Senate President Godswill Akpabio shared how he narrowly avoided falling victim to a Ponzi scheme during Nigeria’s 1991 financial collapse, a scam that led to devastating losses and even deaths across the country.
Akpabio, speaking during a Senate debate on the current rise in fraudulent investment schemes, revealed his own experience from the early ’90s, warning that the country may be repeating history.
“Back in 1991, there was a scheme in Port Harcourt called Omana Omana Omana. People would bring ₦50,000 and be promised double in one week. And truly, you’d get ₦100,000 and be told to reinvest it. But what was happening was simple — they were collecting from A to pay B, and from B to pay C,” Akpabio said.
He described how the fraudulent network grew rapidly across the country until security agencies eventually raided their operations. What they found was horrifying: warehouses stacked with cash, much of it rotting, and no structure or system to track who owned what.
“They didn’t even know how to store the money. Rats had eaten some of it. People were dragging ‘Ghana Must Go’ bags filled with decayed notes, and many Nigerians who lost their life savings ended up taking their own lives,” he recounted.
Ponzi scheme pyramid
Akpabio emphasized that, although he was lucky to have stayed away from investing in that scheme, many Nigerians were not so fortunate.
He warned that today’s financial environment is beginning to show similar signs. Despite past lessons, new Ponzi schemes are targeting young Nigerians — especially students — who now gamble with school fees and health funds in hopes of unrealistic returns.
“You’ll see students using their pocket money and parents’ savings to invest in shady apps and schemes. One group recently carted away ₦1.8 trillion — and yet no significant action has been taken,” he lamented.
The Senate President echoed concerns raised by other lawmakers and recommended urgent public enlightenment across the country, especially in rural communities and among the less educated.
He proposed that the Senate hold public hearings in different geopolitical zones to investigate and expose the operations of these financial scams and educate citizens about their dangers.
“This affects everyone. If it doesn’t concern you today, it may concern your relative tomorrow. If you’re not affected, you may be infected,” Akpabio warned.
In a united voice, the Senate passed a resolution mandating joint committees on Banking, Insurance, Capital Markets, Anti-Corruption, ICT, and Cybersecurity to investigate the matter. They are expected to report back in four weeks.
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