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 for 2017
Before we list out the identified Fake Ponzi Schemes in Nigeria and globally, I'll like us to first see the definition of a Ponzi scheme.
Here are two major definitions of a Ponzi Scheme.
- 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.
- 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.
These definitions are made easy to understand with the help of Wikipedia.We won't go into history of Ponzi Scheme.
One funny but interesting secret about this ponzi stuff is that most of them pays. In fact, due to the present economic downfall we are experiencing in Nigeria, sharp guys, including ladies are now taking advantage of these Ponzi Schemes.
So I have listed below some of the identified Ponzi schemes in Nigeria that are not working properly. You guys have to be very careful because Ponzi Schemes are risky, although life itself is a risk but just be very careful and do a thorough research before signing up for any Ponzi sites. Be aware of these fake ponzi scheme websites before you join any of them.
FAKE PONZI SCHEMES IN NIGERIA 2017
- All the 24h and 48h. (This Ponzi is based on Whatsapp named Whatsapp PH and GH. Created by a Nigerian guy)
- Divine fund
- Double Cash
- Fund Niche
- Help community
- Help forum
- Helping community
- Joyful donor
- Money box
- O give
- Oil pot exchange
- Our social wallet
- Pay donor
- Peer to peer
- Quick money
- Run from any name that has cycle or cycler
- Spring cash
- Ultimate cycler
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 UltimateCycler 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 Providing Help and Getting Help 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.