Nigeria's CBEX Ponzi Scheme Leaves Thousands Defrauded

The article highlights the prevalence of Ponzi schemes in Nigeria, emphasizing the recent collapse of the CBEX scheme, which presented itself as a legitimate forex trading platform. This scheme gained traction rapidly, attracting investments from individuals who borrowed funds, anticipating high returns.

As the scheme progressed, it became clear that it was unsustainable, leading to a crisis in late March to early April 2025 when users experienced delays and restrictions on withdrawals. The situation escalated, resulting in the platform becoming inaccessible and leaving thousands of investors stranded.

The EFCC has initiated an investigation into the CBEX scheme, aiming to trace and recover diverted funds. The article notes that financial fraud cases are complex, often involving multiple channels, making recovery efforts slow and uncertain.

The emotional and financial fallout from the scheme has led to public outrage and protests against those associated with it.