The Nigerian Senate has launched a major investigation into the operations of Ponzi schemes in the country, following the collapse of the Crypto Bullion Exchange Civics, a digital fraud operation that allegedly swindled Nigerians of over ₦1.3 trillion.
The move came after a motion sponsored by Senator Mukhail Adetokunbo Abiru (Lagos East) and co-sponsored by Senator Osita Bonaventure Izunaso (Imo West) was adopted during plenary.
Presenting the motion, Senator Abiru described the Civics scandal as “one of the most devastating financial scams in Nigeria’s history”, noting that the scheme thrived openly via technology, social media, and celebrity endorsements, while promising outrageous returns on investment.
He lamented the inaction of key regulatory agencies like the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU).
He said the National Assembly must hold these agencies accountable, citing their failure to act in the interest of Nigerian citizens, many of whom are students, low-income earners, and rural residents.
Other lawmakers also voiced outrage:Senator Abdul Ningi (Bauchi Central) called the scandal a “national tragedy”, warning that continued regulatory failure could erode investor confidence and affect foreign direct investment.
Senator Sani Musa (Niger East) said such schemes represent economic exploitation and psychological warfare.
Senator Solomon Adeola (Ogun West) warned of a broader threat posed by unregulated fintech platforms and payment gateways, urging the Senate to interrogate the CBN’s digital oversight strategies.
In a unanimous vote, the Senate resolved to investigate Ponzi operations and regulatory lapses and mandated its Joint Committees on Capital Markets; Banking, Insurance and Other Financial Institutions; Anti-Corruption and Financial Crimes; and ICT and Cybersecurity to conduct a comprehensive hearing.
Senate President Godswill Akpabio commended the motion’s sponsors and stressed the urgency of protecting the public:
“This motion speaks to the soul of the nation. If it doesn’t affect you directly, it affects your family, your friends, your constituents.
This must end now.”The Senate’s probe seeks to restore public trust, close regulatory loopholes, and prevent future large-scale financial crimes.