The Economic and Financial Crimes Commission has advised Nigerians to do away with any Ponzi schmes activities in the country.
This was made known by the Acting Zonal Director, EFCC, Enugu Zonal Directorate, Assistant Commander of the EFCC, ACE I Aisha Abubakar on Friday, May 9, 2025 during the 2025 Annual Management Retreat of the Nigeria Security and Civil Defence Corps which was held at Jubilee Hall, Holy-ghost Cathedral, Ogbete, Enugu State.
She noted that the Ponzi schmes have destroyed lives, eroded trust and undermined national development. 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 said that the get-rich-quick syndrome has become a serious economic and security threat in Nigeria, with the youths bearing the brunt.
She defined the get-rich-quick mentality as a mindset characterised by the desire to get money without genuine, incremental work, and said that the yearning is frequently fuelled by social media depictions of rapid riches and societal pressure.
“In Nigeria today, the aspiration for wealth has grown increasingly urgent among the youth, leading to vulnerability to financial frauds such as Ponzi schemes. They often fall victim to enticing schemes that offer double returns within short timeframes, despite the absence of legitimate business operations.
“The desperation to escape poverty and fund small projects pushes many into high-risk unregulated investments”, she said.
Abubakar listed types of get-rich-quick syndromes which include advance fee fraud, fake jobs and scholarship schemes, online loan and grant scams, fake forex and crypto currency platforms, amongst others.
“Cybercrime has created a market system where fraudsters obtain competitive advantage and drive out legitimate business.
“A lot of funds are lost to internet fraud, some of which are eventually used to fund organized crime groups and terrorism, potentially leading to further crime and terrorist attacks. I am sure you will agree with me that it has also undermined national defence and security in Nigeria and this has contributed to negative output in the economy”, she said.
She went on to address the Commission’s responsibility in preventing and disrupting these scams.
“Through roadshows, social media campaigns and partnerships with youth-focused institutions, the EFCC has raised awareness of fraudulent investment scheme.
“We partner with the Central Bank of Nigeria, the Security and Exchange Commission, Banks and global bodies like the INTERPOL to trace funds, monitor financial flows and disrupt scam networks”, she said.
