• ‘I’ll machete anyone who brings Ponzi scheme to me again’
• Nigerians trapped in poverty mindset, ‘destabilised’ trader laments
• Accountant attributes rise of investment scam to greed

Victims of the collapsed CBEX investment scheme in Ibadan have continued to lament their losses, with many expressing frustration, anger, and heartbreak over the millions of naira lost.

The scheme, which folded up in April 2025, has plunged numerous residents into financial ruin, with some having sold property, borrowed funds, or staked their entire life savings in hopes of high returns.

Among the victims is Mr Quadri Atolagbe, a phone repairer, who said he lost all his savings to the scheme. “It was a play on the intelligence of innocent Nigerians,” he fumed. “I have learnt my lessons. If anyone dares introduce a Ponzi scheme to me again, I’ll machete that person. Any business or investment that offers no real value, I’ll make sure to understand it thoroughly before getting involved.”

Another investor, Mr Rosiji Adeyemi, a writer and public affairs analyst, revealed that he lost N700,000 in the scheme. He said the company had promised to secure a certificate from the Securities and Exchange Commission (SEC), which gave it an air of legitimacy. “It was a lie. They gave assurances that made people believe. I joined in November 2024. It is a fraud of the highest order,” he said.

Adeyemi also criticised the government for allowing such a scheme to operate unchecked. “There are weak regulations and systems that give illegal companies and individuals room to defraud people. The government failed to protect citizens’ interests,” he said.

He narrated how a Pentecostal evangelist in the Soka area of Ibadan, who joined in October 2024, introduced the scheme to over 1,000 people including her husband and relatives. She reportedly reinvested her earnings in a bid to make more, but ended up losing everything.

Another victim, who identified himself simply as Johnson, said he lost N1.2 million in the scheme. A trader in phones, gadgets and accessories, he said the loss had destabilised his business. “This happened because Nigerians are trapped in a poverty mindset. Even when they have enough, the urge to accumulate more persists. That’s the same reason politicians who have looted public funds keep stealing; the hunger is never satisfied,” he said.

While Adeyemi blamed government laxity for allowing unregulated foreign schemes to flourish, a Fellow Chartered Accountant (FCA), Mr Kabiru Adisa, attributed the rise of Ponzi schemes to greed.

It will be recalled that popular Fuji musician, Taye Adebisi, popularly known as Taye Currency, also revealed that he lost N10 million to the CBEX scheme. Adebisi, who is the father of the Deputy Chief Whip of the Oyo State House of Assembly, Yusuf Adebisi, said he was introduced to the scheme by friends on April 1, 2025, and subsequently invested N10 million from his insurance account.

During a recent stage performance, Taye Currency mentioned the names of those who brought him into the scheme and publicly placed curses on them, blaming them for his financial woes.