Thousands of Nigerians lost millions of naira to a fraudulent investment platform disguised as a real estate firm. The scheme, known as EMAAR, lured over 4,000 people between July and September 2025 with promises of quick returns on investments after just 10 days. It collapsed suddenly on October 27, 2025, leaving victims devastated and unable to withdraw their funds.
Operators ran the scam through Telegram groups, where they held daily meetings and shared tips to build trust. The platform had no physical offices or verifiable locations, and checks revealed no registration with the Corporate Affairs Commission. Its logo copied that of a legitimate Indian real estate company, with no connection between the two.
A computer engineer in Ibadan, Oyo State, poured nearly N2 million into the trap after a trusted friend vouched for it. He transferred N790,000 to a Kuda Bank account and N1,038,000 to a Moniepoint account, hoping for steady profits. The sudden shutdown shattered his plans, forcing him to grieve in silence amid the shame of ignoring his own warnings against such schemes.
In Kaduna State, artisan Dennis Iliya and his family suffered a heartbreaking loss of about N500,000. His wife, Emmanuela, a corps member, along with her sisters and mother, invested after hearing glowing referrals, expecting interest payments once thresholds like N20,000 were met. Their joy turned to fury when managers demanded an extra N10,000 fee for access, only to vanish and lock the groups.
Other victims shared similar tales of betrayal across the nation. A 30-year-old in Jos North, Plateau State, lost N212,000 after a cousin’s tip-off, while a woman in Rivers State forfeited N128,000 following a friend’s endorsement. In Kaduna, Bernard Sylvester watched N120,000 evaporate after reinvesting early gains, leaving him and his referrer scrambling for leads.
The Economic and Financial Crimes Commission urged affected individuals to file formal petitions to kickstart an investigation. Spokesman Dele Oyewale lamented the greed and lack of due diligence that keep such traps thriving, despite repeated warnings about 58 illegal operators earlier in the year. He stressed the agency’s commitment to shielding the economy from these predators.
Moniepoint Microfinance Bank, which hosted one of the scam’s accounts under the name CreditB-24H, has deactivated it and begun refunds for verified complaints backed by court orders. Public relations manager Bemigho Awala advised victims to report to police and use online platforms promptly. Kuda Bank, meanwhile, refused to disclose details on related complaints, citing privacy laws that bind them unless legally compelled.
Financial analyst Professor Sheriffdeen Tella called for the Central Bank of Nigeria to ramp up oversight of fintech firms fuelling these digital deceptions. He blamed the schemes’ persistence on citizens’ desperation for easy wealth and the apex bank’s uneven enforcement. As families nurse their wounds, stronger safeguards remain urgent to prevent the next heartbreak.