AN investigation by the International Centre for Investigative Reporting (ICIR) and FactCheckHub has been named a finalist in the Gold Standard category of the 2026 Global Fact-Checking Awards organised by the International Fact-Checking Network (IFCN).
The investigation, titled “AI-assisted Ponzi schemes: How Meta, YouTube’s regulatory lapses enable scammers smile to banks,” was selected among the top three entries globally in the category, which recognises fact-checking journalism that demonstrates the highest standards of research, verification, transparency, fairness, and public service.
Announcing the finalists on June 11, the IFCN described the Nigerian investigation as a report that exposed AI-assisted Ponzi schemes that caused direct financial harm to vulnerable audiences while revealing enforcement failures by major technology platforms.
“Some scams promised a 100 per cent return on investment in just 30 days. The research uncovered scam funnels, fake endorsements, platform gaps and real-world consequences,” the IFCN stated.
The investigation was produced by The ICIR in collaboration with FactCheckHub, an IFCN signatory, with support from the Pulitzer Center.
Conducted by fact-checker and investigative journalist Nurudeen Akewushola, the report examined how fraudsters are increasingly exploiting artificial intelligence to rebrand traditional Ponzi schemes and lure unsuspecting Nigerians with promises of automated wealth and AI-powered trading profits.
Using undercover reporting, open-source intelligence (OSINT), and digital forensic techniques, the investigation uncovered how operators behind platforms such as CBEX, Quantum AI, SquaredOptions, and Modmount Limited used AI-generated videos, deepfake endorsements, cloned voices, fabricated identities, and aggressive social media advertising to create false credibility.
The investigation also revealed that many of the platforms were not licensed by regulators and that scam advertisements continued to circulate on major social media platforms despite policies prohibiting deceptive financial promotions and manipulated media.
Following the publication, Meta removed several fraudulent pages, accounts, and advertisements identified in the report.
ICIR/FactCheckHub will compete for the Gold Standard award alongside investigations by ARIJ of Jordan and Faktisk.no of Norway.
ARIJ’s shortlisted investigation examined social media disinformation campaigns promoting climate change conspiracy theories and linked them to oil interests in Gulf countries. Similarly, Faktisk.no’s investigation uncovered a network of fake Facebook profiles, far-right actors, and pro-Russian accounts that manipulated public debate around school closures in Norway.
The winners of the 2026 Global Fact-Checking Awards will be announced during GlobalFact 2026, the IFCN’s annual conference, taking place in Vilnius, Lithuania, from June 17 to June 19.
The Global Fact-Checking Awards recognise outstanding factchecking and misinformation journalism from around the world, honouring work that advances accountability, verification, innovation, collaboration, and public trust.
Nurudeen Akewushola is an investigative reporter and fact-checker with The ICIR. He believes courageous in-depth investigative reporting is the key to social justice, accountability and good governance in society. You can reach him via nyahaya@icirnigeria.org and @NurudeenAkewus1 on Twitter.