Thousands of Nigerians Fall Victim to New EMAAR Ponzi Scam Months After CBEX Collapse
Six months after the N1.3 trillion Crypto Bridge Exchange (CBEX) Ponzi scheme defrauded over 600,000 Nigerians, a new wave of investors has been ensnared by another online scam posing as a real estate investment platform. The digital operation, named EMAAR, reportedly attracted over 4,000 participants nationwide, leaving families grappling with financial losses and unanswered questions, according to a special report by Imoleayo Oyedeyi.
The EMAAR platform was introduced between July and September 2025, presenting itself as a virtual real estate investment portal. Investors were promised returns within 10 days, with options for weekly, monthly, or yearly plans. However, the platform suddenly collapsed on October 27, preventing most participants from making withdrawals.
Investigations revealed that EMAAR operated primarily through Telegram accounts. The official group included over 4,000 active members discussing investments, while another group had 1,468 participants. Following the crash, all accounts were locked, leaving victims with no way to reach the promoters.
Checks by Saturday PUNCH indicate that EMAAR may have operated without official registration. While several companies using the EMAAR name exist on the Corporate Affairs Commission (CAC) website, none are registered as real estate investment firms. Additionally, the Moniepoint Bank account used by the scammers bore no confirmed link to any legitimate entity, though its logo mimicked EMAAR Properties, an established real estate company based in India.
Victims shared harrowing stories of financial and emotional losses. A computer engineer in Ibadan revealed he lost nearly N2 million, having been introduced to the platform by a trusted friend. Despite being cautious by nature, he invested in the belief that the company was legitimate. “The platform collapsed the very week I planned to withdraw. We were over 4,000 in a Telegram group with nightly meetings, and everything seemed normal until it all disappeared,” he said.
In Kaduna, the family of an artisan lost approximately N500,000. Dennis Iliya, his wife, and relatives invested after a neighbor recommended EMAAR, only to discover that the platform had shut down abruptly. Some members were even asked to pay an additional N10,000 in a failed attempt to recover funds.
Other victims across the country reported losses ranging from tens of thousands to millions of naira. In Plateau State, Johnson Jonathan lost N212,000, while in Rivers State, Precious Promise lost N128,000. Bernard Sylvester of Kaduna reported losing N120,000, having reinvested initial returns in hopes of earning more.
The Economic and Financial Crimes Commission (EFCC) has urged victims to submit formal petitions to enable investigations into the alleged scam. Dele Oyewale, EFCC Head of Media and Publicity, highlighted that recurring Ponzi schemes are often fueled by poor vigilance and greed among investors.
Banks involved, including Moniepoint and Kuda Microfinance, advised victims to formally report losses to trigger investigations. Moniepoint confirmed that the fraudulent account used by EMAAR had been deactivated and emphasized that complaints must be backed by a court order for refunds to be processed.
Financial analyst Prof. Sheriffdeen Tella stressed the need for stricter oversight by the Central Bank of Nigeria (CBN) on fintech operations, noting that many scams persist due to investor gullibility and weak enforcement.
Debo Adeniran, Director of the Centre for Anti-Corruption and Open Leadership (CACOL), warned that repeated Ponzi schemes undermine public confidence in legitimate fintech innovations and create systemic risks for young and low-income Nigerians. “If unchecked, these schemes could distort economic participation and erode trust in the financial system,” he said.
The EMAAR scandal serves as a stark reminder of the vulnerabilities in Nigeria’s financial ecosystem, the sophistication of digital fraud syndicates, and the urgent need for stronger consumer protection and investor education.
