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Calls for greater government action have been made as university students have emerged as prime targets for Ponzi scheme fraud. This after at least 4,000 students from one university were threatened with expulsion after they diverted their tuition fees worth a total of US$6.5 million into an online Ponzi scheme which has since suspended its operations without explanation. At Osun State University over 4,000 students were served with notice that they may be expelled from the university if they failed to pay, by the end of February, all outstanding tuition fees. At a time of severe economic recession, the loss of the investment adds pressure on parents, many of who are victims of Nigeria’s massive unemployment rate.