The Economic and Financial Crimes Commission (EFCC) has renewed its call for Nigerians to reject Ponzi schemes, warning of their devastating impact on individuals and the nation’s economy.
Speaking at the 2025 Annual Management Retreat of the Nigeria Security and Civil Defence Corps (NSCDC) in Enugu, the Acting Zonal Director of the EFCC Enugu Zonal Directorate, Assistant Commander of the EFCC (ACE I), Aisha Abubakar, described Ponzi schemes as economic and security threats that continue to exploit vulnerable youths.
Presenting a paper titled “Get-Rich-Quick Syndrome and Youth Vulnerability: The Case Study of Ponzi Scheme—The Role of Law Enforcement in Prevention and Disruption”, Abubakar said many young Nigerians are falling prey to fraudulent schemes in their desperation to escape poverty and fund personal projects.
“In Nigeria today, the aspiration for wealth has grown increasingly urgent among the youth, leading to vulnerability to financial frauds such as Ponzi schemes,” she stated, linking the trend to social media influence, peer pressure, financial illiteracy, and deteriorating societal values.
Citing past and recent high-profile scams—including MMM Nigeria, MBA Forex, Chinmark Group, and the recent collapse of CBEX, a digital trading platform that promised 100% returns in 30 days—Abubakar warned of the long-term economic and reputational damage these schemes cause.
She also highlighted the broader effects of cybercrime, stating that it discourages foreign investment, funds organized crime, and undermines national security. “Cybercrime has created a system where fraudsters edge out legitimate businesses,” she said. “It has contributed to Nigeria’s negative image globally.”
Abubakar outlined the EFCC’s preventive measures, including awareness campaigns, roadshows, and partnerships with institutions like the Central Bank of Nigeria, the Securities and Exchange Commission, banks, and INTERPOL to monitor and disrupt fraudulent networks.
The retreat, themed “Developing Leadership for a New Paradigm”, brought together 140 senior NSCDC personnel from various formations in Enugu State.
