EFCC warns Nigerians: Greed makes you target for ponzi schemes

The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians that unchecked greed could leave them vulnerable to Ponzi scheme operators.

In a terse advisory posted on its official X handle on Saturday, the anti-graft agency warned: “Love money too much, and Ponzi schemes will love you… as their next target. Be guided, the Eagle loves you all.”

The warning comes as the EFCC intensifies investigations into the collapse of CryptoBank Exchange (CBEX), a digital investment platform that allegedly defrauded investors of billions of naira. The platform reportedly crashed on April 14, leaving many Nigerians posting emotional videos on social media about their lost life savings.

In response, the EFCC on Friday declared eight individuals wanted over the scandal. This followed a Federal High Court ruling in Abuja, where Justice Emeka Nwite granted the agency’s application to arrest and detain the promoters pending the conclusion of investigations.

The EFCC disclosed that ST Technologies, the company behind CBEX, was duly registered with the Corporate Affairs Commission but lacked the required approval from the Securities and Exchange Commission to operate as an investment platform.

Investigators also revealed that the suspects had abandoned their known addresses in Lagos and Ogun states, prompting the agency to issue a red alert for their apprehension.

reports that the Commission’s spokesperson, Dele Oyewale during an interview on National TV, following the platform’s reported crash, urged Nigerians to exercise greater caution before entrusting their money to online investment platforms.

“We know that for every business concern, you declare your profit either quarterly, annually, or bi-annually,” Oyewale explained.

“But if somebody says, ‘Bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic; it’s just not pragmatic.”

He added, “If somebody says, ‘Bring your money, and we’re going to give you a 100 per cent return on investment,’ that is not possible.”