Artificial Intelligence is being weaponised in Nigeria’s latest wave of Ponzi scams. Fraudsters now use AI-generated dashboards, deepfake endorsements, trading bots, and voice clones to deceive victims at scale. These scams promise high returns through “automated” trading systems that appear legitimate but are built on illusion.
Earlier this year, one such platform, Crypto Bridge Exchange (CBEX), collapsed after luring thousands into activating a so-called AI trading feature. Victims lost billions of naira overnight after fake trades and smooth interfaces gave way to frozen accounts and vanished funds. CBEX, which falsely claimed to be affiliated with the China Beijing Equity Exchange, used AI-generated trading logs, 24/7 bot-run customer service, and fake social media credibility to convince investors it was legitimate.
CBEX is not alone among classic Ponzi schemes now disguised as generative AI in Nigeria. Other platforms, such as PrimeAuroraPlatform, have utilised AI to create interviews with public figures endorsing their schemes, thereby deepening public trust and expanding their reach in Nigeria.
This investigation will uncover how AI is enabling a new breed of fraud in Nigeria and how scammers are exploiting economic hardship, digital illiteracy, and gaps in regulation to target vulnerable populations.
