CBEX: When will Nigerians learn?

By Angela Njoku Once again, Nigerians are counting their losses in the aftermath of the sudden collapse of a digital investment platform. This time, it is CBEX, a platform that promised lucrative returns but vanished into thin air on Tuesday, leaving behind broken dreams and over N1.3 trillion in investor losses.

The incident, though painful, is not new. In fact, it is a tragic replay of a story we’ve seen too many times. From MMM to MBA Forex, and now CBEX, Ponzi schemes continue to thrive in Nigeria — fed by a population increasingly desperate for financial breakthroughs.



The CBEX incident has triggered widespread outrage, particularly in Oyo State, where angry investors stormed the company’s office and destroyed its properties. The frustrations are understandable. Some people invested their life savings; others borrowed money or sold properties to jump on what seemed like a golden opportunity.

But if history has taught us anything, it is that when something sounds too good to be true, it probably is. At the heart of this recurring tragedy is Nigerians’ inordinate obsession with wealth — and not just any wealth — but wealth acquired overnight. For many Nigerians, the pathway to financial freedom is not through hard work, savings, or long-term investment.

Instead, it is through shortcuts and speculative ventures that promise high returns with minimal effort. All some Nigerians want is just to make money anyhow, not minding the consequences. Platforms like CBEX exploit this weakness by presenting themselves as digital investment opportunities, often using fancy websites, complex jargon, and influencer marketing to lure people in.

Promises of 20%, 30% or even 50% monthly returns blind many to the basic principle of investment: risk and return go hand-in-hand. No legitimate investment yields such returns consistently without astronomical risk. A key factor enabling the proliferation of such scams is the lack of effective regulation.

While agencies like the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) have occasionally issued warnings about unregistered investment platforms, enforcement has been weak. Many of these schemes operate openly, advertising on social media and even securing office spaces in urban areas — all without the necessary approvals or oversight. This regulatory vacuum must be filled.

Government agencies must be proactive, not reactive. There should be a centralised public database where Nigerians can verify whether a financial platform is registered, regulated, and authorised to accept deposits or investments. There should also be strict penalties for those who create or promote such fraudulent schemes.

Beyond regulation, there is an urgent need for massive re-orientation by the National Orientation Agency (NOA). Nigerians must begin to unlearn the culture of “get-rich-quick.” Our education system and media platforms must do more to promote financial literacy.

People must be taught to understand basic investment principles, recognise red flags, and prioritise long-term wealth building over instant gratification. Religious leaders, community influencers, and celebrities — who often unknowingly help promote these schemes — must also be involved in this re-orientation. Their voices can be powerful in warning their followers and fans about the dangers of gambling with financial scams disguised as investment platforms.

The CBEX collapse is yet another wake-up call. It is a painful reminder that digital packaging does not equal credibility. Until Nigerians learn to ask questions, verify claims, and embrace financial discipline, Ponzi schemes will continue to flourish and dupe unsuspecting subscribers.

And each time, we will ask: When will Nigerians learn? The answer lies not just in punishing scammers, but in changing the mindset of the people who empower them — one investment at a time. Angela Njoku, a fintech expert wrote from Lagos Unlock AI's potential! Get top prompts for content, blogs, social media, research, draft proposals and more. Boost creativity start using AI tools today! Click here to learn how it works.

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