Despite numerous warnings and the devastating outcomes of previous Ponzi schemes, many individuals across Africa—particularly in Nigeria—continue to fall prey to fraudulent investment platforms promising quick riches. In recent years, schemes such as Moneyman, Sairui (ChyMall), and even questionable activities linked to platforms like Binance have defrauded participants of billions.
The most recent scheme, CBEX, reportedly amassed over 1 billion Naira (approximately 80 million USD) before ceasing operations without warning. The platform is no longer functional, and its operators have vanished, leaving behind thousands of victims—many now in debt or struggling in deep financial hardship.
This recurring trend highlights a troubling pattern: the allure of “get-rich-quick” promises continues to overshadow lessons from the past. It’s crucial to emphasize that wealth creation is a gradual process—one that requires time, effort, and legitimate investment practices. No authentic wealth-building opportunity guarantees the doubling or tripling of your money in a short period.
The public must therefore remain vigilant. If an investment sounds too good to be true, it likely is. Awareness, education, and critical thinking are key to avoiding these financial traps.