The Nigerian Senate has passed a resolution to investigate Ponzi schemes in Nigeria, particularly following the collapse of the Crypto Bullion Exchange (CBEX), which resulted in investors losing N1.3 trillion.
Four Senate committees have been mandated to conduct a comprehensive investigative hearing within the next four weeks.
The collapse of CBEX resulted in Nigerian investors losing a staggering N1.3 trillion.
The Senate has resolved to investigate Ponzi schemes and other similar online transactions that defraud investors.
The Four Senate committees tasked with the investigation are: Capital Market and Institutions, Banking, Insurance and Other Financial Institutions, Anti-Corruption and Financial Crimes as well as ICT/Cybersecurity.
The Senate expressed concern over the lack of coordinated oversight and strict enforcement by relevant agencies, allowing these schemes to flourish.
The Senate President has recommended a nationwide public awareness campaign to educate vulnerable Nigerians about the risks of investing in fraudulent schemes.
The investigation according to the report aims to bring Ponzi scheme operators to justice and protect citizens from falling victim to these scams.
