Nigerians lost N11.9b to Ponzi scheme – CBN


The Central Bank of Nigeria (CBN) said on Thursday that Nigerians lost N11.9 billion to the Ponzi scheme in 2016.

Speaking in Kano during the 2017 Bank-Wide Sensitization Campaign on CBN initiative programme, the apex bank Acting Director, Corporate Communications, Alhaji Yusuf Wali, warned Nigerians on the inherent danger associated with the subscription to Ponzi scheme.

He said: “I will also like to reiterate the position of the CBN on the need for the citizens to desist from unwholesome financial engagements in all Ponzi schemes. The Nigeria Electronic Fraud Forum made public a recent daunting report on the losses suffered by the subscribers which amounted to N11.9 billion in December 2016.”

He noted that the sensitization programme tagged “CBN Fair” is geared towards sensitizing citizens on the activities of CBN as well as educating Nigerians on how best to engage in financial transactions.

Wali added: “Our objective is simple. We want you to understand what we do at the CBN. We want to sensitize you on your roles as citizens in keeping the Naira clean and other matters.

“We want to hear your complaints about matters relating to financial sector and we want to let you into how you can access and benefit from the different initiatives of the CBN.

“CBN has introduced some strategic initiatives and intervention schemes to support the economy with a view to ensuring sustainable growth and development.”

He mentioned the sectors to include agriculture, power, energy, manufacturing, Micro, Small and Medium Scale Enterprises (MSMEs) as well as banking and industry, through credit delivery to the real sector of the economy.

In his remarks, Kano State Governor, Dr. Abdullahi Ganduje, who was represented by the state Commissioner for Finance, Prof. Kabiru Isah Dandago, lamented that Kano people in recent times have failed to key into CBN programmes designed to benefit the economy of the state and their private businesses.