Lawyers, CSOs, others call for collaborative effort against cyber crimes, ponzi schemes in Nigeria

Lawyers, CSOs, others call for collaborative effort against cyber crimes, ponzi schemes in Nigeria

…As COPBSMI holds second Ibom Social Media Day in Uyo

Lawyers, civil society organizations and opinion leaders, have called for strategic collaboration among relevant government agencies and regulatory bodies to stem the tide of cyber crimes and ponzi schemes in the country.

They noted that ponzi schemes have dealt serious blows on many families and businesses, urging citizens to be wary of fraudulent business platforms with unrealistic return on investments.

They made the call on June 30, 2025, in Uyo during the second edition of Ibom Social Media Day organized by Coalition of Online Publishers, Bloggers and Social Media Influencers, COPBSMI, to commemorate World Social Media Day, a global initiative to celebrate the impact of social media on global communication, business growth and social movements.

Speaking on the topic: Curbing Fraudulent Investment Schemes in Nigeria: The Role of the Media, Civil Society Organizations, Security Agencies and Regulatory Bodies, the Keynote Speaker, Dr. Chris Okon, emphasized the need for relevant government agencies to work in synergy with media advocacy organization like COPBSMI and other civil society organizations to curtail the rising rate of cyber crimes and ponzi schemes in Nigeria.

Okon said ponzi schemes are a form of financial fraud that involved individual, known as the orchestrator, who promises high and sustained investment returns to investors by raising money from new investors to pay returns to earlier investors, creating the illusion of profitability.

He suggested that media must serves it’s role as watchdogs of the society over powerful and illegal institutions and promote truth over falsehood.

“As social media influencers or Bloggers, we owe ourselves the duty of promoting truth over falsehood. There is also need to use the spontaneity advantage of the social media positively by creating a warning alarm against these unscrupulous investments in the society. The digital fact checking education is also very important. The traditional media and digital media practitioners should educate the masses on the practice of digital fact checking on any emerging trend so as to verify the legality of such claims.”

He also stated that civil society organizations have a role to play in curbing fraudulent investments through public awareness campaign, advocacy for policy reforms and monitory financial institutions, while security agencies and regulatory bodies on the other hand must be well trained and up to date in their assignments by implementing preventative measures, conducting investigations, and enforcing regulations.

He added that, “they work to educate the public, collaborate with other agencies, and leverage technology to identify and shut down illegal schemes while pursuing legal action against perpetrators. Security Agencies should also establish and enforce regulations governing investment activities, including licensing requirements and reporting obligations for financial institutions.”

Okon further stated that security agencies must take legal action against individuals and organizations involved in fraudulent investment schemes, cease and desist orders, freezing assets, criminal prosecution, regulatory penalties, technology utilization, data analytics, block chain analysis, fraud detection software which employs fraud detection software to monitor transactions and identify suspicious activities.

The Lead Paper Presenter, Barr. Ekom Nwoko, speaking on the topic: Cyber Crime Prohibition Act in Nigeria, said the act has been abused, warning people to be very cautious by involving themselves in unrealistic online businesses that may land them in jail.

In his welcome address, the National President of Coalition of Online Publishers, Bloggers and Social Media Influencers, COPBSMI, Comrade Ubong Creativity David, said Ibom Social Media Day is an annual event to commemorate World Social Media Day.

David mentioned that the theme of this year edition: Cyber Crime and It’s Impact on Nigeria Economy is to initiate conversation on cyber crimes and ponzi schemes in the country and finding ways to reduce it drastically.

He highlighted the damages that cyber crimes and ponzi schemes have done to many Nigerians, calling for strategic collaboration among critical stakeholders and government agencies to join hands with COPBSMI to reduce these anomalies to its barest minimum.

Meanwhile, few individuals and organizations were recognized at the event including former Itam DPO, DCP Francis Erhabor, Rtd, with Integrity Service Award, Sen. Ekong Sampson was recognized with Award of Excellence in Effective Representation, Ibeno Host Community Development Trust received Best Community Development Trust Award, AVIC Construction Company Ltd was recognized with Best Indigenous Construction Company in Akwa Ibom State, while Amb. Erastus Afia, Comrade David Mbre, Engr. Kingsley Unuigbe, received Award of Excellence in their respective field of endeavours.