When Mrs. Ojochide Tijani, a 42-year-old schoolteacher in Kogi, invested her life savings into what was pitched to her as a “guaranteed” cryptocurrency trading platform, she believed she was securing a future for her two children. Just three months later, the platform disappeared—along with her ₦2.3 million.
Her story mirrors thousands more, as a chilling new report from the Central Bank of Nigeria (CBN) reveals a 45% surge in financial fraud cases across the country, with over 70% of the resulting losses traced to digital platforms, particularly unregulated virtual asset schemes.
The CBN Governor, Mr. Olayemi Cardoso, speaking through his deputy, Muhammad Sani Abdullahi, at an EFCC public lecture held in Abuja on July 10, 2025, issued a sobering warning about the darker side of Nigeria’s rapidly expanding digital economy.
“These developments pose a major risk to consumer confidence, financial integrity, and Nigeria’s reputation within the global financial system,” Cardoso said, referencing the CBN’s 2024 Financial Stability Report.
The Lure of Digital Wealth, the Trap of Digital Fraud
Between July 2022 and June 2023, Nigeria recorded $56 billion in crypto-related transactions, making it Africa’s undisputed leader in digital financial activity. But behind that dazzling figure is a mounting crisis of fraud, according to the CBN.
From tokenized Ponzi schemes to deep-fake investment platforms, digital innovation, once seen as the future of financial inclusion, is now enabling complex frauds at scale.
“Technology has expanded access but also expanded exposure,” Cardoso admitted. “Fraudsters are exploiting unregulated channels, and unsuspecting Nigerians are paying the price.”
For victims like Ojochide, the emotional cost is immeasurable. “It wasn’t just the money,” she told The Ameh News, holding back tears. “It was the trust, trust that turned into shame.”
SEC Sounds the Alarm: Virtual Assets Eroding Market Integrity
The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, did not mince words in his own address at the EFCC event. He warned that corruption and financial scams are undermining the credibility of Nigeria’s capital markets.
“As virtual asset scams proliferate, they drain resources meant for growth and deter genuine investors. This is no longer just about bad actors, it’s a national economic threat,” Agama stated.
He highlighted ongoing SEC reforms to tighten oversight of digital assets and vowed to ramp up public education campaigns to help investors spot and avoid fraud.
“We must arm the public with knowledge. Regulation alone is not enough, we need national awareness,” Agama added.
EFCC and NOA Urge Moral Reset
At the heart of this rising tide of fraud is what some public officials call a “values crisis.” According to Lanre Issa-Onilu, Director General of the National Orientation Agency (NOA), financial deception often stems from a deeper social rot.
“Every naira stolen through fraud represents a child forced out of school, a mother denied healthcare, a business that collapses,” he said. “Fraud is not an abstract crime, it devastates lives.”
Issa-Onilu revealed that the NOA has launched a nationwide campaign against the ‘get-rich-quick’ syndrome, aiming to shift mindsets toward honesty, hard work, and patience.
“We want to teach our youth that true wealth comes with integrity. Our campaign is not just about awareness—it’s about a national soul-searching,” he said.
CAC Pushes for Proactive Collaboration
To tackle this growing crisis, the Corporate Affairs Commission (CAC) is strengthening its collaboration with the SEC and other regulators, according to Registrar General Hussaini Ishaq Magaji.
“This is not a one-agency battle,” Magaji noted. “We’re coordinating to improve corporate governance, detect fraudulent activity early, and enforce compliance more effectively.”
Magaji stressed the importance of vigilance from all institutions, especially as fraud techniques evolve with advances in technology.
Between Innovation and Integrity
Nigeria stands at a crossroads, torn between the promise of a tech-driven financial future and the perils of an unregulated digital frontier.
The same tools that allow a farmer in Kaduna to receive payments instantly or a startup in Port Harcourt to raise capital via fintech are now being used to destroy lives, launder money, and erode investor trust.
The solution, as echoed by all speakers, lies not only in tighter regulations or faster crackdowns, but in restoring trust—through education, transparency, and a national reorientation toward ethical values.
“We must strike a balance,” Cardoso reflected. “Innovation should empower, not endanger. It’s our collective duty to ensure the digital economy uplifts every Nigerian—not exploit them.”
As for Ojochide, her children remain out of school for now, but she clings to hope. “I still believe in this country,” she said. “But we need protection. We need truth. And we need leaders who care.”
@2025 The Ameh News: All Rights Reserved
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