You just sent ₦400,000 to a "trader" who promised to double it in a week, and now the account has stopped replying. Or you approved a wallet connection on a fake airdrop site and your tokens are gone. What you do in the next hour matters more than anything you do next month.
This guide gives you an order of action: what to do first, who to report to, what evidence to bring, and what to expect. I'll also be plain about the hard part. Recovery is never guaranteed, and some money does not come back.
First, be realistic about what reporting can do
Reporting does three things. It can help freeze money that is still sitting in a Nigerian bank account. It creates an official record that banks and platforms take more seriously. And it adds your case to others, which is how investigators connect a scammer to many victims.
It cannot reverse a blockchain transaction. Once crypto has left your wallet, nobody can pull it back. The only realistic chances are catching the money at a point where a bank, an exchange or a platform can still hold it. That is why speed matters more than a perfectly written complaint.
Recent news shows why reporting still counts. The Sun Nigeria carried a headline about INTERPOL arrests linked to a $2.4m crypto fraud in Nigeria, which shows that cases do get investigated across borders. We only have the headline, so check the full story for details.
The first hour: a checklist
- Stop sending money. Scammers often follow a first payment with "release fees", "tax", or "verification". Every extra payment is more lost money.
- Write down what you know right now. Account numbers, bank names, wallet addresses, usernames, phone numbers, time of each payment.
- Call your bank or fintech app. If you paid by transfer, tell them it was fraud and ask them to flag the receiving account and the transaction reference. Use the official number in your app or on your card, not a number a stranger gave you.
- Contact the exchange or platform. If the money moved through an exchange or P2P marketplace, open a support ticket immediately with the transaction details.
- Secure your own accounts. Change passwords, move remaining funds to a new wallet if a seed phrase or approval was exposed, and turn on two-factor authentication.
- Save evidence before the scammer deletes chats or the website disappears.
Step 1: Your bank or fintech app
If naira left your account, the bank is the first call because the money may still be in the receiving account. Say clearly: "I am reporting fraud. I want the receiving account flagged." Give the transaction reference, amount, time and the recipient's account details.
Ask for a complaint reference number and write down the name of the person you spoke to. Follow up in writing, by email or through the in-app complaint channel, so there is a paper trail. Banks decide what they can do under their own rules and the law, so don't expect an instant refund. A written report that you also filed with the police or EFCC usually strengthens your case.
If the bank ignores your complaint, the Central Bank of Nigeria has a consumer protection channel for unresolved complaints against banks. Check cbn.gov.ng for the current way to lodge a complaint and any waiting period you must observe first.
Step 2: The exchange or P2P platform
If you traded on a platform, contact its support at once. For P2P trades, open a dispute or appeal inside the app, and give the order number, the counterparty's username, your payment proof and the chat history. Do not move the chat to WhatsApp or Telegram; keep it where the platform can see it.
Exchanges can sometimes restrict an account that received stolen funds, but only if they are told early and given a transaction hash (the unique ID of a blockchain transfer). Our guide to P2P crypto trading in Nigeria explains how disputes and payment proof work, so you can avoid the common ways sellers get tricked.
Step 3: Report to the police and EFCC
There are two main government channels for online fraud.
- Nigeria Police Force National Cybercrime Centre (NPF-NCCC): runs an online reporting portal at nccc.npf.gov.ng. A good fit for hacking, account takeover, online fraud and harassment.
- Economic and Financial Crimes Commission (EFCC): handles financial crime and fraud. See efcc.gov.ng for its current reporting options, which have included an online reporting tool and zonal offices.
Which one? For a small personal loss, either works, and you can report to both. For a scheme that took money from many people, such as a fake investment platform, the EFCC is usually the more natural place. Check each site for current forms and contact details, because these change and fake "recovery" pages copy them.
Whichever you use, record the reference number you are given. Also ask what format they want evidence in, and bring your NIN or another valid ID, since you may be asked to prove who you are.
Step 4: Report to the SEC if an investment platform is involved
If the scam was an "investment" or "trading" platform, tell the Securities and Exchange Commission (sec.gov.ng). It is the regulator for investment schemes and, under current law as described in news reports, for digital asset platforms. Look on its site for the current complaint channel.
