Fake investment schemes, “wrong transfer” calls and fake job offers cost Nigerians huge sums every year. Learn the warning signs so you and your family stay safe.
📉 A painful lesson: CBEX
In April 2025, the crypto trading platform CBEX froze withdrawals after promising users very high returns. Reports estimated that Nigerians lost as much as ₦1.3 trillion, and the EFCC opened an investigation with help from international partners. Many victims had been brought in by friends and family. The pattern was the same as MMM years before: unrealistic profits, pressure to recruit others, and payouts that stop suddenly.
🚩 The most common scams
Promises of 30%, 50% or 100% profit in weeks. Early members get paid with new members’ money until it collapses.
Very commonSomeone claims they sent money to you by mistake, or shows a fake credit alert, and begs you to send it back.
PhonesCallers pretend to be your bank and ask for your BVN, card PIN or OTP to “fix” your account.
BankingYou pay for “processing”, “training” or a visa, then the recruiter disappears.
Job seekersCheap phones, cars or apartments advertised online — you pay, nothing arrives.
OnlineA new online “partner” suddenly has an emergency and needs money.
Social mediaYour bank will never ask for your PIN, password or OTP. Anyone who asks for them is a scammer — end the call.
❓ Five questions to ask before you send money
- Is the return too good to be true?Real investments rarely double your money quickly. High promised profit means high risk.
- Is it registered?Investment platforms should be registered with the SEC Nigeria. Check their website, not the promoter’s screenshot.
- Am I being rushed?Scammers say “offer ends today”. Real opportunities let you think.
- Do I have to recruit people?If your income depends on bringing others, it is likely a pyramid scheme.
- Can I verify with someone independent?Call the company’s official number from its website, or ask a trusted friend who is not involved.
