Senate Targets Fintech Overreach, Vows Ponzi Crackdown After ₦1.3trn CBEX Scam

Nigeriacommunicationsweek | 06-03-2026 12:04pm |

Nigerian Senate has launched a public hearing to amend the Banks and Other Financial Institutions Act (BOFIA) 2020 while investigating rampant ponzi schemes, spotlighting the Crypto Bridge Exchange (CBEX) collapse that defrauded 1,200 victims of ₦1.3 trillion. Senate President Godswill Akpabio, represented by Senate Leader Opeyemi Bamidele, opened Tuesday’s session jointly organised by committees on

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