The Economic and Financial Crimes Commission (EFCC) has urged Nigerians to avoid Ponzi schemes, emphasizing their destructive impact on lives, trust, and national development. Aisha Abubakar, Acting Zonal Director of the EFCC’s Enugu office, issued the warning during the 2025 Annual Management Retreat of the Nigeria Security and Civil Defence Corps (NSCDC) in Enugu State.
Speaking on “Get-Rich-Quick Syndrome and Youth Vulnerability,” Abubakar identified the pursuit of instant wealth—fueled by social media glamorization and societal pressures—as a critical threat to Nigeria’s economy and security. She noted that youths, driven by poverty and ambition, often fall prey to fraudulent schemes promising unrealistic returns, such as the collapsed CBEX platform, which lured investors with claims of 100% profits via cryptocurrency and AI strategies.
Abubakar attributed the trend to greed, financial illiteracy, peer influence, technological exposure, and eroding societal values. She highlighted other scams, including fake job offers, forex fraud, and online loan scams, stressing their role in tarnishing Nigeria’s global reputation, deterring foreign investment, and funding organized crime or terrorism.
The EFCC outlined its multi-pronged approach to combat these schemes, including public awareness campaigns via roadshows and social media, as well as collaborations with the Central Bank, INTERPOL, and financial institutions to track illicit funds and disrupt criminal networks.
The NSCDC retreat, themed “Developing Leadership for a New Paradigm,” gathered 140 senior officials to address strategies for tackling emerging security and economic challenges. Abubakar reiterated the need for collective vigilance to safeguard Nigeria’s economic future and restore international confidence.
