The Federal Government has expressed deep sympathy with victims of the collapsed digital investment platform, CBEX, and called for a united front in combating the proliferation of Ponzi schemes in Nigeria.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, made the remarks while delivering the keynote address at the second edition of The Spokespersons Summit in Abuja. The event was organised by the Nigerian Institute of Public Relations (NIPR) in collaboration with the Federal Ministry of Information and National Orientation.
Oyedele emphasized that the fight against financial scams like Ponzi schemes is not just the responsibility of government agencies but a collective duty of all Nigerians.
“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 at least, with taxes, there’s hope that the government will build roads, pay salaries, and provide security,” he said.
He urged Nigerians to be more critical and informed before committing funds to investment platforms promising unrealistic returns. “Nobody can sustainably offer 100% returns in one month. If that were possible, they wouldn’t come to you—they’d borrow at 30% interest and make the profit for themselves,” he added.
Highlighting the need for financial literacy, Oyedele appealed to media professionals, regulators, and professional bodies like the NIPR to step up efforts in educating the public on how to identify and avoid fraudulent schemes.
Addressing personal experiences, Oyedele said he had never fallen victim to such scams. “I ask tough questions. Even when dealing with banks and credible institutions, I need to know the activity behind the money, the risks involved, and what guarantees are in place. If it sounds too good to be true, it most likely isn’t true,” he cautioned.
His comments come in the wake of the sudden collapse of CBEX, which on Tuesday left investors reeling with an estimated loss of over ₦1.3 trillion. The incident has triggered widespread outrage and sparked debates across social media platforms.
In a bid to restore hope, the Economic and Financial Crimes Commission (EFCC) has assured Nigerians that efforts are underway to recover funds lost in the CBEX debacle.
Speaking on Channels TV’s Morning Brief, EFCC spokesperson Dele Oyewale confirmed that the commission has been inundated with calls from distressed investors. “We are working tirelessly to ensure that those who invested their money get justice,” he said.
As investigations intensify, stakeholders are urging Nigerians to remain vigilant and seek expert advice before investing in digital financial platforms.
