The Federal Government has expressed sympathy with victims of the recent collapse of digital investment platform, CBEX, stressing the urgent need for collective action to combat the persistent rise of Ponzi schemes in Nigeria.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, made this known on Wednesday while delivering a keynote address at the second edition of The Spokespersons Summit held in Abuja. The event was organised by the Nigerian Institute of Public Relations (NIPR) in partnership with the Federal Ministry of Information and National Orientation.
Addressing the emotional and financial toll of such scams, Oyedele said:
“To put your hard-earned money in an investment that collapses a few months later is very painful. It’s more painful than paying taxes because when you pay taxes, there’s hope – roads can be fixed, civil servants get paid, security can be funded. But with Ponzi schemes, the benefit is zero.”
He emphasized the need for Nigerians to exercise greater caution and seek knowledge before investing in any financial venture that promises unrealistic returns.
“If anybody can make 100 per cent returns in a month, they won’t come to you. They’ll go to the bank, borrow at 30 per cent, and keep the profit. If you’re not too sure, ask around before you stake your money.”
Oyedele also urged regulatory bodies, the media, and professional associations to intensify efforts in public education to prevent future occurrences, stating that eradicating fraudulent investment platforms is a “collective assignment.”
When asked whether he had ever fallen victim to such a scam, Oyedele dismissed the notion.
“I’ve never fallen victim. I’m too inquisitive. Even for credible banks or investment firms, I challenge them to explain the activity behind the returns, the risks involved, and what guarantees exist.”
His comments come on the heels of the shocking crash of CBEX on Tuesday, a digital investment platform which reportedly left investors nursing losses estimated at over ₦1.3 trillion. The incident has sent shockwaves across the country, sparking outrage and concern from affected users.
In a swift response, the Economic and Financial Crimes Commission (EFCC) has assured the public that efforts are underway to recover funds lost in the CBEX crash.
Speaking on Channels TV’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale confirmed that the agency has been inundated with calls and complaints from Nigerians.
“We’re aware of the collapse, and we’re working actively on it. People will get their money back,” he stated, although he did not disclose specific recovery timelines.
The Securities and Exchange Commission (SEC) is also reportedly monitoring developments and expected to announce regulatory measures soon to curb the activities of unregistered investment platforms.
With public trust shaken and thousands of investors left in financial limbo, the CBEX collapse has reignited conversations around financial literacy, regulatory oversight, and the dangers of too-good-to-be-true investment offers in Nigeria.
