The National Orientation Agency (NOA) and the Securities and Exchange Commission (SEC) have agreed to team up in fight against Ponzi schemes in Nigeria, by using technology to track, expose and prevent online fraud.
It was reported that the agreement, signed in Abuja early this month (April 1, 2026), focuses on protecting Nigerians from fake digital investment platforms that operate through mobile apps, websites and social media.
According to findings, during the partnership signing, there were answers to key questions, such as who is running these tech-driven scams? What tools they use? Where they operate most (mainly online)? When they spread (often quickly through viral posts)? Why people fall for them (convincing digital tricks)? And how they can be stopped?.
Officials noted that the agencies, however, agreed that the answer is to fight technology with technology, while also educating the public using technology.
Research indicates that Ponzi schemes are allegedly increasing in Nigeria, especially online. Many of them reportedly use mobile apps, social media and even cryptocurrency to look real. They allegedly, often promise very high returns in a short time to attract victims.
Experts say tough economic and low knowledge about investments make many Nigerians easy targets. In the past, schemes reportedly like Mavrodi Mundial Movement popularly known as MMM, caused huge losses and similar platforms continue to appear in new forms.
Report has it that today’s Ponzi schemes are no longer just word-of-mouth. They are powered by:
1. Mobile apps that look like real investment platforms.
- 2. Social media ads and influencer promotions.
- 3. Fake dashboards showing “live profits.”
- 4. Use of terms like Artificial Intelligence (AI), crypto and automated trading to appear legit.
Relevant stakeholders affirmed that these tools make scams look modern and trustworthy, even when they are fake. Many platforms also use referral systems, where users invite others, helping the scheme grow fast online.
“Scammers now use digital tools to look professional. Without proper checks, anyone can be fooled,” Tech analyst said.
Official sources noted that to fight back, NOA and SEC plan to use simple but powerful tech tools:
- 1. Digital alerts: Quick warnings about suspicious platforms shared online.
- 2. Verified lists: Online databases where Nigerians can check if an investment company is approved.
- 3. Social media campaigns: Short videos and posts explaining how scams work.
- 4. Data tracking: Monitoring online trends to detect new scam platforms early.
The agencies added that by using these tools, they hope to stop scams before they spread more widely. “We are using technology to spread correct information faster than the scammers,” according to SEC officials.
It was gathered that the partnership shows a new approach to stopping fraud not just with laws, but with technology and fast information.
It was further reported that by using tools like real-time alerts, online verification and social media education, NOA and SEC hope to stay ahead of fraudsters. The goal is simple: help Nigerians spot fake platforms early and protect their money.
Experts have however, noted that in today’s digital world, knowing how technology works may be the strongest defence against financial scams.
