The Federal Government on Wednesday extended its condolences to Nigerians who lost money to the now-defunct digital investment platform CBEX, and called for a united effort in tackling the spread of Ponzi schemes in the country.
Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, addressed the matter during the second edition of The Spokespersons Summit held in Abuja. The event was organised by the Nigerian Institute of Public Relations in partnership with the Ministry of Information and National Orientation.
Oyedele noted that falling victim to fake investment platforms is not just financially damaging but also deeply emotional. “To put your hard-earned money in an investment that collapses a few months later is very painful. It’s more painful than paying taxes…” he said during his keynote speech.
He also stressed the need for education and awareness, urging citizens to learn about financial literacy, including tax reforms. Oyedele added that knowing about one area of finance can help people better understand risks in other areas, such as investments.
“People shouldn’t fall for all these ‘you get 100 cents in one month,’” he warned. “If anybody can make 100 per cent returns in one month, they won’t come to you. They’ll go to the bank and take a loan…”
He encouraged Nigerians to ask questions and seek advice before putting their money into platforms they don’t fully understand. Oyedele also said regulatory agencies and media bodies have a key role to play in educating the public to prevent further financial losses.
On the side of enforcement, he confirmed that both the Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) are working to address the fallout. He noted that these agencies are already taking steps to assist victims and investigate the matter.
When asked whether he had ever been scammed, Oyedele replied firmly: “I’ve never fallen victim. I just feel like you can’t come to me with an investment proposition that does not make sense and leave convincing me…”
He explained that even reputable institutions must answer hard questions from him before he considers investing. “They have to tell me the activity behind the money, the risk I’m taking, and what guarantees you have.”
The CBEX platform crashed unexpectedly on Tuesday, and early reports suggest that over N1.3 trillion in investor funds may have been lost. The news has caused widespread frustration, especially on social media, where affected users are demanding answers and accountability.
Meanwhile, the EFCC has pledged to support affected individuals. In a statement on Channels TV’s Morning Brief, EFCC spokesperson Dele Oyewale confirmed that the agency has been receiving numerous calls from concerned Nigerians. He assured the public that efforts are being made to help recover lost funds.
