The Economic and Financial Crimes Commission (EFCC) has warned Nigerians, especially the youth, to stay away from Ponzi schemes, describing them as a major threat to the nation’s security and economy.
Speaking at the 2025 Annual Management Retreat of the Nigeria Security and Civil Defence Corps in Enugu, EFCC Acting Zonal Director, Aisha Abubakar, said the rising desire among youths to get rich quickly is fuelling the spread of financial fraud.
Abubakar explained that many young Nigerians fall for fake investment platforms that promise huge returns within short periods, without any real business behind them. She said this desperation is largely driven by poverty, peer pressure, and flashy lifestyles shown on social media.
She cited examples like MMM Nigeria, MBA Forex, Chinmark Group, and the recent collapse of CBEX in April 2025. CBEX, a digital trading platform, disappeared with millions after promising investors 100% returns in 30 days.
The EFCC warned that such scams not only ruin lives but also give cybercriminals an edge over genuine businesses, hurting Nigeria’s economy and image abroad.
Abubakar added that the EFCC is working with key institutions like the Central Bank of Nigeria, the Securities and Exchange Commission, commercial banks, and INTERPOL to prevent and disrupt financial frauds through public awareness campaigns and coordinated crackdowns.
