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OPINION: Double Your Hustle Or Double Wahala? Ponzi Schemes And The Naija Dream

Published

3 months ago

April 23, 2025

By Israel Adebiyi

Dear Nigerians,
Why we no dey ever learn?

Once again, we are here — with agbada-wearing fraudsters, WhatsApp prophets of “investment blessings,” and another set of hardworking Nigerians crying into empty bank accounts. This time, it’s the N1.3 trillion CryptoBank Exchange (CBEX) saga. Even Interpol had to pack bag and join the Economic and Financial Crimes Commission (EFCC) in the probe. But before we go into that heartbreak, let’s define what this “investment” really is.

Ponzi Scheme 101- Ojoro with Packaging

A Ponzi scheme is like borrowing money from Peter to pay Paul — until Peter, Paul, and their village people realize there’s no real business going on, just moving money in circles. It’s named after Charles Ponzi, an Italian conman in the 1920s who promised 50% returns in 45 days. The only thing he delivered was mass disappointment — and a prison sentence.

Ponzi schemes don’t invest in anything real. They just need more people to join so they can pay the older ones. Once new recruits stop entering the net, the system crashes. And in Nigeria, we’ve turned this crash into a seasonal sport.

Ask around. We’ve seen it all — from MMM that shook us in 2016, to Ultimate Cycler, Twinkas, iCharity, Loom, MBA Forex, and now CBEC Energy. Nigeria doesn’t just fall for Ponzi — we dive in with somersault.

When MMM collapsed, some people lost money, others lost marriages, and one guy even reportedly entered bush for deliverance. Yet, we still no dey hear word. As soon as another sharp guy appears with a fake accent and PowerPoint, we line up again like JAMB center.

Let’s be honest — many Nigerians are caught in the web of their own greed. Others are not. They’re just tired. Tired of grinding every day and still not affording garri without groundnut. So when someone comes and says, “Bring 50k today, collect 200k in 2 weeks,” it starts to sound like divine intervention. We’re in a country where you can work 9–5 for five years and still need a loan to buy suya. So, tell me why somebody won’t see a “Double Your Money” text and shout “Omo, this is my break!” The system has broken our patience. People don’t want to ‘blow’ anymore — they want to explode. Slow and steady no longer wins the race. In Nigeria, it’s fast and furious — or nothing.

Some however join Ponzi with full chest — knowing it’s scam. But the plan is to cash out before it crashes. This is the “If I enter early, I go chop” mindset. Others genuinely believe it’s legit. Their neighbour just bought a car. Someone in church gave testimony. So they sell land, borrow from cooperative, and throw all their life savings inside. But like that loud generator in every compound, one day e go spoil. And when it does, the only thing people are left with is fake Telegram groups, blocked admins, and long queues at police stations.

Here’s the real wahala: Ponzi schemes don’t operate in hiding. They rent offices, some run ads on TV/radio, organize seminars in big hotels, and sometimes even get celebrities to endorse them. Do that sound familiar? Didn’t victims of CBEX adduce the same reasons for investing hard-earned monies generously? So how come no one stops them early? Because many of them register as “legitimate businesses.” Our regulatory bodies, like Corporate Affairs Commission (CAC), Central Bank of Nigeria (CBN), Security and Exchange Commission (SEC), and the EFCC, often wake up after the fraudsters have disappeared — along with people’s pension money and school fees.
Sometimes, you even start to suspect foul play — like someone in high places is sipping tea while Nigerians weep.

It’s time we stop turning Ponzi schemes into a cultural phenomenon. You can’t “invest” in someone’s greed and not expect karma to withdraw heavily. Government must crack down harder and faster. Regulatory agencies must stop tweeting warnings — and start shutting down offices. Arrest the founders. Freeze the accounts. Deter celebrity endorsement. Scrutinize media contents for too good to be true investment schemes. Ban the use of testimonies to bait poor people.

And as citizens, we need to resist this urge to turn every WhatsApp broadcast into a bank alert. If it sounds too good to be true — oga, it is too good to be true!

In Conclusion…

Dear Nigerian, hustle legit. Life may be hard, but there’s no shortcut in a maze. Next time someone says, “Bring 100k today and earn 1 million next week,” ask them: If e sure like that, why you dey tell me? Why you no do am alone?

Until we get a country that works, don’t let your desperation become a business opportunity for conmen. Remember, if you fall once, it’s mistake. If you fall twice, it’s lesson. But if you fall every time? Omo, na your village people dey use you for rehearsal.

Until next week,
Keep your finger on the Nation’s Pulse.

News

“May May The South Of Former President Bola…,” Uzodinma Trends After Public Gaffe

Published

6 hours ago

July 22, 2025

Editor

The Governor of Imo state, Hope Uzodinma is currently trending on Social Media over a gaffe he made while eulogizing late Ex-President, Muhammadu Buhari.

It was learned that Uzodinma, while speaking at the Constitution Review Zonal Public Hearings in Owerri Center for Imo and Abia State on Saturday, made the error during a prayer for late Buhari.

