Nigeria Loses N93.72 Billion to Ponzi Schemes in 2 Years [Video]

• Nigerians lost around N93.72 billion to Ponzi schemes and other financial criminal operations between January 2023 and December 2024.
• Scammers have expressed concerns about the need for stricter legislation and greater public awareness to stop the growing nightmare
• Nigerians have suffered significant financial losses due to a variety of Ponzi schemes and related frauds, according to the NDIC director

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Between January 2023 and December 2024, Ponzi schemes and other financial fraud activities cost Nigerians more than N93.72 billion, according to investigation.

This means that over N1,005,170,000,000 has been lost in 25 years, Daily Sun reported.

Concerns about the need for stronger laws and increased public awareness to stop the escalating horror have been raised by scammers and fraudulent schemes that continue to take advantage of weak and …