Business Twinkas: New Ponzi Scheme Promises 100% Interest, Nigerians Rush To Invest



Twinkas, a new ponzi scheme is making wave among many Nigerians despite huge financial loss suffered by some investors who participated in the failed scheme, Mavrodi Mundial Moneybox (MMM) early 2017.

Vanguard quoting journalists said a large number of residents of the Federal Capital Territory (FCT) were willing to take chances with the trending scheme.

Some of the residents, who spoke on Sunday, attributed their willingness to invest in the scheme to the present economic recession in Nigeria.

According to them, the economic situation has encouraged many Nigerians to participate in money-doubling schemes such as Twinkas, in spite of the possible risks.


The residents said the scheme provides them with 100 per cent interest on their investments.

Valerie Dada, a civil servant, said that she was encouraged to participate in Twinkas, because salaries were delayed sometimes.

Not minding how MMM Nigeria failed, Mr Kayode Olusemire, an entrepreneur said that he decided to partake in Twinkas and a number of other schemes to support his business.

Meanwhile, the Nigerian Deposit Insurance Corporation (NDIC), had said that an estimated three million Nigerians lost N18 billion to MMM scheme.