The Nigerian Senate has directed a joint committee to launch a comprehensive investigation into the rising cases of Ponzi schemes defrauding citizens nationwide. This decision comes in the wake of the collapse of the Crypto Bullion Exchange (CBEX), a digital investment platform that reportedly scammed Nigerians out of over ₦1.3 trillion.
The motion, raised by Senator Adetokunbo Abiru (Lagos East), highlighted the increasing spread of fraudulent investment operations that promise unrealistic returns, especially on digital assets, drawing in millions of unsuspecting Nigerians.
During the debate, lawmakers described the CBEX saga as financially and emotionally devastating, with many victims experiencing depression, family breakdowns, and in some tragic cases, suicide. They expressed shock that CBEX operated openly for months without any intervention from key regulatory bodies, including the SEC, CBN, NFIU, and EFCC.
The Senate emphasized the need for stronger regulatory oversight and directed the joint committee to conduct a public hearing and present its findings within 30 days.
Meanwhile, EFCC spokesperson Dele Oyewale stated that the Commission has been taking proactive steps to educate the public about the dangers of such fraudulent schemes.
