25 h. ago SEC Intensifies Fight Against Ponzi Schemes With Market Outreach

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 further victimisation. At an awareness campaign held in Abuja, the SEC emphasized its commitment to saturating public spaces with information about illegal investment schemes before […]

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1 week ago NFIU warns of surge in Ponzi, unregulated crowdfunding scams

From Juliana Taiwo-Obalonye, Abuja The Nigerian Financial Intelligence Unit (NFIU) has released a comprehensive advisory alerting Nigerians to the escalating threat of Ponzi schemes and unregulated crowdfunding operations, particularly those exploiting digital assets, agriculture and real estate sectors. In the advisory published on Wednesday, the NFIU emphasised that these fraudulent schemes have evolved in sophistication, […] The post NFIU warns of surge in Ponzi, unregulated crowdfunding scams appeared first on The Sun Nigeria.

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2 w. ago CIS says unregistered investment in capital market is ponzi scheme

Oluropo Dada, the 13th president and chairman of Council, Chartered Institute of Stockbrokers (CIS) has described any unregistered investment in read more CIS says unregistered investment in capital market is ponzi scheme

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2 w. ago Ponzi Scheme: SEC launches sensitization campaign in Wuse Market

From Adanna Nnamani, Abuja In a bid to prevent more Nigerians from falling victims to Ponzi schemes, the Securities and Exchange Commission (SEC) said it conducted a sensitization campaign at Wuse Market on Friday. Led by its Director General, Dr. Emomotimi Agama, the SEC team distributed informational flyers and engaged traders on the risks associated […] The post Ponzi Scheme: SEC launches sensitization campaign in Wuse Market appeared first on The Sun Nigeria.

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2 w. ago Ponzi: Report Any Suspected Illegal Investment Schemes, SEC Urges Nigerians

The Securities and Exchange Commission (SEC) has urged Nigerians to report any suspected illegal investment schemes to the commission for proper investigation and necessary action. In a notice issued yesterday, the SEC warned the investing public about the significant dangers posed by Ponzi investment schemes, which threaten the growth of the capital market. In its […]

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2 w. ago SEC urges Nigerians to report illegal investment schemes after CBEX collapse

From Adanna Nnamani, Abuja The Securities and Exchange Commission (SEC) has urged Nigerians to report suspected illegal investment schemes for investigation and enforcement, following the collapse of the fraudulent cryptocurrency platform CBEX, which caused losses exceeding $1 billion. In a Thursday notice, the SEC warned that Ponzi schemes and unregistered digital asset platforms threaten Nigeria’s […] The post SEC urges Nigerians to report illegal investment schemes after CBEX collapse appeared first on The Sun Nigeria.

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2 w. ago Fraud: SEC urges Nigerians to report suspicious investment schemes

From Chukwuma Umeorah The Securities and Exchange Commission (SEC) has urged Nigerians to report suspected illegal investment schemes for investigation and enforcement action. In a Thursday notice, the SEC warned that Ponzi schemes threaten the capital market’s growth and stability, highlighting risks from illegal investment operations and unregistered digital asset platforms. The advisory follows the […] The post Fraud: SEC urges Nigerians to report suspicious investment schemes appeared first on The Sun Nigeria.

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2 w. ago Securing Nigeria’s future: Combating cyber threats, Fraud, and boosting job creation

As Nigeria navigates the escalating wave of cyber attacks and Ponzi schemes, the critical juncture of technological vulnerabilities and financial read more Securing Nigeria’s future: Combating cyber threats, Fraud, and boosting job creation

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3 w. ago Ponzi schemes: How greed, desire for quick returns burn ‘investors’ fingers

…CBEX victims count losses EFCC, SEC track masterminds, assure victims of investment recovery …Financial education must meet effective regulation to read more Ponzi schemes: How greed, desire for quick returns burn ‘investors’ fingers

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3 w. ago Popular Fuji Musician Taye Currency Laments Losing N10m To CBEX Scam

An Ibadan, Oyo State-based renowned Fuji musician, Alhaji Taye Adebisi, popularly known as Taye Currency, has disclosed that he lost the sum of N10 million to CBEX, a fraudulent cryptocurrency trading platform. The artist disclosed this in a trending video on social media while performing at a social function. LEADERSHIP recalls that the Ponzi scheme […]

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3 w. ago Ponzi scams: CBEX crash highlights need for public awareness, investment regulation

