The Nigerian Senate has opened a sweeping investigation into the country’s growing Ponzi epidemic, triggered by the collapse of Crypto Bridge Exchange (CBEX)—a digital investment scheme that allegedly defrauded Nigerians of over ₦1.3 trillion.
Lawmakers, in a bipartisan motion led by Senators Tokunbo Abiru (Lagos East) and Osita Izunaso (Imo West), blamed regulatory failures by key agencies—CBN, SEC, EFCC, and the NFIU—for allowing fraudulent platforms like CBEX to thrive.
“Nigerians are being robbed repeatedly,” Abiru said, citing CBEX as the latest in a string of scams following MMM (2016) and MBA Forex (2020). “The fallout includes depression, suicides, and a dangerous erosion of public trust.”
Senators described the situation as “alarming,” with Tahir Monguno (Borno North) calling for stronger laws and punishment for perpetrators, while Sadiq Umar (Kwara North) berated sleeping regulators.
Senate President Godswill Akpabio lent his voice with a personal reflection—he, too, once fell victim to a Ponzi scheme in the ’90s.
“History is repeating itself, only this time with devastating national consequences. N1.3 trillion gone—just like that. Lives are being lost. Families ruined. This is an emergency.”
The Senate resolved to form a multi-committee probe involving the Capital Market, Banking, ICT & Cybersecurity, and Anti-Corruption Committees, to hold public hearings and deliver a report within four weeks.
Akpabio called for urgent financial literacy campaigns to shield citizens from digital predators.
“We must not sit back while Nigerians are being robbed blind,” he said. “It’s time to restore trust, enforce accountability, and reclaim our economy.”
