Why Citifund Ponzi Scheme is a dangerous incarnate of MMM Nigeria


After the collapse of MMM Nigeria, many ponzi schemes are showing up. CitiFund, another scheme that is modeled after MMM Nigeria is raking in money.

The site’s owners are not identifiable, however, there are opinions that CitiFund is owned by former MMM Nigerian promoters (guiders) who have made fortunes from the popular ponzi scheme.

Except for its ‘holier-than-thou’ posture that aggressive warns its prospects and members from contravening its sanctimonious rules, CitiFund’s website seems to be very sleek, clean and professionally done.

However, there various bogus claims made by its owners about its team being constituted by faceless experts whom were described as ‘a team of international Economists and Engineers with a vision to make it easy for entrepreneurs to access funds needed for business development’.

There is no section on the about who and who constitute these elite team of ‘engineers and economists’. A Ponzi Scheme analysts told PageOne.ng that there is no basis for any random ‘get help and ‘provide help’ Ponzi scheme to claim that it has exceptional engneering and web management prowess to provide its services. On Nairaland, one of the most popular online forum in Nigeria, there are numerous advertisements selling web scripts of such sites for less than USD100.

Another curious element in CitiFund supposed posture is that it promise its members that they will get 100% of NGN50,000 after six hours of paying the same amount to any supposed member in the scheme.

A Ponzi analyst said CitiFund would not last more than three months before it folds up. She said “The scammers running this Ponzi Scheme will be more brutal than Chuddy Ugorji and Ernest Mbanefo of MMM NIgeria. In the nnext two months, CitiFund will shut its website on the pretext that it is on a maintenance process. They would have matched themselves with most people paying into the system.

She added that “once the number of people wanting to get money out of the system exceed those willing to pay in, they will simply turn their backs at their victims”

A search on who owns and or register the CitiFund website shows nothing. The site registration details has been set to private. The only detail on the search result is was that CitiFund was registered with 22NET, INC.

On the bottom line, there is no iota of doubt that CitiFund is different from MMM Nigeria and other numerous Ponzi Schemes. The only difference is in the name. The moment a financial services provider is not coming clean on who runs the show, is a red flag that is waving and no one should believe the scam will be fair to them should the owners get satisfied with their target.