nigeria Air Ponzi Scheme like MMM
Nigerians have reacted angrily to the suspension of Nigeria Air, the controversial national carrier project with some likening it to Ponzi schemes such as Mavrodi Mundial Moneybox (MMM). MMM…
- 11 Jan 2017
Beware! Cryptocurrencies Will Make Ponzi Schemes More Fraudulent- Deloitte
Aside the undisputable fact that emails and passwords used on Ponzi Schemes could be compromised or sold to criminals out there or used in other places were people reuse passwords, the inclusion of…
- 2 Mar 2021
Nigerians Lose N18Bn to Ponzi Schemes – SEC
Securities and Exchange Commission (SEC) has disclosed over three million Nigerians have lost about N18 billion to Ponzi schemes and several other illegal investment schemes. It described the…
- 10 May 2017
Why Ponzi Schemes Thrive Despite Risks
Largely unheralded for a long time, Ponzi schemes came to the consciousness of the entire nation in 2016. With the descent of the Nigerian economy into its first full depression in over two decades,…
- 13 Jul 2017
Nigerians Lost N11.9Bn to Ponzi Scheme – CBN
Central Bank of Nigeria (CBN) said that Nigerians lost N11.9 billion to the Ponzi scheme, popularly called Mavrodi Mundial Movement (MMM) in 2016. This is despite repeated warnings by the Central…
- 13 May 2025
EFCC Tells Nigerians to Shun Ponzi Schemes Like CBEX, Others
Economic and Financial Crimes Commission (EFCC) has charged Nigerians to shun Ponzi schemes as many of such schemes have destroyed lives, eroded trust and undermined national development. Aisha…
- 29 Oct 2023
Nigerians Lose N89.4Bn as BBHTV, Ponzi Scheme Collapses
Over 2. 7 million Nigerians have reportedly lost some N89.4 billion to BBHTV, a Ponzi scheme after Federal Inland Revenue Service (FIRS) froze its accounts. For the five months it lasted, about 2. 7…
- 31 Oct 2025
SEC Says Nigerians Have Lost N316Bn to Ponzi Schemes
Securities and Exchange Commission (SEC), has revealed that Nigerians have collectively lost about N316 billion to Ponzi schemes and illegal fund managers over the years. The commission warned that…
- 21 Feb 2017
Glo Sponsored TV Drama Professor Johnbull Condemns Ponzi Schemes
Globacom-sponsored TV Series, Professor Johnbull, treats the issue of ponzi schemes and the dangers attached to them in a fresh episode which goes on air today. It is the second episode of the third…
- 16 May 2019
SEC Warns Nigerians Against Trending Ponzi Scheme
SEC Says ‘Loom Money Nigeria’ is a Fraudulent Scheme, Securities and Exchange Commission (SEC) has warned Nigerians against fraudsters currently running an online investment scheme tagged…
- 16 Feb 2022
SEC Enlists other Agencies to Curb Ponzi Schemes
Securities and Exchange Commission (SEC) is working in collaboration with other agencies to clean up the Nigerian capital market of Ponzi schemes. Mr Lamido Yugudu, director-general of SEC, expressed…
- 6 Dec 2016
MMM, Other Quick Money Schemes Rule Nigeria
If you think MMM Nigeria is the only money making scheme in Nigeria, then wait, there are many more, each offering too good to be true returns on investment. Despite warnings by Security and Exchange…
- 23 Apr 2019
EFCC Arrests Babagana for Alleged N7Bn Fraud through Ponzi Scheme
Economic and Financial Crimes Commission (EFCC) has arrested Babagana Dalori, chief executive officer of Galaxy Transportation and Construction Services Limited, for allegedly defrauding Nigerians…
- 9 Jan 2017
MMM Adds Bitcoin Ahead of January 13 Comeback
MMM Nigeria, popular Ponzi scheme, has introduced bitcoin, the world’s best performing currency, as part of its mode of payment in its comeback plans Sun reported that the Ponzi scheme, which…
- 2 Jan 2017
MMM: Participants Worry as January 13 Draws Close
MMM, the Ponzi scheme also known as Mavrodi Mondial Moneybox, sent its participants into panic last month when it announced that all accounts used by Nigerians had been frozen. According to Daily…
