EXCLUSIVE INTERVIEW: Tackling the Rising Wave of Cyber Attacks and Ponzi Schemes in Nigeria.

In an exclusive interview with Ogun State Television on the New Dawn Programme of 21st April 2025, reported by Oluwatobi David Adeleke, the Social Media Manager of Professor Ademola Ojo Emmanuel Foundation, Prof Ojo Ademola Emmanuel, the first Nigerian professor of cybersecurity and information technology management, sheds light on the escalating challenges and outlines solutions to mitigate the risks.

A Nation Vulnerable Amidst Digitisation:
Nigeria’s governmental push for digital transformation has inadvertently exposed technological vulnerabilities, creating fertile ground for cybercriminal activities. The growing economic hardship has also led to the proliferation of Ponzi schemes, targeting desperate individuals seeking quick financial relief.

“The government must scale up its efforts resilience, cyber security awareness, and partnerships with private initiatives are all critical,” emphasised the professor. “We need to create jobs to alleviate the economic pressures that drive people towards these schemes.”

Citizens Must Play Their Part:
While systemic reforms are crucial, Prof. Ademola underscores the role of individuals in combating financial fraud. Awareness campaigns are needed to educate citizens about the dangers of get-rich-quick schemes, which often lead to financial ruin.

“There’s no quick way to wealth,” he stated passionately. “People need to work hard and stay vigilant. Ponzi schemes promising unrealistic returns are traps.”

Collaborative Action Against Cyber Threats:
Addressing these issues requires a united front involving regulatory bodies, private sectors, and international organisations. Regulatory agencies like the EFCC must work alongside the Central Bank of Nigeria, the stock exchange, and global agencies such as Interpol and the FBI.

The professor recommended stricter penalties for institutions complicit in fraudulent schemes and called for the EFCC to focus on recovering funds for victims. He also proposed leveraging traditional governance structures, including local monarchs, to boost cyber security awareness in communities.

Policy Recommendations and Public Inquiry:
To tackle these challenges comprehensively, Prof. Ademola suggested the government initiate a public inquiry into dismantling Ponzi schemes and bolstering cyber defences. Such an inquiry could pave the way for more robust regulatory frameworks and better stakeholder coordination.

Addressing Victims’ Immediate Needs:
While the EFCC is working diligently to recover funds for victims, Prof. Ademola has proposed a more immediate assistance approach. He suggests that the EFCC should consider using some proceeds of corruption to provide immediate relief to victims of Ponzi schemes. Additionally, he recommends engaging the services of financial counsellors to support the victims during this challenging period. This proactive approach addresses the victims’ immediate needs and provides them with crucial support as they navigate the aftermath of financial fraud.

Looking Ahead:
The professor’s insights offer a roadmap for Nigeria to turn the tide against cybercrime and financial fraud. His call for collaboration, citizen engagement, and increased regulatory vigilance comes at a critical juncture as the nation navigates its digital transformation.

As the fight against these challenges intensifies, the professor’s warnings are a timely reminder: “We must wake up. We must up the game.”