The Nigerian Senate has expanded its investigative hearing into the defunct CBEX investment platform and similar Ponzi schemes, prompted by disturbing reports of widespread investor losses amounting to billions of naira.

Lawmakers disclosed that some financial institutions and regulatory bodies may have overlooked key warning signs. Questions have been raised about the roles of the SEC and CBN in controlling digital investment platforms. Victims delivering testimonies recounted stories of ruined finances and shattered livelihoods.

The probe committee has pledged transparency and advocated for enhanced investor protection legislation, including criminal prosecutions where warranted. Affected individuals and financial watchdogs continue to follow developments closely, hoping for justice and possible reparations.

With Ponzi schemes still rampant, the Senate’s commitment may represent a turning point in Nigeria’s efforts to regulate fintech and protect vulnerable investors.