Fraud

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