Nigerian Govt Sends Notable Message to All CBEX 'Investors', “To Put Your Hard-earned Money"

• The federal government on Wednesday, April 16, consoled victims of the controversial digital investment platform, CryptoBank Exchange (CBEX)
• The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, called for a collective fight against ponzi schemes
• CBEX, which had promised investors a 100 percent return on investment, faced a crisis recently as many users reported being unable to withdraw their funds, sparking outrage on social media

Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering metro.

FCT, Abuja - The federal government on Wednesday, April 16, sympathised with victims of the controversial digital investment platform, CryptoBank Exchange (CBEX).

As reported by The Punch, the government stressed that citizens must work together to end the rise of ponzi schemes in the country.

FG sympathises with CBEX victims

TV360 Nigeria also noted the apex Nigerian government's message.

Read also

CBEX scandal: Reps raise alarm over collapse of N1.3trillion crypto scam

CBEX, which had promised investors a 100 percent return on investment, faced a crisis over the weekend as many users reported being unable to withdraw their funds, sparking outrage on social media.

Speaking in Abuja at the second edition of The Spokespersons Summit organised by the Nigerian Institute of Public Relations in collaboration with the federal ministry of information and national orientation, Oyedele noted that ridding the country of such fraudulent menaces is a collective task for all citizens.

He said:

“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 because when you pay taxes, there’s actually the hope that they will fix your road, pay salaries of civil servants, and the government will provide security. But when it’s a ponzi scheme, the benefit is zero."

Legit.ng reports that investment scams have not only brought ruin to the national economy, but many struggling Nigerians have also been counting their losses.

Read also

Legit.ng dissociates self from another deceptive Ponzi scheme targeting Nigerians

Despite preventive efforts, perpetrators persist and continue to innovate against physical and digital countermeasures.

Read more on CBEX:

• Man who cried out after losing N9 million to CBEX gets land worth N30m, explains how it happened
• Observant lady shares secret behind CBEX, gives detailed analysis of crashed investment scheme
• Full list: 11 Popular ponzi schemes Nigerians will never forget
• CBEX crash: 3 Nigerians cry out after losing N9 million, school fees to platform, videos trend
• CBEC: Man mentions another alleged ponzi scheme, warns people to withdraw their money
• CBEX investments: Cybersecurity expert shows how investors’ funds were moved into private wallet

CBEX: Banker who lost money in MMM invests loses

Earlier, Legit.ng reported that a Nigerian man perpetually lost money in ponzi schemes, and yet, it seemed he had not learned his lessons.

The story was told of a man who lost his investment in Mavrodi Mundial Moneybox (MMM) years back.

Read also

CBEX scandal: EFCC, SEC take action against Ponzi schemes

The man had invested in the failed ponzi when it was still in operation, but he lost all that he put into it. As of when he made the failed investment, the man had no job because he was sacked by the bank where he was working.

Source: Legit.ng