By Seyi Babalola
When a stranger sends you a WhatsApp message claiming you can quadruple your money in a week, believe your instincts and walk away.
Over the last decade, Nigeria has unfortunately become a fertile ground for Ponzi schemes, luring millions of individuals with promises of huge profits and little risk.
Despite numerous warnings, they continue to evolve, sometimes disguised as agricultural investments, cryptocurrency trading platforms, or cooperative societies.
Daily Sun brings to you 5 Ponzi schemes that rattled Nigerians in 2025
1. CBEX (Crypto Bridge Exchange)
This was a digital asset trading business that promised investors up to 100% returns in 30-45 days, attracting hundreds with aggressive marketing and first payouts.
It functioned as a cryptocurrency investment program but failed in April 2025, leaving investors unable to retrieve their money.
The scheme allegedly took over ₦1.3 trillion (roughly $840 million) and affected thousands of Nigerians.
The Economic and Financial Crimes Commission (EFCC) described it as a Ponzi scam and worked with Interpol and the FBI to investigate.
Many investors, particularly young professionals like Mandela Fadahunsi, lost their life savings, company capital, and borrowed money due to promises of instant fortune.
The collapse sparked widespread fear, with some teenagers in Ibadan raiding CBEX offices.
2. BitFinance Global
BitFinance Global, which marketed itself as a bitcoin trading platform, attracted investors with huge profits and trendy branding.
Regulators identified it as a Ponzi scheme in 2025 owing to its unsustainable model and lack of transparency.
The plan resulted in enormous financial losses, with billions of naira lost when it failed, unable to make payments to investors. It capitalised on the rising interest in cryptocurrency investments, leveraging digital channels to spread quickly.
The use of influencer marketing and social media buzz attracted younger investors, many of whom were unaware of the hazards, resulting in disastrous financial and emotional consequences.
3. UYJ Multitrade Limited (“My Share”)
The Securities and Exchange Commission (SEC) flagged UYJ Multitrade on March 6, 2025, as an unauthorised investment scheme that solicited cash from the public under the pretext of genuine investment possibilities.
While exact loss estimates are not provided, its presence on the SEC’s list of unlicensed operations shows that it deceived several investors before being shut down.
The scheme’s failure contributed to the rising scepticism of unregulated platforms.
Investors were enticed by promises of huge profits, but without sufficient regulatory scrutiny, resulting in losses when the scam was uncovered as fraudulent.
4. Pro-Vest (Promiseland Estates Limited and Promiseland Building & Construction Limited)
The SEC also reported Pro-Vest on March 6, 2025, for posing as an investment adviser and fund manager while pushing an unlawful scheme.
It later attempted to be legalised as a crowdfunding site; however, its previous actions were found fraudulent.
The scheme’s failure impacted investors who had been promised significant returns, adding to the larger wave of Ponzi-related losses in 2025.
The promise of real estate-backed investments deceived investors, and many lost money owing to a lack of actual company activities.
5. Wales Kingdom Capital
Wales Kingdom Capital, identified by the EFCC as one of 58 criminal Ponzi scheme operators, was one of the firms that did not register with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission.
It promised big profits but lacked a credible business plan.
The plan robbed countless Nigerians, and the EFCC has charged it in court.
Specific loss figures were not officially revealed, but its position on the EFCC list suggests considerable financial damage.
Investors, motivated by economic desperation and enticed by aggressive marketing, suffered significant losses, worsening financial instability for many people.