Just days ago, Nigerian investors woke up to another devastating blow—the sudden collapse of CBEX, a so-called digital investment platform that had promised high returns through crypto trading and asset tokenization. With thousands of Nigerians now unable to access their funds, the CBEX scandal has reopened deep wounds and triggered fresh outrage over the country’s unending Ponzi scheme saga.

For many, the signs were all too familiar: flashy promises of financial freedom, a user-friendly platform that required little to no investment knowledge, and aggressive social media marketing. What followed was equally predictable—frozen accounts, vanishing admins, and panicked users begging for answers. In hindsight, CBEX’s downfall is just the latest episode in a decade-long chain of financial scams that have drained billions from unsuspecting Nigerians.

Nigeria’s Long Battle With Ponzi Scams

From 2015 to 2025, Nigeria has become a hotbed for Ponzi schemes, each one leaving behind a trail of heartbreak, lost savings, and broken trust. Below is a list of some of the most notorious scams that have preyed on Nigerians’ hopes for quick wealth:

• MMM Nigeria (2016): Perhaps the most infamous, MMM lured millions with a “mutual aid” system, only to crash spectacularly, leaving most participants broke.

• Ultimate Cycler (2016): A matrix-style scheme that promised ₦50,000 returns from a ₦12,500 investment—but collapsed within weeks.

• Get Help Worldwide (GHW) (2016): A spin-off of MMM, GHW mimicked the same model and met the same fate.

• Twinkas (2016), Icharity Club (2016), Crowd Rising (2016), Claritta (2016), Help2Get (2016), Loopers Club (2016), Givers Forum (2016): These were all launched in quick succession, each collapsing within months after attracting thousands of users.

In the years that followed, more platforms emerged:

• 2017 Schemes: NNN Nigeria, MMM Cooperation, GCCH, Money Riot, RevoMoney, SwissGolden (Nigeria), NNU (Nigeria News Update), Peer2Peer Donation, Twinkas Reloaded, Donation Hub, MyBonus, ZarFund.

• 2018 Frauds: Bitclub Advantage, Million Money, Helping Hands International, DGSOUK, Pennywise.

• 2019–2020 Waves: Loom, Crowd1, Lion’s Share, InksNation, Baraza Multipurpose Cooperative, Racksterli.

• 2021–2022 Collapse Cycle: 86FB (86Z), Eagle Cooperative, Royal Q (scam version), FINAFRICA, Ovaioza Farm Storage, MBA Forex, Chinmark Group, Inksledger, Axim Exchange, QNet (Nigeria).

• 2023–2025 Deceptions: CALA Finance, Compoundly, 6Dollars Investment, Sidra (cloned scam), WealthBuddy, BitFinance Global, and the now infamous CBEX.

Each of these platforms followed a strikingly similar pattern: massive returns, vague investment models, viral online promotions, and a swift collapse—usually without any refunds or recourse for victims.

The CBEX Blowback: A Wake-Up Call?

The CBEX scandal has stung deeply because it seemed more “modern” than its predecessors. Branding itself as a blockchain-powered trading solution, CBEX exploited the crypto buzz to gain legitimacy. It used AI jargon, employed influencers, and even staged events in Lagos and Abuja. But as always, the illusion crumbled, and reality hit hard.

Reports now suggest that CBEX might have moved investor funds offshore, similar to how some earlier scams operated. Users are left in limbo, and regulatory agencies have begun investigations. Unfortunately, for the countless Nigerians who once again believed in a shortcut to financial stability, justice might come too late.

Why Do These Scams Keep Thriving?

The answer lies in a perfect storm of economic hardship, poor financial literacy, weak regulation, and a society desperate for upward mobility. With high inflation, a struggling naira, and limited access to legitimate wealth-building tools, many Nigerians turn to these schemes not out of greed, but out of sheer necessity.

And these fraudsters know it. They design platforms that exploit this desperation—often using religious, community, or celebrity endorsements to build trust. In the absence of tight enforcement or early warnings, these schemes grow fast and crash hard.

What Needs to Change?

Authorities have often been reactive, stepping in only after the damage has been done. For real progress, Nigeria needs:

• Stronger Regulation: The government and agencies like the EFCC must create frameworks to vet and monitor digital investment platforms.

• Public Education: Financial literacy must become a national priority, with campaigns teaching citizens how to spot scams and understand basic investment principles.

• Early Warning Systems: A centralized platform for reporting and tracking suspicious financial platforms could help prevent new scams from gaining momentum.

• Victim Support: There must be mechanisms for compensation and psychological support for those affected.

Final Thoughts

CBEX may have gone the way of MMM and InksNation, but the damage is fresh and the lesson remains urgent: there are no shortcuts to wealth. As long as poverty, hope, and ignorance intersect, Ponzi schemes will find fertile ground in Nigeria. What the country does next—whether to let this pattern continue or finally break the cycle—will define the financial future of millions.