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The short answer
The scams that cost people in Akure most follow four patterns: land sold by people who do not own it, cocoa deals that ask for money upfront, fake transfer alerts at the point of sale, and Ponzi schemes promising fixed high returns. Each is beaten by one habit: verify before you pay, using the land registry, the buyer's real track record, your own banking app and the SEC's register of operators.
Scams in Akure look much like scams anywhere in Nigeria, with a local twist: land on the city's edges is in demand, cocoa brings large seasonal sums, and busy markets and shops take most payments by transfer. We did not find official crime statistics for Akure on money scams, so this guide sets out the patterns reported nationally that apply here, the law that covers them and the checks that stop each one.
1. Fake land sellers and agents
The pattern: someone shows you a plot, produces papers and a survey plan, and asks for payment quickly because 'another buyer is waiting'. Later you find the land belongs to a family that never agreed to sell, is under government acquisition, or was sold to several people.
- Search the title at the state land registry before paying. A Lagos law firm, Adeola Oyinlade & Co, describes a registry search as showing the true owner and any encumbrances such as government acquisition, mortgages and leases; the same principle applies in Ondo.
- Have the survey plan charted by the state surveyor to confirm the coordinates and check for acquisition.
- For family land, deal with the family head and principal members, and get their consent in writing.
- Search the court registry for any case over the land, and visit the plot yourself.
- Pay into an account in the seller's name, never in cash to an agent.
Our guide to verifying land in Akure covers the steps in detail.
2. Cocoa advance-payment deals
The pattern: a 'buyer' or 'exporter' offers a price well above the market for beans you will deliver later, but first asks you to pay for registration, a licence, bags, a quality certificate or transport. The reverse also happens: a supposed seller asks a buyer to pay in advance for beans that never arrive. When cocoa prices are high, as they were in 2024, these offers multiply.
- Treat any request to pay a fee to receive a contract as a warning sign.
- Ask your cooperative or other farmers whether they know the buyer and have been paid by them.
- Insist on delivery against payment, at a known warehouse or store, with weighing you can witness.
- Never send money to a person you have only met by phone or social media.
Obtaining money by false pretences is an offence under the Advance Fee Fraud and Other Fraud Related Offences Act 2006; section 1(3) sets a sentence of 7 to 20 years without the option of a fine.
3. Fake transfer alerts
The pattern: a buyer at your shop or market stall shows a debit screenshot or forwards an SMS that looks like a credit, then leaves with the goods. The money never arrives. It is common wherever payments are made by transfer, and busiest when shops are crowded.
- Confirm every payment in your own banking app or by checking your balance, not by looking at the buyer's phone.
- Do not rely on SMS alone; SMS can be faked.
- Make 'confirm before release' a rule your staff follow every time.
- For large sums, wait until the payment shows before loading goods.
Our guides on fake credit alerts and fake transfer receipts go further.
4. Ponzi and 'investment' schemes
The pattern: a scheme promises fixed high returns, pays early members from new members' money, and collapses. CBEX is the best-known recent example. Nairametrics reported that the SEC said CBEX was not a registered capital market operator, that the platform collapsed on 14 April 2025, and that it then demanded fees of $100 or $200 from users to access their balances. Under the Investments and Securities Act 2025, the SEC's director general said Ponzi operators face at least 10 years in prison and a minimum fine of ₦20 million, ICIR reported.
- Check any investment platform on the SEC's register of operators before you put money in.
- Treat guaranteed fixed returns, referral bonuses and pressure to recruit as warning signs.
- Never pay a 'withdrawal fee' to get your own money back; it is usually the final stage of the scam.
Our explainer on Ponzi and investment scams lists more signs.
Calls and letters that use official names
Some scams claim to come from the CBN, promising lottery winnings, inheritance or a 'release' of funds for a fee. The CBN says it does not maintain accounts for individuals or private companies, does not run lotteries and does not keep accounts of inheritance, and tells the public to report such messages to the EFCC or the police.
If you have been scammed
- Call your bank at once and ask it to flag the transaction and the receiving account.
- Report to the nearest police station or the EFCC with every receipt, screenshot and phone number.
- Write down everything while you remember it: dates, names, places and amounts.
- Warn others in your market, cooperative or estate group.
Where Pryme fits
Pryme uses an authenticator app rather than SMS codes and asks for a transaction PIN before money moves; see security. When you sell, a verifiable receipt made with VerifyDoc.ai lets a buyer or lender check it is genuine and unaltered.
Questions people ask
How do I know if land in Akure is genuine?
Search the title at the state land registry, have the survey plan charted, confirm family consent in writing and check for court cases before you pay anything.
How can I confirm a transfer before releasing goods?
Check your own banking app or balance. Do not rely on the buyer's screenshot or an SMS, which can be faked.
Is CBEX registered with the SEC?
Nairametrics reported that the SEC said CBEX was not a registered capital market operator. Check any platform on the SEC's register before investing.
Where do I report a scam in Akure?
Tell your bank immediately, then report to the nearest police station or the EFCC with all your evidence.
Sources
- Adeola Oyinlade & Co: land due diligence checks (19 Mar 2024) · accessed Oct 2026
- PLAC: Advance Fee Fraud and Other Fraud Related Offences Act 2006 · accessed Oct 2026
- Nairametrics: SEC issues fresh warning as CBEX resumes operations (11 Jun 2025) · accessed Oct 2026
- ICIR: ISA 2025, Ponzi scheme operators to face 10 years jail term (1 Apr 2025) · accessed Oct 2026
- CBN: Advance Fee Fraud (419) notice · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.