The Governor said;” May the Soul of Former President Bola (pauses)…..Former President Muhammadu Buhari and the souls of all the departed through the mercy of God, Rest in Peace”

Watch the Video Below:

https://x.com/PoliticsNGR/status/1947042215970111565?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1947042215970111565%7Ctwgr%5E97d5beebb2dacda6422cd64f3c17c07d40488c07%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fnews.phxfeeds.com%2FwebFrame%3Ftype%3Dtwitterwidth%3D100height%3D0value%3Dhttps3A2F2Ftwitter.com2FPoliticsNGR2Fstatus2F19470422159701115653Fref_src3Dtwsrc255Etfw

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Ex-Lagos Governor Fashola Gets International Appointment

Published

6 hours ago

July 22, 2025

Editor

Former Lagos State Governor and ex-Minister of Works and Housing, Babatunde Raji Fashola, SAN, has been appointed to the Board of Directors of Resolve to Save Lives Nigeria (RTSL Nigeria), an international public health organization.

The appointment was announced on Friday by RTSL Nigeria, a health-focused body working to prevent cardiovascular diseases and epidemics.

The group, which opened an office in Abuja in 2022, partners with governments and communities to tackle some of the world’s deadliest health threats.

Reacting to the appointment, Dr. Tom Frieden, President and CEO of Resolve to Save Lives, said: “We are thrilled to welcome Mr. Fashola to the RTSL Nigeria Board of Directors. He has demonstrated a commitment to improving lives and livelihoods in Nigeria through more than two decades of public service.”

Fashola, a Senior Advocate of Nigeria (SAN), previously served as Minister of Power, Works and Housing under President Muhammadu Buhari. He was also the Chief of Staff in Lagos State before becoming governor from 2007 to 2015.

During his tenure, Fashola was instrumental in managing Nigeria’s response to the 2014 Ebola outbreak, earning him international recognition, including the Stephen J. Solarz Award from the International Crisis Group.

In his acceptance remarks, Fashola said he was honoured to join the board and pledged to support the organization’s mission.

“I look forward to helping continue the progress in stopping preventable deaths from cardiovascular diseases and infectious disease outbreaks,” he said.

Ibrahim Abubakar, a fellow board member and Dean at the University College London Faculty of Population Health Sciences, described Fashola’s inclusion as a valuable asset, citing his governance experience and leadership during health crises.

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ICRC Warns Of Rising Malnutrition As North-East Faces Food Shortages

Published

7 hours ago

July 21, 2025

Editor

As food insecurity deepens across North-East Nigeria, farmers in conflict-affected areas are battling hunger, displacement, and limited access to land—all while striving to feed their families and communities.

This is according to a press statement by the International Committee of the Red Cross, which was obtained on Monday.
The ICRC also said more than 3.7 million people in the region are currently facing food insecurity. Many of them are farmers who have lost access to their farmlands due to persistent violence and displacement.

Speaking, according to the statement, Modu Umar, a community leader in Dikwa, said, “Right now, we face severe food shortages. Some families are forced to walk long distances every day to collect firewood just to sell and buy food. Farming is the only solution to hunger.”

Also, a 70-year-old farmer, Churi Ibrahim from Gajibo, noted that insecurity has drastically limited movement in rural areas, with many farmers trekking for hours to access their fields under the threat of attack.

“Some people trek three hours to reach their farms. By the time you reach your farm, you’re already exhausted, and when you return home, it’s late. For a large family like mine, sometimes, we don’t even get one meal a day,” Gajibo said.

Despite the danger and fatigue, many continue farming out of sheer necessity. “Even when you’re afraid, you have to go. If you don’t farm during the rainy season, you’ll have nothing to eat,” said Bintu Konto, a mother of five.

As the lean season begins—a time when food stocks run low and prices rise—households are under growing pressure. “This is when households must start purchasing food, but many conflict-affected families can’t afford much. They’re forced to drastically limit their intake,” Head of the ICRC Office in Maiduguri, Diana Japaridze, said.

The statement also said, ”The food crisis is also fuelling rising levels of malnutrition, particularly among children under five and pregnant or breastfeeding women. In response, the ICRC is supporting malnutrition stabilisation centres and conducting community education to help families care for vulnerable children.

”To build resilience and support long-term recovery, the ICRC has launched an agricultural assistance programme targeting both rainy and dry seasons. This year alone, over 21,000 farming households have received seeds tailored to local conditions, along with planting tools designed to reduce labour and increase efficiency.

”The support includes staple crops like rice and maize as well as vegetables such as tomato and okra, helping to improve dietary diversity and nutrition. Farmers are also receiving training in sustainable agricultural practices to help them maintain production beyond the lifespan of ICRC’s support.

”At the national level, the ICRC has partnered with the National Agricultural Seed Council (NASC) to complete repairs on a vital water source. This facility now ensures uninterrupted water supply for NASC’s seed testing and greenhouse operations, a move aimed at strengthening Nigeria’s broader agricultural system.

“Still, the lean season remains a painful period for many farmers who simply cannot grow enough to meet their families’ needs.

“For many of us, it’s not just about farming—it’s about survival,” said Churi Ibrahim. “When you can’t feed your children, every day becomes a struggle.”