Five Ponzi Schemes That Shook Nigeria In 2025

By Christian George

When an unfamiliar contact sends a WhatsApp message promising to quadruple your money in a week, it’s best to trust your instincts and walk away. Over the past decade, Nigeria has become a hotspot for Ponzi schemes, with millions of unsuspecting citizens lured by the promise of quick profits and minimal risk.

Despite repeated warnings from authorities, these schemes continue to evolve—often masquerading as cryptocurrency ventures, agricultural cooperatives, or investment platforms, according to TheSun.

Here are five Ponzi schemes that shook Nigerians in 2025: 1. CBEX (Crypto Bridge Exchange)

CBEX presented itself as a cryptocurrency trading platform promising returns of up to 100% within 30 to 45 days. Its aggressive marketing and initial payouts attracted widespread participation. However, in April 2025, the platform collapsed, leaving thousands of investors unable to retrieve their funds.

Authorities estimate that CBEX may have defrauded Nigerians of over ₦1.3 trillion (approximately $840 million). The Economic and Financial Crimes Commission labeled it a Ponzi scheme and launched a joint investigation with Interpol and the FBI. Among the many victims was Mandela Fadahunsi, a young professional who lost both personal savings and business capital. In the aftermath, distressed teenagers in Ibadan reportedly stormed CBEX offices in protest 2. BitFinance Global

BitFinance Global gained traction by branding itself as a bitcoin trading platform, targeting young investors with promises of large returns. In 2025, regulators flagged it as a Ponzi scheme due to its unsustainable payout structure and lack of operational transparency.

The platform collapsed after failing to pay investors, resulting in multi-billion-naira losses. Leveraging influencer endorsements and social media buzz, BitFinance spread rapidly, ensnaring many who were unaware of the risks. The fallout left deep financial and emotional scars on its largely youthful investor base 3. UYJ Multitrade Limited (“My Share”)

On March 6, 2025, the Securities and Exchange Commission identified UYJ Multitrade as an unauthorized investment operation. The firm solicited funds from the public under the guise of legitimate investment opportunities.

While the exact losses remain undisclosed, the scheme’s inclusion on the SEC’s list of unlicensed platforms reflects its impact. Investors were lured by the promise of high returns, only to suffer losses once the fraudulent nature of the operation became clear. Its collapse further eroded public trust in unregulated investment ventures 4. Pro-Vest (Promiseland Estates Limited & Promiseland Building & Construction Limited)

Also flagged by the SEC on March 6, 2025, Pro-Vest was reported for posing as a licensed fund manager and investment adviser. It promoted real estate-backed investment opportunities that were later found to be fraudulent.

Although it attempted to rebrand as a crowdfunding initiative, its earlier deceptive practices caused significant financial harm. Investors drawn in by the promise of secure, high-yield returns lost money due to a lack of real business operations, contributing to the broader wave of Ponzi-related financial distress in 2025 5. Wales Kingdom Capital

Wales Kingdom Capital was listed among 58 criminal Ponzi operators by the EFCC. The company was not registered with either the Central Bank of Nigeria or the SEC and lacked a legitimate business model.

Despite offering enticing returns, the firm caused considerable financial damage. It is currently facing prosecution, though specific loss figures have not been disclosed. Many Nigerians, driven by economic hardship and seduced by the company’s aggressive marketing tactics, suffered significant setbacks. As these schemes continue to exploit financial desperation and digital platforms, regulatory bodies urge Nigerians to remain vigilant and verify the credibility of any investment opportunity before committing funds.