Over 4,000 Nigerians who lost billions of naira to the collapsed EMAAR Ponzi scheme are demanding refunds from fintech platforms used to process the transactions, placing Moniepoint Microfinance Bank and Kuda Bank under mounting public pressure.
Preliminary estimates suggest that between N1bn and N3bn was lost after EMAAR, an unregistered digital investment platform, abruptly shut down in October 2025, wiping user accounts and disappearing without trace.
Victims across Abuja, Kaduna, Plateau, Oyo and Lagos say they transferred funds through Moniepoint and Kuda accounts belonging to alleged EMAAR operators and have since flooded the banks’ customer service channels with petitions, screenshots and transaction receipts.
While victims insist they are not accusing the banks of running the scheme, they argue that the fintech platforms enabled the transactions and should assist in tracing the fraudsters and recovering funds.
How EMAAR Operated
EMAAR surfaced months after the Economic and Financial Crimes Commission (EFCC) warned Nigerians against 58 unregistered investment schemes.
Operating under the guise of a real estate investment company, EMAAR promised investors triple returns through so-called virtual property projects.
The scheme leveraged professional branding, referral links, Telegram channels, and allegedly forged Corporate Affairs Commission (CAC) documents to gain credibility.
Many investors were misled by the name “EMAAR,” associated with the globally recognised Dubai-based real estate company.
By late October, the platform went offline, communication channels vanished, and operators became unreachable.
Victims’ Ordeal
Several victims described devastating financial and emotional consequences. Some borrowed from digital lenders, sold personal assets, or emptied life savings in hopes of quick returns.
A Kaduna-based schoolteacher said he invested over N5m, raised through loans and asset sales, and is now servicing debts exceeding N700,000. Others lost sums ranging from N120,000 to over N1.8m, with no refunds in sight.
Many victims say banks have insisted on court orders before taking action, a requirement they describe as unrealistic given the anonymity of the fraudsters.
Regulatory and Expert Concerns
Cybersecurity and fintech experts warn that weak regulatory coordination, low digital literacy, and economic hardship continue to fuel the proliferation of Ponzi schemes in Nigeria.
Experts note that scammers exploit microfinance banks, virtual accounts and fintech APIs to fragment transactions, making large-scale fraud harder to detect in real time.
Social media, religious networks and online influencers were also identified as major trust amplifiers for fraudulent schemes.
Banks and EFCC React
Moniepoint confirmed that an account linked to the scheme had been deactivated after being flagged, stating that refunds require formal complaints, police reports and court orders. However, victims say no refunds have been received.
Kuda Bank had yet to provide an official response as of the time of filing this report.
The EFCC said it could not immediately confirm receipt of petitions due to the volume of complaints but assured that all submissions undergo scrutiny before investigations commence.
Growing Public Pressure
As anger mounts, victims say they will continue engaging the EFCC, Central Bank of Nigeria (CBN), and NIBSS, insisting that fintech platforms must play a more proactive role in fraud detection and consumer protection.
The EMAAR collapse has once again exposed the persistent dangers of unregulated digital investments and the urgent need for stronger financial oversight in Nigeria’s fast-growing fintech ecosyst
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