30 results
- 11 Jan 2017
Beware! Cryptocurrencies Will Make Ponzi Schemes More Fraudulent- Deloitte
Aside the undisputable fact that emails and passwords used on Ponzi Schemes could be compromised or sold to criminals out there or used in other places were people reuse passwords, the inclusion of…
- 6 Mar 2025
Nigerian Women Worst Hit by Ponzi Schemes - SEC
Securities and Exchange Commission (SEC) has revealed that women are the most affected victims of Ponzi schemes in Nigeria. A Ponzi scheme is a fraudulent investment scheme that pays earlier…
- 29 Aug 2022
SEC to Flush Out Ponzi Scheme Operators
Mr Lamido Yuguda, director-general of the Securities and Exchange Commission (SEC) has said that his agency partner with relevant agencies to flush out Ponzi scheme operators . Speaking over the…
- 2 Mar 2021
Nigerians Lose N18Bn to Ponzi Schemes – SEC
Securities and Exchange Commission (SEC) has disclosed over three million Nigerians have lost about N18 billion to Ponzi schemes and several other illegal investment schemes. It described the…
- 10 May 2017
Why Ponzi Schemes Thrive Despite Risks
Largely unheralded for a long time, Ponzi schemes came to the consciousness of the entire nation in 2016. With the descent of the Nigerian economy into its first full depression in over two decades,…
- 12 Jul 2026
How Ponzi Scheme Victims can Seek Legal Remedies — Lawyers
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges. A Ponzi scheme is an investment fraud…
- 13 May 2025
EFCC Tells Nigerians to Shun Ponzi Schemes Like CBEX, Others
Economic and Financial Crimes Commission (EFCC) has charged Nigerians to shun Ponzi schemes as many of such schemes have destroyed lives, eroded trust and undermined national development. Aisha…
- 13 Feb 2024
Nigerians Lose N500Bn to Ponzi Schemes, SEC Intensifies Clamp Down on Illicit Investment Platforms
The Securities and Exchange Commission (SEC) has intensified its crackdown on ponzi and pyramid schemes as it revealed that Nigerians have lost over N500 billion to these criminals masquerading as…
- 5 Apr 2020
SEC Moves to Prosecute, Close Down Ponzi Schemes
Securities and Exchange Commission (SEC) has stepped up its regulatory oversight to ensure that promoters of Ponzi schemes in Nigeria face the full wrath of the law and their entities quickly sealed…
- 25 Nov 2020
EFCC Nabs Alleged Ponzi Scheme Operator Promising Investors 50% RoI
Economic and Financial Crimes Commission (EFCC) has arrested Umanah E. Umanah, alleged Ponzi scheme operator based in Uyo, Akwa Ibom State. Umanah E. Umanah, alleged Ponzi scheme operator Umanah ,…
- 30 Mar 2023
ISB: Ponzi Scheme Promoters Risk 10 Years Jail Term
Promoters of Ponzi schemes now risk up to 10 years imprisonment following the passage of the Investments and Securities Amendment Bill (ISB) 2023 into law by the Senate. The bill, which is expected…
- 30 Apr 2025
NFIU Alerts Nigerians of Rising Ponzi Schemes, Unregulated Crowdfunding Scams
The Nigerian Financial Intelligence Unit (NFIU) issued a detailed advisory on yesterday, warning Nigerians about the growing threat of Ponzi schemes and unregulated crowdfunding scams, particularly…
- 11 May 2025
SEC Intensifies Fight Against Ponzi Schemes With Market
Securities and Exchange Commission (SEC) has ramped up its fight against Ponzi schemes in Nigeria, vowing to take decisive action against illegal fund operators while educating the public to prevent…
- 13 Jul 2017
Nigerians Lost N11.9Bn to Ponzi Scheme – CBN
Central Bank of Nigeria (CBN) said that Nigerians lost N11.9 billion to the Ponzi scheme, popularly called Mavrodi Mundial Movement (MMM) in 2016. This is despite repeated warnings by the Central…
- 3 Mar 2017
Ponzi Schemes: NiRA Tightens Noose on Domain Name Abusers
The Nigeria Internet Registration Association (NIRA) in response to internet abuse, especially with the rise of Ponzi schemes, has set up a ‘Law Enforcement Desk’ to handle complaints on domain name…