Your report also helps others, because the SEC can warn the public about an operator. Before you report, you can check whether the firm was ever registered using our guide on how to check if a crypto platform is registered with the SEC. Being unregistered is useful information to include in your complaint.
What evidence to collect
Put everything in one folder on your phone and email a copy to yourself. Include:
- Screenshots of the full chat, including the scammer's profile, phone number and username (not just the key messages).
- Bank transfer receipts and the recipient's account name, number and bank.
- For crypto: your wallet address, the scammer's wallet address, the transaction hash, the date and time, and the network used (for example, Ethereum or Tron). You can copy these from your wallet's transaction history.
- The website address, ads, flyers, or social posts that led you in.
- A short, dated timeline written in plain sentences.
Don't edit screenshots, and don't delete anything, even messages that embarrass you. Investigators need the original record.
A worked example (hypothetical)
Imagine Ada pays ₦400,000 by bank transfer to an account given by a Telegram "investment manager". An hour later he asks for ₦150,000 more as a "withdrawal tax". She stops and recognises the pattern.
| Time | What Ada does |
|---|---|
| Within the hour | Calls her bank, reports fraud, gives the reference and recipient account, and asks for a complaint number. |
| Same day | Screenshots the whole chat, saves receipts, writes a timeline, files with the police cybercrime portal and notes the reference. |
| Next day | Emails the bank with the police reference. Checks whether the "company" appears on the SEC's register and reports it to the SEC if not. |
| Two weeks later | If the bank has not answered, she escalates to the CBN's consumer channel. |
She may still lose the money if it was withdrawn quickly. But she has done everything that gives it a chance, and she has stopped the second payment.
Mistakes that make things worse
- Paying a "recovery agent". People who contact you offering to recover lost crypto for an upfront fee are a second scam, aimed at victims. Real agencies don't charge to open your case.
- Waiting until you feel certain. If you suspect fraud, report now. You can add evidence later.
- Giving your seed phrase or OTP to anyone claiming to help, including "support staff" who message you first.
- Only posting on social media. Naming the scammer on X can warn others, but it does not create an official case.
- Using phone numbers from random posts. Go to the official site by typing the address yourself.
- Hiding that you took part in something dubious. If you were chasing "double your money" returns, say so truthfully. Honest reports are easier to act on.
If you live outside Nigeria
If you are in Ghana, Kenya or South Africa and were scammed by a Nigerian-linked platform, report to your own local police and bank first, then to the Nigerian channels above. Each country has its own cybercrime reporting channel and financial regulator, so check your local official sites. Reporting in your own country matters because your bank can only act under local rules.
Protect yourself after reporting
Victims are often targeted again. Expect messages from people who claim to be investigators, lawyers or "blockchain experts". Treat any unsolicited contact as suspicious. If you gave away a seed phrase, create a new wallet, move any remaining assets, and stop using the old one. For wallet drainers, our guide on revoking approvals shows how to cut off a malicious contract's access.
The Guardian Nigeria also ran a headline on five checks to make before sending money, which suggests a simple habit: pause and verify first. Our warning signs and checks guide covers that in detail.
Frequently asked questions
Will I get my money back?
Maybe, but never count on it. Recovery is most likely when the money is still in a Nigerian bank account and you report fast. Money that has moved through several wallets is rarely returned.
Is it still worth reporting a small amount?
Yes. Your case may match others against the same operator, and a single report can be the link investigators need.
Do I need a lawyer?
Not to file a report. For large losses, a licensed lawyer can advise on civil options. Check any lawyer's status with the Nigerian Bar Association, and never pay someone who guarantees recovery.
Can I report if I used crypto to pay a scammer on a foreign exchange?
Yes. Give the exchange name, transaction hash and wallet addresses to the police or EFCC and open a ticket with the exchange itself.
Will reporting cause trouble for me?
Reporting as a victim is the normal route. If your funds came from unclear sources or you took part in an illegal scheme, speak to a licensed lawyer before giving a detailed statement.
Your next step
Do not wait for a crisis. Create a folder on your phone today named "Crypto evidence". Save your exchange account IDs, wallet addresses and the support links for each platform you use. If something goes wrong, you can act in minutes instead of hours.
This article is for general information only and is not financial, legal, or tax advice. Prices, rates and rules change quickly, so check current details before making money decisions.