Outrage As Viral Video Exposes “How Osun State-Owned Radio Promoted CBEX Scheme to Nigerians”
- A viral video has exposed the Osun State Broadcasting Corporation (OSBC) for allegedly promoting the CBEX scheme
- CBEX officials reportedly gave airtime on a programme aired on OSBC to advertise the scheme as a poverty alleviation initiative, urging Nigerians to invest
- The video has attracted mixed reactions from Nigerians, as many criticised the OSBC for endorsing the investment platform that has reportedly crashed
Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.
A recent video making the rounds on the internet has reportedly linked the Osun State Broadcasting Corporation (OSBC), a government-owned radio station, to a Ponzi scheme.
Source: UGC
In the video obtained by SaharaReporters from one of the station’s programmes, OSBC reportedly gave airtime to CBEX Trading Exchange Global officials who made exaggerated claims about the platform’s capacity to lift Nigerians out of poverty.
According to SaharaReporters, OSBC actively promoted the now-collapsed CBEX scheme to its listeners, packaging it as a legitimate poverty alleviation initiative and encouraging vulnerable Nigerians to invest.
“This scheme is for everyone. Even those selling herbal mixtures, those selling on the roadside, and the petty traders can invest with us. Those selling pepper, and those selling vegetables in the market can also join us. We want everyone to join us because our intention is to make life easier for Nigerian people. We want to take them from suffering and hardships,” one of the CBEX officials declared during the live broadcast, speaking in Yoruba language.
Rather than questioning the scheme's credibility or regulatory status, the OSBC presenter fully endorsed CBEX on air.
“This is a scheme that will bring fortune to Nigerians. That is why we are telling you every week that you should join them, I am still telling you again to join them this morning to make fortune,” the presenter said without hesitation.
Source: Getty Images
OSBC’s alleged decision to promote CBEX reportedly came despite prior warnings from Nigeria’s Securities and Exchange Commission (SEC), which had categorically stated that CBEX was not registered and advised Nigerians to avoid investing in it.
Nigerians react to video showing OSBC promoting CBEX
As usual, Nigerians have reacted to the development. Legit.ng compiled a few reactions from the comment section on X below:
@ExquisiteDemola tweeted:
"They used OSBC to promote a ponzi scheme?"
@ElmaSofie tweeted:
"They will answer in court."
@ediological tweeted:
"Radio stations will promote anything for money."
@UTDVenom1 tweeted:
"Davido also promoted Racksterli."
Video showing how OSBC allegedly promoted CBEX surfaces on TikTok
Watch the video shared on TikTok, showing how OSBC promoted CBEX:
Read more about CBEX:
- Hong Kong Govt's warnings on CBEX Nigerians should not have ignored as investment App freezes funds
- Man says CBEX mistakenly exposed itself, shares "evidence" online
CBEX scandal: Buhari’s aide reacts as CBEX collapse
Meanwhile, Legit.ng reported that former presidential aide, Bashir Ahmad, said the Securities and Exchange Commission (SEC) warned Nigerians against investing in CBEX.
Read also
Can Nigerians still withdraw their money on CBEX? Expert shares key things you need to know
Ahmad said Nigerians always ignore regulatory agencies' warnings whenever Ponzi schemes are introduced in the country.
Some Nigerians said SEC should have shut down CBEX offices and stop Nigerians from patronising them than issuing warnings.
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Source: Legit.ng
