Letters

Lessons from CBEX scam

Published by

May 6, 2025 4:05 am

For how long will Nigerians continue to lose their hard money on fake online investments? In years gone by, certain individuals introduced MMM to dupe unsuspecting members of the public to the tune of N12 billion. I vividly remember that the CBN (Central bank of Nigeria) made a press release then to warn Nigerians to desist from investing their money in MMM.

A former senate president, Dr Bukola Saraki, also warned Nigerians not to invest their money in MMM. MMM later crashed and those who invested their money in it wept while others reportedly committed suicide. Some of the victims of MMM are suffering from high blood pressure till date.

Then came CBEX. Instead of Nigerians to report them to the EFCC so as to get the organisers arrested, Nigerians did not care to ask relevant questions before investing their money.

Those who invested their money in CBEX are currently in pains now as some of them took bank loans and sold their property to invest in the Ponzi scheme.

I wrote about Ponzi schemes in Nigerian Tribune newspaper on November 29, 2021 in a piece with the headline ‘On fake online investments.’ I deem it fit once again to use this medium to inform Nigerians both home and abroad that there is no business that can give you 100 percent profit within 35 days of investment. Anyone who introduces you to such investment must be handed over to police for investigation.

Victims have learnt their lessons the hard way. It is my hope that Nigerians will not invest their money in any unverified online investment again. I sympathise with Nigerians who lost their money to CBEX.

Jimoh Mumin, Ibadan Oyo state