Still want to join more Ponzi Schemes this year? Maybe you are confident of making extra money after a successful first trial or someone else is persuading you to join one of them and make big money within a short time period. Ponzi schemes are now rampant in Nigeria as we are seeing emergence of new ones even after what MMM Nigeria participants are currently passing through. This is why we compiled this list of fake ponzi schemes in Nigeria as of this year. 2017
However, before we proceed, shall we see the definition of a Ponzi scheme? In this article, we have included two most popular definition for the term as you can see below.
First definition: It's a form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
Second Definition: It's a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.
Credit goes to Wikipedia for the definition which incorporate all the words and terms to reveal the true meaning of Ponzi.
The word Ponzi was originated and named after Charles Ponzi. He died in the year 1949. He was the first man who carried out such a fraud in the year 1919–1920.
This type of business started gaining grounds in Nigeria in 2014 but increased drastically in 2016 as millions of Nigerian youths and even the aged people joined one scheme or the other in order to make quick money. No thanks to the poor economic situation and non availability of jobs for the youth.
One funny but interesting secret about this ponzi stuff is that most of them pays. In fact, many people have become millionaires through Ponzi schemes but why are some people not favored or scammed on it? The reason is because the real beneficiaries of any ponzi scheme are the pioneers (those that started it) once the scheme grows very big, the new members pays with their money unknowingly.
So we have carefully listed some of the Ponzi schemes in Nigeria that are not working properly. These schemes have been reported by many people labelling them scam because they didn't get back the money the threw into the platform so we also label them as scam. So beware before you join any of them.
FAKE PONZI SCHEMES IN NIGERIA 2017
1. Pay donor
2. O give
3. Samapay
4. Money box
5. Joyful donor
6. Quick money
7. Helping community
8. Paydoublers
9. Help forum
10. Nairapayout
11. Greenspeer
12. Help community
13. Spring cash
14. Cashblaze
15. Our social wallet
16. Kaynation
17. Divine fund
18. Double Cash
19. Waxpress
20. Fund Niche
21. Paycycler
22. Peer to peer
23. Thriftonweb
24. Paymepayyou
25. Oil pot exchange
26. All the 24h and 48h. This Ponzi is based on Whatsapp named Whatsapp PH and GH. Created by a Nigerian guy.
27. Ultimate cycler
28. Run from any name that has cycle or cycler
29. ncycler
30. smile2charity
31. nairapropeller and more i can't recall now and more yet to be created.
Note that some of them were paying well initially but as some point, they stopped and peoples money were trapped up till now. Example is ultimate cycler which has gotten thousands of negative review from Nigerians since November last year.
Although, MMM Nigeria and Twinkas are still confirmed paying, as at the time of this publication, you should also think twice before joining.
Meanwhile, MMM West Africa is still among the few schemes that are working at the moment as people are PHing and GHing but who knows when it will crash like others. At least it's a new scheme and new participants are those enjoying it for now.
Have you ever been scammed by any ponzi scheme? What's the name of the scheme let's know here and direct.
