The donation platform trolling the internet space of Nigeria right now is the MMM Ponzi Scheme. The MMM community have made headlines in Nigeria for many reasons, but mostly for it’s 2016 pause mode, June/July stuck mavros and the final MMM restart in 2017.
While the media was focused on the MMM Ponzi Scheme, Nigerians lost lots money to other Ponzi schemes that was not even been on record or were overlooked. Below are some of the donation platforms where Nigerians lost lots money over the years.
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1. GET HELP WORLDWIDE(GHW)
Get help worldwide is an online donation platform where Nigerians lost millions of Naira that was ignored by media. The reason why its members lost money was because they have a commitment policy. And the policy states that your next donation must be equal to or higher than your previous donation.
And after their crash in November 2016, all previously held donations were wiped out and everyone started afresh. An undisclosed huge sum of money was lost.
Now known as TWINKAS RE-BRANDED, this platform gave people a dose of blows that most of its participants are still struggling to recover from. Twinkas which is known for its 200% return of donations, crashed around October 2016.
In 2017, they tried to make a come back by introducing a re-branded portal but all previously held donations was wiped out clean. Millions was gone within the blink of an eye and no one had hope of possible recovery from the loss.
3. LOOPERS CLUB
Loopers club was very popular for its 24 hour return of investment. Loopers club offered 200% return of donation but it was perhaps the fastest rising platform and the fastest to crash too. Loopers came to its end mainly because they didn’t have a strong website to back its operations.
According to report, users received payment multiple times for same transactions and this eventually led to its collapse in November 2016. Loopers have since restart operations but all old donations were gone and can’t be retrieved.
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4. ULTIMATE CYCLER
Ultimate cycler is simply a pyramid based scheme that thrived on referrals. With 12,500 naira, participants are expected to get 50,000 off four persons under their structure.
Well, the pyramid tree didn’t last long as it eventually died from stunted growth. Ultimate cycler has long gone and there have been no trace of it making a come back.
Along side the MMM Ponzi Scheme, the above platform has also made Nigerians lost huge money. While the focus was on MMM, these platforms were busy working and people were very busy losing money there.
We have not heard the last of Ponzi schemes and the likes of MMM Community will always be around even for generations to come. More money will be made and more money will be lost. Its just how it works in the real life scene.
No matter how hard you warn people about Ponzi schemes there will always be those who have not experience it. These set of persons will most definitely be drawn in by the return and like put in money.