More than 4,000 Nigerians have reportedly lost millions of naira to a suspected Ponzi scheme operated under the guise of an online real estate investment platform known as EMAAR.
The development comes barely six months after the collapse of the N1.3 trillion Crypto Bridge Exchange (CBEX) Ponzi scheme, which left over 600,000 citizens stranded.
Findings by journalists indicate that the promoters of EMAAR, who operated mainly through Telegram channels and fintech bank accounts, collected funds from subscribers between July and September 2025, promising 10-day returns. The platform reportedly crashed on October 27 before many investors could make withdrawals.
The company had no known physical address, and its name was not found on the Corporate Affairs Commission database. It was further observed that the platform used a logo similar to that of a legitimate real estate company in India, though there is no evidence of affiliation.
Victims across several states, including Oyo, Kaduna, Plateau and Rivers, narrated how they lost amounts ranging from N40,000 to nearly N2 million after paying into fintech accounts operated through Kuda and Moniepoint Microfinance Banks.
A computer engineer in Ibadan, who declined to reveal his identity, said he lost N1.8 million.
“There was no sign that they were about to fold up. Everything happened suddenly,” he lamented.
In Kaduna State, an artisan and his family lost about N500,000. Some victims said the operators later demanded an additional N10,000 as “recovery fees” before disappearing and deleting their Telegram accounts.
The Economic and Financial Crimes Commission (EFCC) urged victims to submit formal petitions to enable the agency to commence investigations. The commission’s spokesperson, Dele Oyewale, noted that the EFCC had earlier warned Nigerians about 58 unlicensed Ponzi operators still active in the country.
“People are not adhering to our advisories and are not doing due diligence. Many are drawn into such schemes because of greed,” he said.
When contacted, Moniepoint Microfinance Bank said victims must report to their banks and the police to activate investigation and possible account restrictions. A bank official confirmed that the merchant account linked to the EMAAR transactions had been deactivated for alleged.