CBEX CRASH: NIGERIANS FALLING PREY TO PONZI SCHEMES DUE TO GREED – COMRADE DAVID-WEST

Comrade Bekinwariye David-West, Chairman of the Bayelsa State Council of the Civil Liberties Organisation (CLO), has blamed greed for the increasing number of Nigerians falling victim to Ponzi schemes.

His statement follows the recent collapse of CryptoBank Exchange (CBEX), a digital investment platform that has left thousands of Nigerian investors in financial ruin.

According to the Economic and Financial Crimes Commission (EFCC), CBEX allegedly diverted ₦1.3 trillion of investors’ funds.

Comrade David-West urged Nigerians to exercise caution when presented with offers disguised as business opportunities.

“Nigerians who fall prey to these illegal Ponzi schemes do so out of greed. If not for greed, why would anyone believe that giving someone ₦1,000 would yield ₦2,000 in return? We fail to question how such returns are possible because we are in a hurry to get rich. Any Nigerian who falls victim to such scams is simply greedy.”

He further lamented the devastating consequences of past schemes, stating: “Many victims of the ‘Baraza’ scam are still suffering—some hospitalized, others dead, and some have lost their properties. Shockingly, some of these fraudsters even pose as pastors to deceive people.”

David-West also criticized the lack of sustained awareness campaigns after previous Ponzi schemes like MMM and Baraza collapsed.

“After the MMM saga, we all went to sleep. Instead of intensifying public enlightenment, everyone relaxed until another crisis emerged. Even the Central Bank of Nigeria (CBN) had warned Nigerians about MMM, but people dismissed the advice, claiming it was their money to spend. Now, the consequences are clear.”

He called for stricter enforcement by anti-graft agencies and urged the National Assembly to expedite legislation against fraudulent investment schemes.

“The EFCC and other security agencies must continue cracking down on these fraudsters. There should also be a law in place to prosecute them. Once passed, it should be domesticated across states. Nigerians must shun greed, and regulatory bodies must act swiftly to expose and shut down these illegal schemes before they claim more victims.”

Reported by: Bright Okpo