Six months after the N1.3tn CBEX Ponzi scheme wey spoil plenty Nigerians, another group of investors don fall victim to new scam wey dem dey hide as real estate business, wey also dey use fintech accounts. For this report, Imoleayo Oyedeyi show how one online platform, EMAAR, take trick more than 4,000 people, dey leave families everywhere dey count losses and dey find solution.
After over 600,000 Nigerians don invest for CBEX and lose N1.3tn, plenty people don put money for EMAAR platform, but dem never see any return.
Many victims wey dey different states talk say the experience pain them well well. Dem talk say unlike CBEX, dis new Ponzi scheme dey pose as real estate company wey dey mostly online—no office wey person fit trace dem.
The platform begin between July and September 2025 as one trading portal wey people fit invest small money and suppose dey collect interest within 10 days, then fit withdraw. But on October 27, the system collapse, and many people never collect anything.
Faceless group, illegal waka
Our investigation show say dem dey run different Telegram groups. The official group get over 4,000 active investors, plus another group wey get 1,468 members. But all the Telegram groups don lock after the collapse.
Checks show say the company fit no register for CAC. Even though some companies get EMAAR for their name, none get “real estate investment” for their title. The Moniepoint account dem use, CreditB-24H, only match some Romanian company online wey get no connection with dem. Logo wey dem use na copy of EMAAR Properties from India, but no proof say dem get link.
Victims dey count losses
One computer engineer for Ibadan lose almost N2m. Him friend introduce am to the platform, say everything legit. Him talk say;
I no dey normally do things like this, but my friend dey loyal and I trust am, na why I try.
The company talk say dem get yearly plan and other packages. But the week wey the engineer wan withdraw, the platform just disappear. Him lose N1,828,000. Him first send N790,000 to Kuda Microfinance, then N1,038,000 to Moniepoint.
Family for Kaduna also lose N500,000. Artisan Dennis Iliya, him wife Emmanuela, plus relatives, fall victim. Dem first invest small money, dem dey expect withdrawal, but managers shut platform down. Later, dem demand extra N10,000 from members, but nothing come out.
Plenty other Nigerians from Plateau, Rivers, and Kaduna also lose money, sometimes hundreds of thousands. Many people dey frustrated and confuse.
EFCC dey talk
EFCC advise victims make dem submit petition so dem fit start investigation. Dele Oyewale from EFCC talk say people no dey follow warnings, dem dey fall trap because of greed.
Banks respond
Moniepoint and Kuda Microfinance talk say dem fit help if victims follow proper steps. Some accounts wey fraudsters use don deactivate.
Experts talk
Financial analyst Prof. Sheriffdeen Tella talk say CBN suppose dey watch fintechs well well. Many Nigerians dey fall Ponzi scam because dem dey desperate to make quick money. CACOL also warn say repeated Ponzi schemes dey reduce confidence for online investments and dey expose cracks for financial system.
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