Adesun Kehinde 
It’s no longer news that many Nigerians have fallen victims of numerous online trading platforms. From the era of MMM to the reign of CBEX, millions of Nigerians have been scammed, with citizens lost funds reaching an estimated N10 trillion in the last five years.
Recall that the Nigerian Deposit Insurance Corporation (NDIC) disclosed that three million Nigerians lost N18 billion in the Mavrodi Mundial Movement Ponzi scheme (popularly called MMM) in 2017 and N1.3 trillion to CBEX.
However, The Securities and Exchange Commission (SEC) has issued a another public warning against CMTrading, a cryptocurrency and commodities trading platform, over concerns of fraudulent activities in Nigeria’s capital market.
In the past , the Hong Kong Securities and Futures Commission (SFC) issued a warning against CBEX Group and Bitget Pro, for suspected virtual asset-related fraudulent activities in April, 2024.
In a press statement signed by its management, the SEC disclosed that CMTrading is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market.
“The Commission hereby informs the public that the CMTRADING is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” the statement read
The Commission also raised alarm over CMTrading’s marketing strategies, warning that the platform uses cloned websites of reputable media houses.
“The platform uses cloned websites of reputable media houses such as the Punch Newspaper, Vanguard Newspaper, BBC, Channels Television and Arise Television to attract unsuspecting victims. It also posts cloned videos and pictures of prominent Nigerians on social media, promising monetary benefits to subscribers,” they stated.
Investigations by SEC revealed that CMTrading’s mode of operation bears classic signs of a Ponzi scheme. According to the Commission, the platform’s activities include the promise of unusually high returns, heavy reliance on a referral system to sustain payouts and use of fake websites for subscribers and investments.
