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

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By Israel Adebiyi

Dear Nigerians,
Why we no dey ever learn?

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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.

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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.

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READ ALSO: OPINION: Hakeem Baba-Ahmed, The North And Our Votes

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.

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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.

READ ALSO: OPINION: Nigerian Leaders As CBEX Ponzi Chancers

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.

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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?

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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.

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Nestle Sacks CEO Over Office Romance

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Swiss food giant, Nestle, on Monday dismissed Laurent Freixe as chief executive with immediate effect over an “undisclosed romantic relationship with a direct subordinate.”

The multinational behind Nespresso coffee capsules and KitKat chocolate bars said Freixe’s dismissal followed an investigation.

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In a swift move, Nespresso CEO, Philipp Navratil, was appointed to take over by his fellow board members.

The departure of Laurent Freixe follows an investigation into an undisclosed romantic relationship with a direct subordinate which breached Nestle’s code of business conduct,” a statement said.

READ ALSO:Family Kicks As UK Varsity Sacks Nigerian Grandmother

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The board said it had ordered an investigation overseen by chairman Paul Bulcke and lead independent director Pablo Isla, with the support of outside counsel.

This was a necessary decision. Nestle’s values and governance are strong foundations of our company. I thank Laurent for his years of service,” Bulcke said in a statement.

A company veteran, Freixe joined Nestle in France in 1986. He ran the firm’s European operations until 2014, steering them through the subprime and euro crises that began in 2008.

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He headed the Latin America division before his promotion as CEO.

Freixe had only been in the top spot since a surprise switch in September 2024, entrusted with reversing soft spending by consumers for the company’s food and household goods.

READ ALSO:Soludo Sacks Vigilante Operatives Over Assaults On Female Corps Member

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Nestle’s share price slumped by nearly a quarter last year, raising concerns in Switzerland, where pension funds invest heavily in the company, whose brands also include Purina dog food, Maggi bouillon cubes, Gerber baby food and Nesquik chocolate-flavoured drinks.

Nestle shares closed up 0.13 percent at 75.49 Swiss francs on the Swiss stock exchange.

– Net profits –

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In late July, Nestle reported a 10.3-percent drop in first half profits as it struggled to turn around its fortunes amid sluggish consumer spending in China, even as it passed on higher cocoa and coffee prices to consumers.

New chief executive Navratil had been an executive vice-president at Nestle, which is headquartered in Vevey on Lake Geneva.

READ ALSO:Nigerian Grandmother Sacked By UK Varsity Over Misplaced Bracelet

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The board is confident that he will drive our growth plans forward and accelerate efficiency efforts. We are not changing course on strategy and we will not lose pace on performance,” insisted chairman Bulcke.

Navratil started his career with Nestle in 2001 and took on various roles in Central America, leading the coffee and beverage business in Mexico from 2013 to 2020, when he took over responsibility for global strategy and innovation for the Nescafe and Starbucks brands.

He became chief executive of the Nespresso brand in July last year and joined the company board in January 2025.

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I fully embrace the company’s strategic direction, as well as the action plan in place to drive Nestle’s performance,” said Navratil, pledging to “drive the value creation plan with intensity.”

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VIDEO: Motorists Stranded As Bridge Fails On Lagos-Benin Expressway

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Motorists and passengers were stranded for hours after a truck fell near a failed portion of a bridge along the Isoko axis of the Lagos-Benin Expressway, exposing the river beneath and rendering the route impassable.

A viral video from the scene showed queues of trapped vehicles as frustrated road users called on the Minister of Works, David Umahi, to urgently repair the dilapidated sections of the highway.

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One stranded passenger, who was filmed in the video, lamented that the incident left commuters stuck for over two hours, halting both vehicular movement and the flow of goods.

He said, “I’m currently standing on the Benin-Lagos Expressway, and where we are now is Isoko Camp. This is a bridge, a very short bridge, and this message is to the Minister of Works, Dave Umahi, the one who is building a road from Lagos-Calabar Highway, the road to nowhere. This place is currently shut down.

READ ALSO:Polytechnic Students Declare Nationwide Protest Over Truck Accidents

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This truck fell here, and there’s no way. Look at this place. Vehicles are blocked. Look this way, everywhere packed up.”

The visibly frustrated commuter revealed the deteriorating state of the bridge, pointing to exposed sections above the river, which he described as a threat to lives and businesses.

He criticised the Federal Government’s focus on the Lagos-Calabar Coastal Highway project, accusing Umahi of neglecting critical economic routes such as the Lagos-Benin Expressway.

