Nigeria is grappling with a significant financial crisis resulting from Ponzi schemes, where individuals have lost over $218 million in recent years. The Securities and Exchange Commission (SEC) Nigeria has revealed this alarming trend. These scams thrive on greed, lack of knowledge, and deceptive tactics often amplified by social media manipulation. The SEC has issued warnings about the dangers of these schemes. Key figures such as AbdulRasheed Dan-Abu and Dr. Emomotimi Agama have underscored their predatory nature. The SEC is urging for stricter regulations, public awareness campaigns, and building trust in financial innovations to combat these fraudulent activities.