The Economic and Financial Crimes Commission (EFCC) has raised alarm over the growing menace of Ponzi schemes in Nigeria, warning that the get-rich-quick mindset was destroying lives and undermining national development.
The call was made by the Acting Zonal Director of the EFCC, Aisha Abubakar in Enugu, during the 2025 Annual Management Retreat of the Nigeria Security and Civil Defence Corps (NSCDC).
The event, themed “Developing Leadership for a New Paradigm,” was attended by 140 senior NSCDC personnel from across the State.
Speaking on the topic “Get-Rich-Quick Syndrome and the Youth Vulnerability: The Case Study of Ponzi Scheme. The Role of Law Enforcement in Prevention and Disruption,” Abubakar decried the growing desperation among Nigerian youths to attain instant wealth through illegitimate means.
She attributed this trend to social media influence, peer pressure, and the disappearance of traditional societal values.
“They often fall victim to enticing schemes that promise double returns within short timeframes, despite lacking any legitimate business operations”, Abubakar stated.
Abubakar highlighted several factors fueling the get-rich-quick mentality, including financial illiteracy, peer and social pressure, excessive exposure to digital platforms, drug use, depression, impatience, and a culture of lavish lifestyles.
She warned that these factors, combined with frustration over the slow pace of traditional success paths, have created fertile ground for fraudsters.
Citing notable examples, Abubakar referenced failed Ponzi operations such as MMM Nigeria, MBA Forex, Chinmark Group, and most recently, CBEX, a digital asset trading platform that collapsed in April 2025.
CBEX had promised investors a 100% return within 30 days by claiming to leverage cryptocurrency and artificial intelligence-driven strategies. Its crash left thousands of Nigerians financially stranded.
She further classified types of get-rich-quick schemes, including advance fee fraud, fake job and scholarship offers, online loan and grant scams, and fraudulent forex and cryptocurrency platforms.
Cybercrime, she added, remains a significant by-product of this mindset, with severe implications for Nigeria’s international reputation and economy.
“Cybercrime has created a market where fraudsters drive out legitimate businesses. The resulting damage has discouraged foreign investment and fostered organized crime and terrorism. “It undermines national security and erodes global confidence in Nigerians”, she said.
On the role of the EFCC in combating these threats, Abubakar noted that the Commission continues to drive prevention through awareness campaigns, digital outreach, and collaborations.
“Through roadshows, social media campaigns, and partnerships with youth-focused institutions, the EFCC is raising awareness of fraudulent investment schemes.
“We also work with the Central Bank of Nigeria, the Securities and Exchange Commission, banks, and international organizations like INTERPOL to trace illicit funds and disrupt scam networks”, she said.
The EFCC’s warning comes amid increasing public concern over the growing number of financial scams targeting vulnerable Nigerians, especially in digital spaces.
The agency advised the public to remain vigilant and report suspicious schemes.
