Africa
The CBEX Scandal and the Hypocrisy of Wealth Chasing -By Wasiu Ayinde
All these systems dangle fast wealth, yet we call betting “fun,” crypto “innovative,” and stocks “investing,” while CBEX and its relatives get the guillotine, not that they don’t deserve it though given their operating model. However, the fun, innovative, investing, and the guillotine all have one thing in common, they all profit off desperation of the common man and woman that’s looking for how to flip his or her 1 naira into 10 and 10 into 100 and 100 into a thousand.
April 2025, CBEX vanished, allegedly stealing ₦1.3 trillion ($840 million) from thousands of people, Nigerians especially, with promises of 100% returns in 30 days via some AI driven trading algorithm. It was a Ponzi scheme, rotten to the core. But let’s not pretend it’s the only villain.
Betting companies that has overtime received social and household clearance reportedly rakes in over $500m in annual revenue. Where and how exactly do they make this money? A known president convinced not just his citizens but global wealth chasers to patronize his meme coin, earning an undisclosed millions of dollars while thousands, if not millions of small traders, lost their fortune. Let’s bring it home. Do you remember the popular Nigerian artist who convinced his fan base to invest in his meme coin? What was the outcome? How is that any different from CBEX? Oh, I forgot, he did not explicitly promise anyone 100% in return, no referral system, and he never opened an office for it. They are not all any different. They all sell the same lie: quick riches.
While regulatory oversight and established use cases exist to curb malpractices in the top cryptocurrency projects, FX and stock landscape, have you seen recent headlines of what traders and investors lose to these ones, too? The downside can be catastrophic.
All these systems dangle fast wealth, yet we call betting “fun,” crypto “innovative,” and stocks “investing,” while CBEX and its relatives get the guillotine, not that they don’t deserve it though given their operating model. However, the fun, innovative, investing, and the guillotine all have one thing in common, they all profit off desperation of the common man and woman that’s looking for how to flip his or her 1 naira into 10 and 10 into 100 and 100 into a thousand.
CBEX didn’t just advertise. They slithered through trusted networks. Your brother, neighbor, or religious leader pitched it, saying “This is our chance,” making doubt feel like betrayal. It’s the same trick as MMM and every other of its kind. There were winners and of course, there’ll be losers, these are the ones that gets labeled “not smart,” “greedy,” and all sort of names. Hello, don’t be too quick to judge, you’re not any different. No one is. Well, maybe a few.
Losers that becomes victims of the schemes share the guilt, they ignored all sort of red flags and chased impossible returns, some even drag others in for bonuses. While some maybe ignorant of the calamity that can befall them, some are actually well aware believing that they can game the system, that they’ll be out before the crash. A Yahoo Boy crying about CBEX scamming him is the ultimate irony, he’s just yet another proof that everyone’s playing the same game. It’s actually not surprising, at least, not anymore. Nigerians have in a way relied more on divine intervention to acquire wealth, than working to build it gradually. This is an environment where religious leaders conveyed thousands of people to an open field, asking them to point their phone to the sky in expectations of a miraculous “credit alert” from the above or wherever. What is the height of it?
Governments are no saviors, they’re enablers, and a part of the mess. Nigeria’s SEC and EFCC only moved after CBEX fled, despite its open operations since 2024. CBEX have offices, why was any of them not busted and investigated? Governments and its agencies can do better. It’s not all about fines and penalties, protection of the wealth of the common man should take priority. Citizen education and enlightenment should be at the core of what they do.
CBEX is a thief, but only a little different from betting, crypto, forex, and maybe stocks. They all feed on hope and spit out loss. Victims, governments, and trusted figures fuel this fire, pretending one loss is worse and justifiable than another. Stop the hypocrisy. Nobody’s clean, and pretending otherwise just breeds more scams.
Going forward, check every venture yourself, question even your closest allies, and ditch the fast-money dream. Until we stop playing favorites with scams, CBEX is just the latest name on a long list of losses. You’re the mark, don’t be the fool. You worked hard to earn your money, no matter how little, invest and spend it wisely.
Wasiu A.
