Abuja, Nigeria – June 27, 2025 — The Securities and Exchange Commission (SEC) has issued a stern warning to the Nigerian public against participating in the activities of the Value Growth Platform, describing it as a potential Ponzi scheme operating without regulatory approval. In a public advisory released on Thursday, the SEC stated that the
Port Harcourt, Rivers State – June 16, 2025 — The Economic and Financial Crimes Commission (EFCC) has arraigned the director of an alleged fraudulent investment company, CityPay Investment Ltd, over a ₦13.8 billion Ponzi scheme said to have defrauded hundreds of unsuspecting Nigerians. The accused, identified as Mr. John Okafor (real name withheld), was brought
Lagos, June 10, 2025 – In a development raising fresh concerns over online financial fraud, the notorious CBEX Ponzi scheme has reportedly resumed operations, luring previous victims and new participants with promises of fund recovery, at a fee. Multiple reports circulating on social media and online forums indicate that operators of CBEX, which collapsed months
Nigerians Urged to Stay Away as Victims Report Failed Withdrawals and False Promises In a move that has sent shockwaves through Nigeria’s digital investment community, the Securities and Exchange Commission (SEC) Nigeria has issued a blistering public warning against the online platform Tofro.com, calling it unregistered, illegal, and potentially fraudulent. According to an official statement
