An age-old adage goes: “When falsehood puts on fresh attire, the credulous mistake it for reality.” In Nigeria, this deceptive narrative of quick and effortless riches has been adorned in countless guises—ranging from schemes like MMM to Racksterli, Loom to Ultimate Cycler, and most recently, CBEX. These ventures come dressed up with contemporary style, sleek digital marketing, technical-sounding jargon, and community-focused testimonials. However, beneath these facades lies a consistent storyline: expectations soar as purses empty out, leaving behind communal anguish over yet another failed investment. The country then grapples with the recurring realization that each setback persists unresolved before succumbing once again to hope under false pretenses.
CBEX, the newest wolf disguised as a digital lamb, did not target the gullible but those who were struggling. It promised a staggering 100% return on investment within just 30 days — an offer so incredibly tempting that typically, people would have been skeptical about it. However, we’re living through extraordinary times now. Inflation in Nigeria has sapped salary values, currency crises have depleted family finances, and the Naira seems perpetually unstable. Under such conditions, CBEX seemed less like fraud and more like the only lifeline amidst widespread financial despair. People weren’t merely handing over their savings; they were entrusting CBEX with their very hopes for making ends meet.
This pattern has existed since humans first succumbed to greed, much like the daily certainty of sunrise. Each new venture arises from the ashes of previous frauds yet presents itself with improved aesthetics, advanced technology, and an enticing allure. Pioneering participants, sometimes fortunate or involved in deceit, spread glowing accounts of rapid fortune-making. Images inundate social networks. WhatsApp channels turn into reverberating spaces filled solely with “congratulations” and personal stories of success. As the fraudulent activity peaks, it crumbles abruptly, akin to a structure collapsing under its own weight, abandoning those who joined later in financial ruin and shock. While titles may vary over time, the underlying strategy remains constant.
However, greed isn’t solely responsible for perpetuating this vicious circle. A more perilous combination of economic distress, diminished societal faith, and institutional breakdown lies at its core. In Nigeria, the minimum wage suffices for feeding a household for just half a month. Meanwhile, legitimate investment opportunities are frequently out of reach due to substantial entry hurdles or tangled administrative processes. Under these conditions, Ponzi schemes do not simply provide optimism—they present an appearance of equity. At last, both street vendors and corporate executives receive identical propositions: invest immediately, and see your funds multiply twofold within weeks. This mirage proves irresistible to those worn down by destitution. Not even educational institutions remain untouched. While education should ostensibly shield people from being exploited, Nigerian graduates often possess theoretical knowledge without corresponding fiscal acumen. Educational programs lack practical training in finance, resulting in individuals who can quote equations yet fail to recognize fraudulent activities. Consequently, swindlers face minimal effort—the environment is ripe with potential prey. Enhanced by gaudy online advertisements and bolstered by endorsements from influential local figures, traps are laid. Many duped parties grasp the truth behind their plight only post facto when losses have mounted considerably.
CBEX and its forerunners recognized that trust operates as the currency in cons, rather than Naira. Instead of reaching out to unknown individuals, they turned personal connections into weapons. Acquaintances transformed into recruiters. Religious organizations evolved into promotional centers. Individuals who wielded influence over their followers—sometimes unwittingly but occasionally intentionally—aided in leading numerous people towards fraudulent schemes. Those who voiced skepticism faced collective pressure, while queries were often brushed aside as pessimism. Ultimately, those defrauded suffered more than financial losses; they also experienced emotional betrayal from the persons they had placed their faith in.
These programs have repercussions far exceeding those related to banking accounts. Households that had their educational expenses and hard-earned savings wiped out face severe mental health issues as a result. Bonds within families fray due to collective financial setbacks. Desperate for recovery, some individuals become ensnared by further fraudulent activities, exacerbating both their debts and emotional distress. Even once these online platforms vanish, the psychological wounds persist, leading to a cohort that is either extremely skeptical or constantly susceptible to subsequent “too-good-to-be-true” offers.
At the same time, government regulators—who are supposed to safeguard citizens—continue to lag behind. For months, platforms such as CBEX frequently conduct their activities openly: they purchase advertisements on Facebook and Instagram, organize dazzling conferences, and even sign memorandums with dubious “partners.” Regulatory actions typically occur only after problems have arisen, often following significant harm. Securing convictions remains uncommon, and recovering lost funds is even more infrequent. This environment of unchecked behavior transforms Ponzi schemes into one of the highest-yield, lowest-risk criminal enterprises in contemporary Nigeria.
A enduring resolution doesn’t merely hinge on laws or law enforcement operations; instead, it requires a fundamental change in culture rooted in financial education. This educational push should span from primary schools all the way up to places of worship across Nigeria, imparting knowledge about monetary matters, understanding genuine investment patterns, and identifying fraudulent schemes. It is essential for communities to create environments where inquiries regarding finance are welcomed, and the mindset focused on quick wealth accumulation needs to be supplanted by an appreciation for perseverance, hard work, and steady economic advancement.
Until then, the cycle will persist, featuring different individuals, varied mediums, and additional targets. Within a nation where the craving for rapid riches surpasses the desire for education, Ponzi scams will consistently attract novel victims. We still have a decision to make: pursue the illusion, or chart a course toward genuine financial independence.
*David writes from Abeokuta
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