SENATE PROBES ₦1.3 TRILLION PONZI SCAM, DEMANDS ACTION ON REGULATORY FAILURES……..
By: Safiya Abdulrahim Dabban
The Nigerian Senate has launched an investigation into the operations of Ponzi schemes, following the collapse of Crypto Bullion Exchange Civics, which allegedly defrauded Nigerians of over ₦1.3 trillion.
The move followed a motion by Senator Tokunbo Abiru (Lagos East), co-sponsored by Senator Osita Izunaso (Imo West). Abiru described the Civics scandal as one of the worst financial frauds in Nigeria’s history, criticizing regulatory bodies like the CBN, SEC, EFCC, and NFIU for failing to act.
Senators condemned the unchecked rise of tech-driven Ponzi and pyramid schemes using social media and influencers to lure the public. Senator Abdul Ningi called it a national tragedy, while Senator Sani Musa described it as psychological warfare against Nigerians.
Senator Solomon Adeola warned of wider fintech and payment gateway frauds and urged the Senate to hold the CBN accountable for inadequate oversight.
Senate President Godswill Akpabio described the issue as one that touches every Nigerian household and stressed the need for lasting accountability. The Senate has now mandated a joint committee to investigate Ponzi operations and regulatory lapses across the financial sector.