Fake Real Estate Platform EMAAR Allegedly Scams More Than 4,000 Nigerians
A new investment scandal is emerging in Nigeria after thousands of people reported losing money to a platform that presented itself as a real estate investment company. The firm, known as EMAAR, is believed to have attracted more than 4,000 Nigerians before disappearing from the internet and locking communication channels in late October 2025.
EMAAR promoted itself heavily on social media and messaging platforms. It promised short term investment cycles with generous returns and encouraged investors to commit funds for periods ranging from a few weeks to several months. Many participants said they were told they would receive their capital and profits within about ten days of each investment cycle.
Victims now say the operation had no physical presence and no verifiable real estate activity. Instead, it operated almost entirely online and collected funds through digital banking channels. When withdrawals became impossible, investors checked official records and found no evidence that EMAAR was registered as a real estate or investment company.
Dozens of affected individuals have come forward, describing financial losses that range from small savings to large sums intended for school fees, business capital or household expenses. Several victims said they joined only because close friends or trusted acquaintances endorsed the platform after receiving early payouts. Many are now dealing with financial distress and embarrassment as they confront the possibility that their money is gone.
The situation worsened when some investors said they were contacted and asked to pay an additional fee to recover their trapped funds. The so called recovery fee was framed as a mandatory charge to unlock withdrawals. Once people paid it, the platform reportedly vanished completely and all communication channels were deleted.
The collapse of EMAAR has renewed concerns about the spread of fraudulent investment programs in Nigeria. Regulators have repeatedly warned that unlicensed schemes continue to target the public by using appealing branding and high return promises. Many such operations present themselves as real estate companies, agricultural ventures or digital trading platforms, even though they lack registration, transparency or tangible assets.
Analysts say the persistence of these schemes reflects a difficult economic climate in which many households are eager for quick financial relief. High return offers, referral bonuses and polished online marketing often create a false sense of legitimacy. As a result, even people who consider themselves cautious sometimes fall victim.
For the thousands affected, the financial and emotional damage is significant. Many now say they no longer trust online investment platforms, and some have begun filing formal complaints in hopes of triggering investigations.
The EMAAR case highlights the ongoing risks of unverified investment opportunities and the importance of checking registration status, reviewing regulatory warnings and approaching high return promises with skepticism. Until stronger enforcement and public awareness measures take hold, experts say similar schemes may continue resurfacing under new names and new branding.
References
“How ‘real estate firm’ duped 4000 investors in fresh Ponzi scheme” — PUNCH Online. facebook.com
“Investors lost N316bn to ponzi schemes in Nigeria – SEC” — PUNCH Online. Punch Newspapers+1
Al Jazeera report on crypto-based Ponzi schemes in Nigeria: background on how financial hardship and aggressive marketing fuel scams. Al Jazeera