- 2 Oct 2020
Why Ponzi Schemes are Thriving in Nigeria—SEC
The rise in the number of Ponzi scheme operators, especially in the northern part of Nigeria, has been attributed to financial illiteracy. Mr Mohammed Danladi, Kano zonal head of the Securities and…
- 11 Oct 2018
NAICOM Dissociates Self from New Ponzi Scheme
National Insurance Commission (NAICOM) has dissociated itself from a Ponzi scheme, which was recently ascribed to it and is currently trending on the social media. Mr Abdulrasaq Abdulsalami,…
- 20 Jul 2025
SEC to Introduce USSD Codes to Fight Ponzi Schemes
Securities and Exchange Commission (SEC) is set to introduce a USSD Ponzi schemes and illegal investment activities in Nigeria. Dr. Emomotimi Agama, director-general of the SEC, disclosed this in an…
- 21 Feb 2017
Glo Sponsored TV Drama Professor Johnbull Condemns Ponzi Schemes
Globacom-sponsored TV Series, Professor Johnbull, treats the issue of ponzi schemes and the dangers attached to them in a fresh episode which goes on air today. It is the second episode of the third…
- 5 Oct 2021
NDIC Warns Bank Customers to be Careful of Ponzi Schemes
The Nigeria Deposit Insurance Corporation (NDIC) has warned bank depositors against falling into Ponzi schemes’ traps due to promises of very high returns in. Mr. Bello Hassan, Managing Director (MD)…
- 16 May 2019
SEC Warns Nigerians Against Trending Ponzi Scheme
SEC Says ‘Loom Money Nigeria’ is a Fraudulent Scheme, Securities and Exchange Commission (SEC) has warned Nigerians against fraudsters currently running an online investment scheme tagged…
- 29 Oct 2023
Nigerians Lose N89.4Bn as BBHTV, Ponzi Scheme Collapses
Over 2. 7 million Nigerians have reportedly lost some N89.4 billion to BBHTV, a Ponzi scheme after Federal Inland Revenue Service (FIRS) froze its accounts. For the five months it lasted, about 2. 7…
- 31 Oct 2025
SEC Says Nigerians Have Lost N316Bn to Ponzi Schemes
Securities and Exchange Commission (SEC), has revealed that Nigerians have collectively lost about N316 billion to Ponzi schemes and illegal fund managers over the years. The commission warned that…
- 19 Sept 2018
Angry Nigerians Call Nigeria Air Ponzi Scheme like MMM
Nigerians have reacted angrily to the suspension of Nigeria Air, the controversial national carrier project with some likening it to Ponzi schemes such as Mavrodi Mundial Moneybox (MMM). MMM…
- 25 Nov 2021
SEC Pledges Crackdown on Ponzi Schemes, Illegal Fund Managers
The Securities and Exchange Commission has vowed to continue to crack down on Ponzi schemes and illegal fund managers amid the recent resurgence of their activities. Mr Lamido Yuguda, the…
- 8 Oct 2025
Beware of AfriQuantumX Ponzi Scheme- SEC
Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme. The regulator also urged the public to be cautious about investing with the…
- 16 Feb 2022
SEC Enlists other Agencies to Curb Ponzi Schemes
Securities and Exchange Commission (SEC) is working in collaboration with other agencies to clean up the Nigerian capital market of Ponzi schemes. Mr Lamido Yugudu, director-general of SEC, expressed…
- 15 Nov 2023
NDIC Urges Nigerians to Stop Patronising Ponzi Schemes, Wonder Banks
The Nigeria Deposit Insurance Corporation, NDIC, has warned traders and business owners from patronising wonder banks and ponzi schemes. Managing Director/Chief Executive, NDIC, Bello Hassan gave…
- 28 Oct 2021
CBN, Security Agencies Crackdown on Ponzi Scheme Operators
Central Bank of Nigeria (CBN) is collaborating with security agencies in the country to fish out and prosecute ponzi scheme operators who specialise in defrauding innocent Nigerians of their money,…
- 22 Mar 2026
SEC, NYSC Partner to Combat Ponzi Schemes
Securities and Exchange Commission (SEC) and the National Youth Service Corps (NYSC) have formalised a strategic partnership aimed at embedding financial literacy and anti-Ponzi education into the…