The Senate on Wednesday launched a sweeping probe into the rise of Ponzi schemes in the country, following the catastrophic collapse of Crypto Bridge Exchange, a digital investment platform that allegedly fleeced Nigerians of over N1.3tn. The Ponzi scheme has been described as one of the largest financial scams in the nation’s history.
They blamed the rise of ponzi-style investment schemes on regulatory failures and weak financial oversight, warning that the ripple effects, including rising suicide rates and growing public mistrust, now threaten Nigeria’s social and economic stability.
The Senate however has resolved to launch a multi-committee probe involving its Committees on Capital Market; Banking, Insurance and Other Financial Institutions; Anti-Corruption and Financial Crimes; and ICT & Cybersecurity.