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This is an expressway, and we have a minister. This is the Lagos-Benin Expressway yet, our minister, dey do Lagos – Calabar Highway,” he said.

READ ALSO:Man Dies After Being Accidentally Pinned By Overweight Partner

This is what we have. Do you know how many people pass here? As I’m speaking to you now, if you look up, trailer. If you know the number of trailers that are here and are trapped, it means the economy of Nigeria is affected. Because the number of goods and services has been shut down. Everywhere is shut down.

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“This road now, everywhere is at standstill. This vehicle is even lucky that it didn’t fall into the water. And we have a Minister of Works wasting money, saying Calabar Expressway.”

He further argued that the Lagos-Benin Expressway carries more economic importance than the Lagos-Calabar Highway, urging the minister to prioritise repairs.

READ ALSO:Early Morning Accident Claims Eight Lives, Injures Eight Others In Lagos

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He said, “Mr. Minister, let me educate you. If you have a small economic sense, you will know that this road alone is affecting Nigeria’s economy. But that Calabar Expressway, it’s not affecting anybody. If you go there now, you won’t see vehicles parked lined up there. The only place where you will see vehicles lined up is on this road. So if the Minister has more direction, he will go and fix this road.

“I see when they say they need more money, they are borrowing more money to put in the road we don’t use. Then the one we use is abandoned. So please, those who are close to the Minister, talk to him. We are stranded here now. We have been here for over two hours now, and nothing is moving.”

The video has gained the attention of concerned citizens on social media, some of whom describe the road as a “death trap” and joined in calling for quick intervention on the road.

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Watch video below:

https://x.com/MobilePunch/status/1962577345832714466?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1962577345832714466%7Ctwgr%5Edf307ccd0eb71fe84e2d24b726307513398112b3%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fpunchng.com%2Fvideo-motorists-stranded-as-bridge-fails-on-lagos-benin-expressway%2F

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Bauchi Govt Inaugurates Pastors, Imams Peace Building Committee

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Gov. Bala Mohammed of Bauchi state has inaugurated a 32- member Pastors/Imams peace building Committee to promote peaceful coexistence in Bogoro and Tafawa Balewa Local Government Areas of the state.

Speaking during the inauguration ceremony on Monday, the governor said the move was necessitated by the need for the government to consolidate on the peace it had built and sustained over the last six years.

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According to him, this peaceful coexistence had recently been threatened by the actions of unpatriotic elements within the state who didn’t wish the state well and were bent on hiding under the cover of farmer-herder clashes to taint the gains Bauchi has made so far.

While acknowledging that minor incidences are common, especially during the farming season, Mohammed said that the dimension of the recent threats in the areas was indicative of a deliberate attempt to cause disharmony.

READ ALSO: NSE Pledges To Mentor Young Engineers, Elects New EXCO Members In Bauchi

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He said it was to also portray the state in bad face in order to sully the recognition it had attained as one of the most peaceful states in not just the Northeast sub-region but in the country at large.

We will not allow our hard earned peaceful coexistence to be truncated by the special grace of Allah. We have invested massively over the last six years in security and peace building measures and mechanisms.

“I will not allow anyone, no matter how highly placed, to scuttle the serenity and harmony that we have attained upon which our development and growth lies. I will deal decisively with all shenanigans fueling this crisis.

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“I want to assure the citizens of the state that we are working very hard and continuously with the security agencies to contain every situation around the state”, he said.

READ ALSO: Bauchi Refutes Allegations Of Poor Educational Project Execution

The governor said the committee is to embark on religious, sensitisation to promote peaceful coexistence and encourage inter-group communication.

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He said they are to also mediate disputes and foster dialogue between different groups where necessary, act as bridges by leading initiatives for inter-faith dialogue and understanding.

Mohammed added that they are to utilize their religious institutions to provide the platforms for community engagement and mobilisation of people towards peace building efforts, influencing attitude and behaviors.

The committee, the governor said, is to leverage on the teachings of religious sacred texts to inspire others to embrace the values of love, forgiveness, eschew hatred and violence.

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READ ALSO: Bauchi Govt Gifts N2.6m To 5 Elders For Selfless Service

Responding, Rev. Benson Bature and Imam Faidu Musa, Chairmen, Council of Imams and Pastors of the two LGAs who are the co-Chairs of the committee vowed to discharge their assigned duties even if they would have to pay with their lives.

They said they knew the miscreants were being pushed by some people that didn’t want peace to reign in the two LGAs, pledging to fish them out and hand them over to the authorities.

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According to them, this would be done in no distant time as the religious leaders were working in unison, adding that even if a member of the committee is found culpable, he would be handed over to the authorities.

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