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ix months after the N1.3 trillion loss from the CBEX Ponzi scheme, a new fraud has surfaced under the guise of a real‑estate investment platform called EMAAR. The scheme lured more than 4,000 Nigerians into a digital trap that promised quick returns and easy withdrawals, but collapsed on 27 October, leaving families across the country grappling with financial ruin and unanswered questions.
Unlike CBEX, EMAAR operated entirely online, with no physical offices to trace. It presented itself as a trading portal where investors could deposit money and supposedly earn interest within ten days. The platform was introduced between July and September 2025, but when many investors were ready to withdraw, the site crashed and the operators vanished.
Investigations revealed that EMAAR’s promoters ran several Telegram groups. The main group had over 4,000 active members, while a secondary group listed 1,468 participants. All groups were locked after the collapse. The company’s name did not appear in the Corporate Affairs Commission database, suggesting it was unregistered. Searches for “EMAAR” returned several entities, none linked to real‑estate investment, and the Moniepoint Bank account used by the fraudsters, CreditB‑24H, matched only a Romanian property developer with no connection to the scheme. The logo used by EMAAR also resembled that of the legitimate Indian real‑estate developer EMAAR Properties, but no affiliation existed.
Victims’ stories illustrate the scale of the loss. A computer engineer in Ibadan, who preferred anonymity, invested nearly N2 million after a trusted friend vouched for the platform. He transferred N790,000 to a Kuda Microfinance Bank account and N1,038,000 to a Moniepoint account, but could not withdraw when the platform shut down. He lost a total of N1,828,000 and felt the sting of having advised others against such schemes only to fall victim himself.
In Kaduna, artisan Dennis Iliya and his family lost about N500,000. Iliya was introduced to EMAAR by a neighbour and promised that after a minimum withdrawal of N20,000, interest would be paid into his bank account. After a week, the platform closed, and managers demanded an additional N10,000 from each member to “recover” their money. Iliya refused, but many complied and received nothing. He later learned the managers had deleted their Telegram accounts, leaving him with a loss of roughly N230,000.
Emmanuela Iliya, a corps member in Kaduna, also suffered losses. She and her relatives—two sisters and her mother—lost N70,000, N40,000, and N35,000 respectively. They were told to buy shares and let their funds appreciate over a set period, but never received any returns.
Other victims across Nigeria reported similar fates. In Jos, Johnson Jonathan lost N212,000 after sending money to the Moniepoint account. In Rivers State, Precious Promise invested N128,000 and was promised ten‑day returns, but after paying an extra N10,000 to access her money, the platform shut down. In Kaduna, Bernard Sylvester lost N120,000 after reinvesting withdrawn funds, only to find the platform collapsed on 27 October.
The total financial damage remains unclear, but the pattern of losses—tens to hundreds of thousands of naira—highlights the widespread impact.
The Economic and Financial Crimes Commission (EFCC) urged victims to file formal petitions so it could investigate the alleged scam. EFCC spokesperson Dele Oyewale noted that the agency had warned Nigerians about 58 Ponzi operators earlier that year. He blamed poor investor vigilance and greed for the persistence of such schemes, urging people to conduct due diligence before investing.
Moniepoint Microfinance Bank advised victims to notify the bank and the police. Its Public and Media Relations Manager, Bemigho Awala, explained that a formal complaint triggers an internal investigation between the originating and receiving banks, potentially leading to an account embargo after a court order. Moniepoint maintains online reporting platforms for complaints, but the fraudster’s account, CreditB, has been deactivated after being caught facilitating a Ponzi scheme. Most reported cases are being refunded if backed by a court order, though the bank declined to disclose total amounts.
Kuda Microfinance Bank declined to share customer‑specific details about EMAAR complaints, citing regulatory and privacy constraints. Head of Fraud Farouk Junaid explained that the bank cannot disclose individual complaints unless legally compelled or with customer consent. He emphasized the bank’s commitment to combating fraud and treating all allegations with seriousness.
Financial analyst Prof. Sheriffdeen Tella called for increased Central Bank of Nigeria (CBN) vigilance over fintech operations. He argued that recurring fraudulent investment platforms exploit citizens’ desperation and lack of financial literacy. Tella noted that while the CBN lists approved institutions and flags illegal operators, more robust surveillance is needed to protect the system. He urged the CBN to probe microfinance banks involved in such incidents and to maintain continuous vigilance.
The Centre for Anti‑Corruption and Open Leadership (CACOL) highlighted that the latest Ponzi scandal exposes deep cracks in Nigeria’s financial ecosystem. Director Debo Adeniran warned that repeated scams erode public confidence in online investment platforms, creating fear and hindering legitimate fintech innovation. He stressed that swift enforcement is essential to prevent fraud syndicates from exploiting vulnerable citizens, especially young and low‑income Nigerians.
In summary, the EMAAR scheme, presented as a real‑estate investment portal, attracted over 4,000 investors through Telegram groups and promised rapid returns. It collapsed abruptly on 27 October, leaving victims with significant financial losses and no recourse. The EFCC, banks, and regulators are urging victims to report fraud, while experts call for stronger oversight of fintechs to safeguard the economy and protect investors.
