The Nigerian Senate has launched a far-reaching investigation into the rise of Ponzi schemes and unregulated digital investment platforms following the collapse of Crypto Bullion Exchange Civics, which allegedly defrauded Nigerians of over ₦1.3 trillion.
The motion initiating the probe was moved on Wednesday by Senator Mukhail Adetokunbo Abiru (Lagos East) and co-sponsored by Senator Osita Bonaventure Izunaso (Imo West). It received unanimous support from lawmakers across party lines, who expressed alarm over the growing exploitation of vulnerable Nigerians through fraudulent investment schemes operating under the guise of digital finance.
While presenting the motion, Senator Abiru described the Civics fraud as one of the most devastating financial scams in Nigeria’s history. He noted that the platform leveraged social media, referral commissions, celebrity endorsements, and fabricated testimonials to create a false sense of credibility, luring unsuspecting investors with promises of extraordinary returns. According to him, many Nigerians, including students, artisans, and low-income earners, lost their life savings in the scheme, with some experiencing depression, family breakdowns, and even resorting to suicide.
Senator Abiru criticized the lack of intervention from regulatory bodies, including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU). He stressed that their silence enabled the scam to flourish despite clear warning signs. He urged the National Assembly to exercise its constitutional oversight responsibility and hold regulators accountable.
Senators who contributed to the debate echoed these concerns. Senator Abdul Ningi (Bauchi Central) described the situation as a national tragedy and a failure of institutional oversight, lamenting that the victims were mostly ordinary Nigerians struggling to survive. He warned that repeated financial scams erode both public confidence and the nation’s investment reputation.
Senator Sani Musa (Niger East) highlighted the psychological toll on victims, described the fraud as more than just financial exploitation, but a form of psychological warfare that had left deep scars on many families.
Senator Solomon Adeola (Ogun West) expressed concern over the broader threat posed by unregulated financial technology platforms, calling on the CBN to explain what digital safeguards, if any, were in place to protect citizens.
Speaking ,the Senate President, Godswill Akpabio praised the motion, described it as one that speaks to the conscience of the nation. He emphasized the need for swift action, noted that while some may not be direct victims, nearly every Nigerian knows someone who has suffered from similar schemes. He referenced past incidents, including MMM and MBA Forex, as evidence of a persistent regulatory failure and unchecked public greed.
The Senate resolved to commence zonal public hearings and initiate nationwide sensitization campaigns to raise awareness about the dangers of digital investment fraud. It also tasked relevant committees to examine existing regulatory gaps, propose necessary reforms, and recommend actions that could lead to a restructuring of the nation’s financial oversight architecture.
Lawmakers agreed that the matter goes beyond financial loss, touching on issues of national security, trust in public institutions, and the moral obligation to protect citizens from predators operating under the guise of investment platforms.
