When a righteous leader holds office, citizens rejoice; when bad leaders rule, they mourn. Today, Nigerians and members of our diaspora—notably those in Western nations—are grieving the loss of nearly a billion dollars to the CBEX Ponzi scheme. This financial catastrophe is not merely the handiwork of fraudsters: it is the direct result of systemic failure by the Government of the Federal Republic of Nigeria.
A government’s foremost duty is to safeguard the lives and property of its people—including their financial assets. Yet, as CBEX metastasized into a nationwide scam, every key regulator looked the other way. The Central Bank of Nigeria remained silent; the Securities and Exchange Commission turned a blind eye; commercial banks—too weak to focus on legitimate banking—opened accounts for CBEX under false pretenses; and the Department of State Services prioritized the safety of political elites over public welfare. Meanwhile, the Economic and Financial Crimes Commission slumbered on the job, and the Nigeria Financial Intelligence Unit sipped cocktails as illicit funds flowed unchecked.
Oyo State’s government also bears blame. Ibadan has long been fertile ground for Ponzi schemes, and local authorities allowed CBEX offices to proliferate without interference. This environment of impunity enabled fraudsters to operate in plain sight.
I urge all Nigerians to shun get‑rich‑quick schemes and instead invest in honest enterprises that offer genuine security. Should CBEX be truly investigated, I am convinced its masterminds and collaborators will be revealed as friends—or even beneficiaries—of the very government agencies charged with stopping them. As one Nigerian statesman warned, “If criminality of national interest is allowed to persist for more than a day, it means the hands of government are involved.”
History offers a chilling precedent. Under Professor Charles Soludo’s tenure as Central Bank Governor, Wonder Bank attracted vast deposits—especially in southwestern Nigeria—with its headquarters in Ibadan. The CBN eventually ordered all commercial banks and financial institutions to freeze Wonder Bank accounts, later transferring the “trapped” funds to the CBN vaults. To this day, no one knows the full amount frozen or its ultimate fate. As an undergraduate, I lost nearly ₦100,000 to that scheme; today, Soludo serves as Governor of Anambra State. This suggests that those who entrusted CBEX with their savings may never recover a kobo. Even if recovered, bureaucratic red tape and official graft will likely divert funds back into government coffers—and then into private pockets.
May Nigeria—and her people—never endure such betrayal again.
Written by Ajibola Ayodeji © 2025