EFCC Warns Nigerians: Greed Could Make You a Victim of Ponzi Scams
The Economic and Financial Crimes Commission (EFCC) has issued a fresh warning to Nigerians, stressing that unchecked greed can make individuals easy targets for Ponzi scheme operators.
In a short advisory shared on its official X handle on Saturday, the anti-graft agency cautioned:
“Love money too much, and Ponzi schemes will love you… as their next target. Be guided, the Eagle loves you all.”
This advisory comes as the EFCC ramps up investigations into the collapse of CryptoBank Exchange (CBEX), a digital investment platform accused of defrauding investors of billions of naira. The platform reportedly crashed on April 14, leaving many Nigerians distraught and posting emotional videos about their lost life savings on social media.
In response, the EFCC declared eight individuals wanted on Friday over the scandal. This followed a ruling by Justice Emeka Nwite of the Federal High Court, Abuja, granting the agency permission to arrest and detain the suspects pending the conclusion of investigations.
The EFCC revealed that although ST Technologies—the company behind CBEX—was registered with the Corporate Affairs Commission, it lacked the necessary approval from the Securities and Exchange Commission to operate as an investment platform.
Investigators also disclosed that the suspects had abandoned their known addresses in Lagos and Ogun States, leading the agency to issue a red alert for their apprehension.
Speaking on National TV, the Commission’s spokesperson, Dele Oyewale, urged Nigerians to exercise caution before trusting their money to online investment platforms.
“We know that for every business concern, you declare your profit either quarterly, annually, or bi-annually,” Oyewale explained.
Read also: CBEX Scam: The Perils of Greed
“But if somebody says, ‘Bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic; it’s just not pragmatic.”
He further emphasized:
“If somebody says, ‘Bring your money, and we’re going to give you a 100 per cent return on investment,’ that is not possible.”
The EFCC continues to warn the public against falling prey to enticing but fraudulent investment offers.
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