The Economic and Financial Crimes Commission (EFCC) has advised Nigerians to curb their excessive desire for wealth, warning that it makes them easy targets for Ponzi schemes.

The agency issued the caution in a brief post on its X (formerly Twitter) account on Sunday.

“Love money too much, and Ponzi schemes will love you… as their next target. Be guided; the Eagle loves you all,” the post read.

The warning comes amid an ongoing investigation into alleged fraud involving a digital investment platform, CryptoBank Exchange (CBEX).

CBEX reportedly collapsed on 14 April, resulting in the loss of billions of naira belonging to Nigerian investors. Several online videos have surfaced showing Nigerians lamenting the loss of their funds to the scheme.

On Friday, the EFCC declared eight individuals wanted for their alleged roles in a fraudulent scheme linked to CBEX. This development followed a Federal High Court ruling in Abuja granting the commission’s request to arrest and detain those promoting the platform.

Justice Emeka Nwite issued the order after considering submissions from EFCC counsel Fadila Yusuf, who sought approval to hold the suspects pending the conclusion of investigations and possible prosecution.

The EFCC revealed that although ST Technologies, the company associated with the scheme, was registered with the Corporate Affairs Commission, it lacked authorisation from the Securities and Exchange Commission to conduct investment activities.

Furthermore, the defendants were said to have vacated their last known addresses in Lagos and Ogun states.

The commission stated that obtaining a warrant of arrest was necessary to place the suspects on a red watch list, thereby facilitating their capture and ensuring they face justice.

The EFCC said it had established a prima facie case of an investment scam and that granting the application was crucial to the interest of justice.