Fraud

Founder of Oyins International Resort, Abiola Quadri, Sentenced to 11 Years for $1.3M COVID-19 Relief Fraud in the U.S.

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Abiola Femi Quadri Founder of Golden Hive Hotel, a subsidiary of Oyins International Resort Ijebu Ode

The founder of Oyins International Resort, Abiola Femi Quadri, has been sentenced to 11 years’ imprisonment for a $1.3 million fraud scheme involving stolen identities used to claim COVID-19 pandemic unemployment and disability insurance benefits. Quadri’s fraud scheme—$1.3 million—is worth N1.9 billion in Nigerian currency using the 1,527 USD/NGN exchange rate. The sentencing of Quadri is … Read more

Punisher Coin Is a ‘Pump and Dump Project’, SEC Warns Nigerians Over New Meme Coin

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scam detection

Nigeria’s Securities and Exchange Commission (SEC) has warned that Nigerians who invest in Punisher Coin, also known as SPUN ($PUN), are at risk of losing their hard-earned money. The investment regulatory agency disclosed that its investigation showed that Punisher Coin is a meme coin, which is characterised by pump and dump schemes. The SEC also … Read more

CBEX Crash: 60 Ponzi Investments to Avoid in Nigeria

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Thousands of Nigerians who invested in the now-collapsed Ponzi scheme, CBEX, are languishing in regret—despite similar schemes in the past and repeated warnings by Nigeria’s Securities and Exchange Commission (SEC) to steer clear of unregulated investments. MMM is a typical example. Then came Racksteli, promoted by the Nigerian singer Davido and former lawmaker Dino Melaye, … Read more

“My bank app isn’t working”: New tactics Nigerians use to obtain money through pretense

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200 naira banknote

Some dubious Nigerians have devised a new way to obtain money from their colleagues and acquaintances by pretense. One such tactic involves claiming, “I’m having trouble with my bank network. Can you help me transfer N40,000 to Bright (not a real name)?” Though not a new trend, this tactic has gained momentum as the year … Read more