From MMM to CBEX: Why Nigerians Still Fall for Investment Scams

From MMM’s collapse in 2016 to CBEX in 2025, Nigerians have repeatedly lost money to schemes that promise unusually high returns. This analysis examines how finance influencers and anonymous social-media accounts build credibility with real market commentary before pushing screenshots of profits and risky investment offers. It argues that financial knowledge gaps, economic pressure and distrust of formal institutions make these schemes easier to sell. The piece also explores how the 2008 stock market crash and weak financial education continue to shape Nigerians’ investment choices.

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