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CBEX Scam: Folly Of Greed - Punch Editorial - Investment - Nairaland 2h4l26

CBEX Scam: Folly Of Greed - Punch Editorial (7937 Views)

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iwaeda: 9:50am On Apr 24
ONCE again, another cycle of financial anguish has been repeated in Nigeria. The collapse of the so-called Crypto Bridge Exchange has left over 600,000 Nigerians devastated, with N1.3 trillion disappearing overnight. The masterminds of the latest Ponzi scheme-gone-bust have vanished into thin air, just like the promises they made, leaving tears, sorrow, and regret in their wake.

Despite huge losses from previous scams, Nigerians continue to fall into the same trap, driven by desperation and unchecked greed.

CBEX, operated in Nigeria by ST Technologies International Limited, appeared legitimate on paper. It was ed with the Corporate Affairs Commission and even listed with the EFCC’s Special Control Unit Against Money Laundering. That is where the credibility ended.

CBEX operated without a licence from the Securities and Exchange Commission, despite aggressively soliciting public funds and promising outrageous returns of 100 per cent in 30 days.

They used buzzwords—crypto, forex trading, and AI-—which most Nigerians barely understand, to lure victims.

The Nigeria Deposit Insurance Corporation estimates that over N2 trillion has been stolen from Nigerians by such dubious entities over the past decade.

While poverty, unemployment, and a struggling economy make Nigerians vulnerable, it is greed, not ignorance, that drives this epidemic. Most victims are fully aware that there is a risk of loss, but think they are smart enough to quickly cash out before doomsday.


Funds reserved for property purchases, wedding arrangements, tuition expenses, loans…even money pilfered from employers and relatives have been drained by Ponzi scheme operators due to Nigerians’ penchant for quick profits. This same mentality has mainstreamed sports betting, now a booming industry with in-country revenues set to hit $590 billion this year, per Statista.

Nigerians must realise that there is no such thing as quick, risk-free wealth. An offer of consistently high returns with no transparency or regulation is not an opportunity; it is a trap.

Will Nigerians ever see the folly of greed?

Besides the scam artists, there are other enablers. CBEX, like many scams before it, thrived with the help of influencers, celebrities, pastors, and social media figures who lent credibility and trust to a lie for a fee.


Such promoters must be held able. Influencers who push Ponzi schemes must face legal, financial, and social consequences. There should be no excuses for fronting for schemes with the potential to ruin lives and livelihoods.

Regulators need to be alive to their duties. The age of the Investments and Securities Act, 2025, is a positive step. It gives the SEC authority to regulate digital asset platforms and imposes steep penalties on Ponzi scheme operators.

However, laws only matter when enforced proactively, not after the money is gone. CBEX was missing from the blacklist issued by the EFCC days before it crashed. Regulators must monitor platforms in real-time, respond swiftly to red flags, and collaborate with global partners when warning signs emerge.

More importantly, massive public enlightenment campaigns are needed to stem this growing societal problem.

Nigerians must return to the traditional values of hard work as a foundation of enduring wealth. Citizens should be wary of pipe dreams sold as instant prosperity.
https://punchng.com/cbex-scam-folly-of-greed/

10 Likes 1 Share

VillageOracle00: 9:51am On Apr 24
smiley
Watianoengineer(m): 10:01am On Apr 24
The only key to financial freedom is hard work. Betting, ponzi and other funny schemes can only guarantee you continuous loses.

28 Likes 1 Share

santaclaws: 10:02am On Apr 24
Nice editorial! I can never pity anyone who loses money in a ponzi scheme... To me, they are all fraudsters.

4 Likes

ppogba: 10:02am On Apr 24
Greed is an honorable word. Rather it is stupidity.

Is it not amazing that people are poor and stupid at the same time?

9 Likes 1 Share

free2ryhme: 10:03am On Apr 24
iwaeda:

https://punchng.com/cbex-scam-folly-of-greed/


They will fall again for the next scam. This I know.

6 Likes 1 Share

jiz: 10:03am On Apr 24
grin The man in Aso rock is currently CBEXING Nigerians

3 Likes 2 Shares

SEGLIZ: 10:04am On Apr 24
these people are better off the greedy ones that steals and stack our money in septic tanks to rot then destroy it, only to repeat the circle over and over again.

mercyland93:
So people still have enough to put in cbex despite economic conditions. And they will be shouting that they have nothing to eat.
how did they arrive at those figures without an audit? does mean they've being following it up and collating just waiting for it to fail. with their figure it means an individual invested 1.6 million each.

1 Like

jiz: 10:04am On Apr 24
Motivational speaker grin
Watianoengineer:
The only key to financial freedom is hard work. Betting, ponzi and other funny schemes can only guarantee you continuous loses.

3 Likes 1 Share

Jagabanarmy: 10:04am On Apr 24
iwaeda:

https://punchng.com/cbex-scam-folly-of-greed/
No sorry for greedy people.. greedy people fall for scam easily so I'm not surprised

1 Like

Ben147(m): 10:05am On Apr 24
Okay
Sapeleboy911(m): 10:05am On Apr 24
Greed and desperation are the greatest weapons of a fraudster. No matter how cautious we are sometimes our greed gets the better part of us. Cbex is gone cut your losses and move ahead.

2 Likes

motymop: 10:06am On Apr 24
Watianoengineer:
The only key to financial freedom is hard work. Betting, ponzi and other funny schemes can only guarantee you continuous loses.

