In Nigeria, Ponzi schemes have transitioned from "street-level" scams to sophisticated digital traps. While the faces and names change – from the infamous MMM (2016) to more recent entities like CBEX and MBA Forex – the underlying mechanics remain a "robbing Peter to pay Paul" strategy that thrives on economic vulnerability.
As of early 2026, the landscape of these schemes has evolved significantly, particularly in their use of technology, social media platforms and online forums. The days of simple cash-pooling are largely over because toda
