The Nigerian Senate, on Wednesday directed its Joint Committees on Capital Markets, Banking, Insurance, and Other Financial Institutions, Anti-Corruption and Financial Crimes, and ICT and Cybersecurity to investigate the operations of Ponzi schemes and unregulated investment platforms in Nigeria.
This comes after a digital investment scheme, Crypto Bullion Exchange Civics, allegedly defrauded Nigerians of over N1.3 trillion following its collapse.
Senator Mukhail Adetokunbo Abiru, who sponsored the motion, described the Civics scandal as “one of the most devastating financial scams in the country’s history.”
Senator Abiru, representing Lagos East Senatorial District lamented that the scheme operated without intervention from key financial regulators like the Central Bank of Nigeria and the Securities and Exchange Commission.
He stressed the need for accountability and robust legislative interventions to prevent future occurrences.
Responding to the motion, the President of the Senate, Godswill Akpabio emphasized the urgency of restoring public trust and economic stability, citing past financial collapses and the devastating impact on Nigerians.
Our Correspondent reports that the Committees have been directed to begin work immediately, conduct comprehensive investigative hearings, examine regulatory gaps, recommend reforms, and launch a nationwide public sensitization campaign to educate Nigerians on digital investment scams and financial literacy.
They are expected to report back to the Senate in four weeks, as the upper legislative arm is set to protect Nigerians from predators masquerading as investors who end up defrauding Nigerians.