So you think betting and all other schemes do not need hard work to be successful in them

3 Likes

motymop: 10:07am On Apr 24
Sorry, you need some form of greed to be successful financially in life

3 Likes

mercyland93(m): 10:07am On Apr 24
So people still have enough to put in cbex despite economic conditions. And they will be shouting that they have nothing to eat.

3 Likes

virginboy1(m): 10:07am On Apr 24
As many got burnt in this Cbex thing...there are few people that cashed out... grin


From 2015.There has been a strong wave of a societal malware in the country...Almost every one want to make money either legitimately or illegitimately. The goal is to make it any how any how. since the society kind of worships and respects those with money, Irrespective of how you make it.... undecided

Create a thread on how to make money...you see bulk of the comments replica to ventures that are related to Cbex.

1 Like 1 Share

Pacesetter123(m): 10:08am On Apr 24
Well scripted!
AerialMapper: 10:09am On Apr 24
What people need to realise :

Being ed with CAC doesn't confer legitimacy, as long as your Memorandum of Articles doesn't contain prohibited activities, they'll you.

Having a SCUML certificate means nothing. Once certain keywords or business ventures are listed in your Memart, you will be required to for SCUML in order to have a bank . EFCC does nothing more that sit you down for a lecture, a director signs and your certificate is issued.

Even being ed with SEC means nothing! These are the regulatory body for capital market operators but even ing with them doesn't guarantee you that you are dealing with genuine market operators. They will not protect your investment.

In the end, you only have your brain and commonsense to guide you. Once it sounds too good to be true, RUN away! Even the safest investment,l which are treasury bills backed with the full faith of the FG cannot give you 100% in 30-40 days! No business venture can do this and even if they could, ask yourself why they aren't just turning over their own funds and enjoying the wealth themselves!
End of comment

19 Likes 3 Shares

Starboytwo(m): 10:09am On Apr 24
I no even notice say anything like Cbex dey exist.

7 Likes

whytediamond(m): 10:10am On Apr 24
Starboytwo:
I no even notice say anything like Cbex dey exist.
same here o

3 Likes

bigdammyj: 10:11am On Apr 24
Reading...
icekalito(m): 10:11am On Apr 24
Nigerian current government is a Ponzi scheme

3 Likes

frankblinkz(m): 10:12am On Apr 24
Otilo
doyin01: 10:13am On Apr 24
Watianoengineer:
The only key to financial freedom is hard work. Betting, ponzi and other funny schemes can only guarantee you continuous loses.

I agree with your last sentence.., but that bolded sentence is a very big lie , if Key to financial freedom is "hardwork" e.g many bricklayers should be rich by now , e.g those typical aboki cart-pushers should be rich by now ..e.g those lawma workers should be rich....financial freedom is not created by hardwork, it is created by smartwork which starts from the grace of God..some people are in air-conditioned office doing less than 2 hours of work daily yet they make money even while sleeping while some okada riders work hard from morning till night yet they cannot boast of millions in their bank .. or that one is not hardwork enough ??

12 Likes 2 Shares

Walai(m): 10:16am On Apr 24
A country with very low IQ a little above that of chimpanzee.
Look at the choices they make during election. Accepting 10k for 4 years of suffering.
Take a look at their values celebrating impunity and criminality over hard work and integrity .
A country whose youths think using people for rituals and mining skvlls of dead bodies will bring wealth.
A country where the average girl prefers prostitution now code named hook up to learning a skill and working hard to live a meaningful life
It's all fvcked up here.

9 Likes 1 Share

Arlee: 10:17am On Apr 24
Buhahahahaha

Who read this "they used buzz words -crypto,forex trading and ai -WHICH MOST NIGERIANS BARELY UNDERSTAND, TO LURE VICTIMS"

This sums up the problem of an average Nigerian,
Greed + ignorance = constant failure.

But,wait,what's really the difference between ponzi and tithe?

2 Likes

Usmanovic95(m): 10:21am On Apr 24
The fact that alot of Nigerians are still paying the Cbex organizers amount ranging from $100/ $200 to retrieve back their funds shows we have a high number of stupid people per sq meter.This shows the core problem is not just poverty and greed, stupidity is also an issue.This is why keep recycling same set of underperforming leaders every election season.

8 Likes 1 Share

Anguldi(m): 10:30am On Apr 24
Usmanovic95:
The fact that alot of Nigerians are still paying the Cbex organizers amount ranging from $100/ $200 to retrieve back their funds shows we have a high number of stupid people per sq meter.This shows the core problem is not just poverty and greed, stupidity is also an issue.This is why keep recycling same set of underperforming leaders every election season.
LWKMD 😅😂🤣

2 Likes

omojeesu(m): 10:31am On Apr 24
Govt may respond with policies to block real and perceived holes for floating money for re-chanelling into government coffers and other holes behind the treasury.

If this happens may it not be Ole gbe! Ole gba!
Honestey: 10:33am On Apr 24
If you think CBEX has done enough to end Nigerians financial stup!dity you are deceiving yourself. Another scam is ongoing and the same set of mumus will soon start borrowing money to waste on it

5 Likes

Lexusgs430: 10:33am On Apr 24
Greedy..... Greedy..... Greedy..... 😜🤣😂
Clean2016: 10:35am On Apr 24
There's PCEX also that has stolen people money but somehow people are quiet

5 Likes

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