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CBN raises alarm over rising fraud tied to virtual assets and online schemes
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Over $56bn crypto transactions recorded in one year, SEC flags 30 Ponzi schemes
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EFCC, NOA, CAC call for vigilance and national reorientation to combat scams
The Central Bank of Nigeria (CBN) has reported a sharp 45% rise in financial fraud cases nationwide, warning that 70% of the losses are tied to digital platforms, including unregulated virtual asset schemes.
CBN Governor, Dr Olayemi Cardoso, disclosed this in Abuja on Thursday during a public lecture hosted by the Economic and Financial Crimes Commission (EFCC). Represented by Deputy Governor for Economic Policy, Muhammad Sani Abdullahi, Cardoso said the findings came from the Financial Stability Report 2024.
“The surge in digital innovation has enabled broader financial inclusion but also introduced complex challenges such as fraud and money laundering,” Cardoso stated.
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He highlighted that over $56 billion in crypto-related transactions were recorded between July 2022 and June 2023, making Nigeria Africa’s digital transaction leader.
The Securities and Exchange Commission (SEC) Director General, Dr Emomotimi Agama, warned that virtual asset fraud and Ponzi schemes are eroding investor confidence and undermining market integrity.
READ ALSO: EFCC Arrests 12 Suspected Internet Fraudsters in Lagos
“These crimes divert resources meant for sustainable development,” Agama said, pledging stronger regulation and public education.
Director General of the National Orientation Agency (NOA), Malam Lanre Issa-Onilu, linked the surge in scams to a dangerous “get rich quick” mentality and urged Nigerians to embrace honesty and hard work.
The Corporate Affairs Commission (CAC) also stressed the importance of corporate governance to curb financial manipulation and fraud in Nigeria’s financial ecosystem.
