Few days ago, thousands of Nigerians especially the youths wake up to see that their investment in Ponzi scheme called National Reading Culture, NRC has crashed.
NRC was an online task-based earning platform that allowed the investors to watch some selected videos and earn some money on the process.
However it’s crash some days ago, it has left thousands of Nigerian investors with billions of naira in lost funds.
WITHIN NIGERIA takes a look at list of Ponzi schemes that have stolen from billions of naira from Nigerian investors.
1. MMM Nigeria (2016)
In 2016, Nigerians were treated with huge financial lost as a result of the infamous activities of MMM. Founded by a Russian, millions of Nigerians fall to their fraudulent bait, losing billions of naira to it.
MMM was seen as most infamous Ponzi scheme in Nigeria’s history. MMM Nigeria promised returns of up to 30% within 30 days. The scheme attracted millions before it crashed in December 2016, leaving countless investors in financial ruin and psychological trauma
2. Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, Loopers Club, Givers Forum (2016)
After the MMM came these platforms. These platforms used referral networks and cycling models, and so lured thousands with mouthwatering promises, only to vanish within months with billion of naira of the investors.
3. NNN Nigeria, MMM Cooperation, GCCH, RevoMoney (2017)
Not tired of easy money promise, copycat schemes took over. They rebranded old models with new names.
Reports have it that NNN and MMM Cooperation tried to ride on the MMM name, exploiting previous participants who still hoped to recover losses. However, the investors lost both ways as the scheme didn’t last up to a year.
4. Bitclub Advantage, Million Money, Helping Hands International (2018)
Despite repeated warnings, Nigerians continue to fall victim to Ponzi schemes promising quick returns. Even with easy crash of the scheme, Nigerians still went ahead to fall victims to such unsustainable investment scheme.
Then came another easy money+making venture in the name of Bitclub Advantage, million money, Helping Hands International that came up in 2018.
These schemes masqueraded as crypto-based platforms or charity networks. As a result of this, they capitalized on the growing interest in digital currencies but delivered the same outcome — massive losses.
5. Loom and Crowd1 (2019)
After the collapse of million money, Helping Hands International and Bitclub advantage, now emerged Loom and crowd1 in 2019.
Its rising was helped by viral social media campaign. The promoters of this scheme used WhatsApp and Facebook to promise “double your money” schemes that quickly collapsed when recruitment stalled.
6.InksNation, Lion’s Share, Baraza Multipurpose Cooperative (2020)
However, one year after, came the establishment of InksNation.
This scheme promised a digital currency that would end poverty but was shut down by the Security and Exchange Commission, SEC. Baraza on the other hand claimed to be a cooperative but operated like a classic Ponzi, while Lion’s Share mimicked MLM structures.
7. Racksterli, Eagle Cooperative, 86FB (2020–2021)
These three platforms used influencer marketing and sports betting gimmicks.
In any case, 86FB in particular, gained popularity before crashing spectacularly, taking millions from investors.
8. FINAFRICA, Royal Q (Nigeria version), Ovaioza (2022)
These platforms came up in 2022. FINAFRICA used the lure of forex trading. Royal Q posed as a crypto trading bot, and Ovaioza claimed to store and sell agricultural produce. All failed to deliver on promised returns despite all the seemingly sustainable investment.
9. CALA Finance, 6Dollars Investment, Sidra Investment, WealthBuddy, Compoundly (2023–2024)
These new-age platforms were heavily marketed online. Sidra was a clone scam, while others mimicked DeFi and crypto investment trends. They used hype and bonuses to attract victims, who till today are yet to recover from their loss.
10. BitFinance Global and CBEX (2025)
In the latest wave, BitFinance Global and CBEX are among the schemes already caused financial pain and heartbreak in 2025.
These platforms repeat the same patterns — false claims, unrealistic returns, and eventual disappearance.
11.National Reading Culture(NRC)
The National Reading Culture (NRC) was an online task-based earning platform that abruptly collapsed in July 2026.
The closure left thousands of Nigerian investors with billions of naira in lost funds. The scheme operated by having users pay deposits to complete simple tasks with promises of extraordinarily high, guaranteed returns.
How the Scam Operated
Task-Based Earning: Promoters lured users by claiming they could earn money daily by reading articles, listening to music, clicking links, or completing online engagements.
Investment Tiers: To unlock higher payouts (such as up to ₦25,000 in weekly returns), members were asked to deposit substantial amounts, ranging from tens of thousands to millions of naira.
Rebranding Tactics: Online investigators uncovered that the platform’s website had previously operated as a Chinese job-search platform before being rebranded into the ‘read-and-earn’ scheme.
The Collapse
However, without prior warning, the website (nrc.cc) and associated communication channels (such as WhatsApp or Telegram support groups) were completely wiped and rendered inaccessible.
Financial Losses: Countless users lost their life savings, and many admitted to taking out high-interest loans to fund their accounts. The site’s administrators vanished, trapping billions of naira in the system.