- 19 Nov 2016
Nigerians Ignore EFCC Warnings, Invest Billions in MMM
Fallen on difficult times amid the country’s first recession in decades, millions of Nigerians have turned to Mavrodi Mondial Moneybox (MMM), a Ponzi scheme with roots in Russia, which promises…
- 1 Dec 2016
MMM Set to Implode as Leak Shows Nigerian Owner
MMM Nigeria is a ticking time bomb as investigation has revealed the real owner of the scheme and wait for it! He is a Nigerian, according to Pageone. He is Ernest Mbanefo, a Nigerian pastor, based…
- 20 Jan 2017
EFCC, SEC Join Hands to Fight MMM, Others
Economic and Financial Crimes Commission (EFCC), and the Securities and Exchange Commission, (SEC), on Thursday in Abuja vowed to clamp down on fraudulent operators in the Nigerian capital market.…
- 29 Nov 2016
Recession: Nigerians Besiege MMM Website
Inspite warnings by the Central Bank of Nigeria (CBN), Mavrodi Mundial Movement (MMM) scheme has won several hearts across Nigerians, no thanks to the recession. МММ was a Russian company that…
- 9 Jul 2025
Senate Orders Full Probe into N1.3 Trillion CBEX Ponzi Scandal
The Senate Wednesday launched a full-scale investigation into the operations of Ponzi schemes in the country. The development followed the catastrophic collapse of the Crypto Bullion Exchange (CBEX),…
- 15 Dec 2016
Participants Hopeful of Return of MMM, CBN Warns of Dangers
Participants of Mavrodi Mundial Moneybox (MMM) have expressed mixed feelings over Tuesday’s report of a one-month suspension of payment to Nigerian subscribers with many hopeful, of getting their…
- 31 Jan 2018
Beware! Bitcoin is Big Financial Scam- Senate
The senate has asked Central Bank of Nigeria (CBN) and other regulators to “investigate the proliferation of bitcoin” and do more to educate citizens about “the dangers” of the cryptocurrency. …
- 14 Dec 2016
MMM Freezes Withdrawals, Members Panic
Mavrodi Mundial Moneybox (MMM) Nigeria, the instant classic money-doubling scheme has announced the freezing all confirmed Mavros, otherwise known as money due for withdrawal for one month, throwing…
- 10 Nov 2016
Nigerians Angry as Reps Call for MMM Crackdown
Aggrieved Nigerians have reacted angrily to the directive by the House of Representatives mandating the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to…
- 1 Nov 2016
Beware of “Wonder Banks”, CBN Warns
Central Bank of Nigeria (CBN) has warned Nigerians against patronising what it called ‘wonder banks’, stating that their activities were not regulated by it. And the so-called ‘wonder banks’, are not…
- 16 Dec 2016
NDIC, CBN Mull Digital Currency to Battle MMM
Alhaji Umaru Ibrahim, Managing Director, Nigeria Deposit Insurance Commission (NDIC), yesterday said the commission and Central Bank of Nigeria (CBN) had set up a committee to look into the trending…
- 18 Aug 2021
The Hurried Return of Nigeria’s Overnight Millionaires
By Shile Akinjo Daily, more than half of Nigeria’s population, consume information on get-rich-quick packages and incentives in an economy with skyrocketing inflation. From catch phrases such as…
- 12 Dec 2016
Mavrodi, MMM Founder Writes FG, List Benefits
Sergey Mavrodi, MMM Founder, has allegedly written an open letter to the Federal Government of Nigeria explaining the benefits of the scheme. The letter was displayed on the page of all participants…
- 28 Mar 2018
Nigeria vs Serbia Match, NYSC Portal Dominate Google Search
Nigeria’s Super Eagles 2-0 defeat to Serbia in the ongoing run of friendly matches in preparation for the 2018 World Cup in Russia dominated searches this week on Google. Mr Taiwo…
- 15 Apr 2025
Four Red Flags Nigerians Ignored until CBEX Crashed- DUBAWA
It has not been a pleasant week for thousands of Nigerians who have again fallen for another money scam. According to DUBAWA, a West African independent verification and fact-checking project,…