global affairs posted SENATE TO INVESTIGATE FRAUDULENT INVESTMENT SCHEMES, PONZI The Nigerian Senate has resolved to carry out a comprehen...

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SENATE TO INVESTIGATE FRAUDULENT INVESTMENT SCHEMES, PONZI The Nigerian Senate has resolved to carry out a comprehensive investigation into the activities of fraudulent investment schemes, commonly known as Ponzhi schemes in Nigeria to protect citizens. In a motion jointly sponsored by Senator Abiru Adetokunbo and Senator Osita Izunaso, lawmakers expressed concern over increasing sophistication of operators of such fraudulent schemes and the devastating consequence of their actions on unsuspecting members of the public. Reference was made to the recent Crypto Bullion Exchange, CBEX, MMM Nigeria in 2016, MBA Forex in 2020, among many others who lured Nigerians with promise of outrageous returns , but suddenly collapsed, resulting in investors losing trillions of naira. Lawmakers said now is the time for administrative reforms with regards to regulations and monitoring to protect Nigerians.

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