They come with different names but their configuration remains the same, and every time Nigerians fall for them, losing millions of naira in the process. In this piece, OLUWAKEMI ABIMBOLA explores Ponzi schemes that promise wealth but deliver tears and heartbreak to unsuspecting clients “I was sure that CBEX was my breakthrough,” said Adekemi Fakoya, Read More

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3 w. ago CBEX: Investors hospitalised following trading platform crash

Over 27 people are reportedly receiving treatment in various hospitals after digital asset trading platform CBEX crashed earlier this week. Nigerians who invested in CBEX continue to bemoan their losses after the Ponzi scheme allegedly swept more than N1.3 trillion from investors’ accounts on Monday. One of the victims named Sherif Latifu, who resides in […] The post CBEX: Investors hospitalised following trading platform crash appeared first on The Sun Nigeria.

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3 w. ago Ponzi scheme: Court seizes N6.6bn Livingtrust shares, N42.4m linked to Cititrust

Justice F. N. Ogazi of the Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of 2,041,087,747 units of shares in Livingtrust Mortgage Bank Plc, formerly known as Omoluabi Mortgage Bank Plc, valued at N6,674,356,932.69. The court also ordered the forfeiture of N42,461,096.66 and $26.44, all traced to Cititrust Holdings Plc and Read More

Politics

3 w. ago FG consoles CBEX victims, calls for collective fight against ponzi schemes

The Federal Government on Wednesday sympathised with victims of the digital investment platform CBEX, stressing that Nigerians must work together to put an end to the rise of Ponzi schemes in the country. The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, made the appeal in his keynote address at the Read More

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3 w. ago CBEX crash: All you need to know about the Ponzi scheme that duped Nigerians

On Tuesday, the digital investment platform CBEX suddenly collapsed, with reports indicating that investors incurred losses amounting to over N1.3 trillion. The incident has sparked widespread reactions, with users expressing frustration, criticism, and concern. Many stormed the CBEX office in Oyo State to destroy their belongings. PUNCH Online has compiled a list of things you Read More

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3 w. ago N1.3trn CBEX Scam: We Warned Nigerians Against Ponzi Schemes, Says EFCC

The Economic and Financial Crimes Commission (EFCC) has reiterated its warnings to Nigerians about the dangers of Ponzi schemes, following the collapse of digital investment platform CryptoBank Exchange (CBEX), which has reportedly defrauded investors of over N1.3 trillion. Speaking on Channels Television’s breakfast show – ‘The Morning Brief’ – on Wednesday, EFCC spokesperson, Dele Oyewale, […]

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3 w. ago From MMM to CBEX: Timeline of Ponzi schemes that have duped Nigerians

Over the years, Nigerians have fallen victim to a series of Ponzi schemes that promised quick riches but ended in devastating losses. From the infamous Mavrodi Mundial Moneybox, popularly known as MMM that crashed in 2016, leaving millions of investors stranded, to the recent collapse of CBEX and other crypto-based platforms, the allure of high Read More

Politics

3 w. ago CBEX: SEC cautions celebrities, influencers against promoting ponzi schemes

By John Ogunsemore The Director General, Securities and Exchange Commission (SEC), Emomotimi Agama has warned celebrities and influencers against promoting unregistered investment platforms. He noted that promoting or endorsing ponzi schemes could attract legal consequences, maintaining that the commission frowns upon promotion of meme coins or projects that harm the public. Agama stated this during […] The post CBEX: SEC cautions celebrities, influencers against promoting ponzi schemes appeared first on The Sun Nigeria.

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3 w. ago Nigerians lose ₦1.3 trillion as alleged Ponzi scheme CBEX collapses

From Chinenye Anuforo Thousands of Nigerians face financial ruin after the collapse of CBEX, a digital investment platform accused of running a Ponzi scheme that allegedly vanished with over ₦1.3 trillion ($850 million USD). The fallout has sparked widespread distress, with victims sharing devastating stories on social media. One investor, quoted in a transcribed audio […] The post Nigerians lose ₦1.3 trillion as alleged Ponzi scheme CBEX collapses appeared first on The Sun Nigeria.

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3 w. ago 27 Investors ‘Hospitalised’ Over CBEX Trading Platform Crash In Oyo

No fewer than 27 persons have reportedly been hospitalised following the crash of a digital digital asset trading platform, known as CBEX in Oyo State. Nigerians who subscribed to what is now regarded as a Ponzi scheme took to their various social media platforms to lament their losses after CBEX allegedly swept over N1.3 trillion […]

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