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.
The senators 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 motion, jointly sponsored by Senators Tokunbo Abiru (Lagos East) and Osita Izunaso (Imo West), received unanimous support on the Senate floor, with lawmakers across party lines condemning the systemic failures that allowed such platforms to flourish unchecked.