By Abdulrasaq Alawaye
In a country where poverty bites hard and economic opportunities are scarce, the promise of quick financial gains can be as tempting as water to the thirsty. This is the context in which thousands of Nigerians, especially youths and women, found themselves lured into the now-defunct CBEX digital investment platform that packaged itself as a beacon of hope has ended in anguish for many.
CBEX promised the unbelievable 100% returns on investments within just 30 days and It operated exclusively in U.S. dollars, a currency that symbolizes stability in Nigeria’s volatile economic environment.
For many, the platform seemed like the golden ticket out of poverty. But like many schemes before it, CBEX collapsed with many life savings of countless Nigerians and their hope dashed.
Victims woke up to find their CBEX accounts wiped clean. Withdrawals were blocked. Customer service channels went dark. Panic spread like wildfire. What was once an online community of eager investors quickly turned into a digital graveyard of regrets.
Social media became the stage for an outpouring of raw emotion. Videos of women crying, screaming, and recounting their losses have flooded platforms like Facebook, Instagram, and TikTok.
Many of these people had sold personal property, taken loans, and emptied their savings in pursuit of the promised high returns.
One woman in a widely shared video said, “I sold my shop to invest, now I have nothing. How do I start over?” Her pain represents thousands of others. These are not just numbers; these are lives turned upside down by false promises and regulatory failure.
Unfortunately, this is not Nigeria’s first encounter with such financial heartbreak.*
The country has a long and painful history with Ponzi schemes. From the infamous MMM Nigeria in 2016 to more recent scams like MBA Forex, RackSterli, and Chinmark Group, the story is always the same: irresistible offers, mass participation, and eventual collapse.
MMM Nigeria alone claimed to offer 30% monthly returns. Millions joined, but when the bubble burst, billions of naira evaporated. Just like CBEX, the aftermath was chaos and despair.
The problem lies deeper than just fraudsters on the loose. It speaks volumes about the desperate state of the Nigerian economy.
With inflation soaring, unemployment rising, and the naira losing value, many people turn to risky ventures to survive.
For Nigerian, especially those running small businesses or managing households, schemes like CBEX appear to be lifelines. But without financial literacy and adequate safeguards, they become traps. The emotional and financial damage is often irreversible.
Regulatory agencies such as the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) have been slow to act. Often, interventions come only after the damage is done. In many cases, justice is never served.
It’s time for Nigerian authorities to step up. There must be proactive measures to identify and shut down dubious platforms before they grow.
Government must partner with tech companies to monitor suspicious digital investment patterns.
Furthermore, a nationwide campaign on financial literacy is urgently needed. Nigerians must learn how to spot red flags, such as unrealistic returns, lack of physical offices, or unverifiable company leadership. Schools, religious institutions, and community groups should be part of this education drive.
The media, too, has a role to play. Platforms should refuse paid adverts from unverified investment firms. Responsible journalism must come before revenue. The cost of inaction is far too high.
CBEX’s collapse is yet another wake-up call. The emotional toll on its victims is harrowing. Financial scams not only rob people of their money but also erode trust in genuine financial innovation.
In a world where legitimate digital finance options exist such as regulated fintech platforms and micro investment tools, there must be a clearer distinction between opportunity and deception.
This is also a call for introspection. What drives Nigerians into the arms of fraudsters over and over again? Is it the greed for quick money or the failure of the system to provide a fair economic playing field?
Government must address the root causes of poverty, lack of opportunity, and economic instability. Until the people have better, safer ways to grow wealth, the Ponzi cycle will continue.
For every CBEX that rises and falls, thousands more wait in the shadows. Today it is CBEX. Tomorrow, it could be another name, another promise, another wave of tears.
The government must act now and be proactive not after the next collapse, but before it. Lives are literally on the line.
Leave a Reply