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.