••• Advocates Stronger Financial Protection for Nigerians
Senator Sadiq Suleiman Umar, representing Kwara North Senatorial District and Chairman of the Senate Committees on Trade & Investment and Rules & Business, lent strong support to the motion moved by Senator Adetokunbo Abiru (APC, Lagos East) to investigate the operations of Ponzi schemes in Nigeria, with emphasis on the recent collapse of the Crypto Bullion Exchange (CBEX) program, which defrauded Nigerians of over ₦1.3 trillion.
In his contribution, Senator Sadiq emphasized the need to protect citizens from predatory financial platforms and called for urgent action to restore public confidence in Nigeria’s financial institutions. He stressed that the Senate must ensure that regulatory agencies are held accountable and that preventive measures are put in place to stop such financial crimes from recurring.
This firm stance reflects his deep commitment to the safety, economic well-being, and financial literacy of Nigerians, particularly the vulnerable populations most affected by these scams.
