At least three Nigerians residing in the United Arab Emirates have reportedly lost their life savings to a Dubai-based Ponzi scheme identified as Gulf First Commercial Brokers, which abruptly ceased operations and vanished with multimillion-dollar investments from numerous individuals.
The victims—Usman Jimeta, Kelvin Nnadozie, and Ronke Oladiran—were among many affected after the firm suddenly shut down without any prior notice. Ms. Oladiran, speaking to Peoples Gazette, said efforts to reach the company had been futile.
“We went there four times since they closed last month, but there was no one there. They disappeared without a trace,” she said.
Mr. Jimeta revealed he lost $17,000 to the scheme, while Mr. Nnadozie and Ms. Oladiran chose not to disclose the exact amounts they invested.
According to a report by Khaleej Times, Gulf First Commercial Brokers operated from Suite 302, Capital Golden Tower in Business Bay, Dubai, and had around 40 employees before its sudden disappearance.
The scheme reportedly targeted primarily Indian nationals, luring them with promises of high returns and urging them to invest via Sigma-One Capital, an unregulated online trading platform.
Nigerian victims said they were persuaded to invest through direct phone calls and in-person meetings with staff, only to be left shocked when the operators vanished without warning.
This incident follows a recent wave of similar scams targeting Nigerians. Just weeks ago, thousands of people fell victim to a fraudulent cryptocurrency trading platform known as Crypto Bridge Exchange (CBEX), which operated out of Ibadan, Nigeria. The scheme promised to double investors’ funds within 40 days and encouraged referrals by offering a 12% boost in trading signals.
The Economic and Financial Crimes Commission (EFCC) later confirmed that funds linked to the CBEX scheme had been traced across several countries and that some suspects, including foreign nationals, had been apprehended. However, the agency warned that not all defrauded investors might recover their losses.
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