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

Published

9 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

NAF Launches Attack On Terrorists In Borno

Published

1 day ago

January 10, 2026

Editor

The Nigerian Air Force, NAF, operating as part of the joint task force of Operation Hadin Kai, has carried out a coordinated air interdiction at AbbagaJiri in the Timbuktu Triangle, Borno State.

According to Air Commodore Ehimen Ejodame, Director of Public Relations and Information of NAF, the air strikes successfully paved the way for ground troops.

He explained that the operation was based on actionable intelligence from multiple sources, which confirmed the presence of terrorists, their structures, and concealed logistics facilities in the area.

Ejodame stated that NAF air assets were deployed in integrated surveillance and precision strike roles to target identified threats.

The operation aimed to degrade terrorist capabilities, deny them sanctuary, and shape the battlefield for ground forces, all while strictly adhering to rules of engagement and protecting civilians.

He added, “The Identified terrorist structures were decisively engaged and destroyed, denying the terrorists freedom of action, while a follow-up engagement neutralised armed elements observed converging on the location.”

“Subsequent advances by ground troops into the area confirmed the effectiveness of the air strikes and validated the success of the joint air–land operation.”

Speaking on the mission, Chief of the Air Staff (CAS), Air Marshal Sunday Aneke, said, “The success of the mission reflects the NAF’s resolve to dominate the air domain in support of joint operations.”

Aneke further emphasized that the operation highlighted the service’s commitment to providing precise and decisive air power in support of ground forces.

In his words, “We will continue to deny terrorists freedom of movement, sanctuary, and logistics wherever they seek to hide. Air operations will remain relentless and intelligence-driven.”

“Our operations are carefully planned and intelligence-led, ensuring maximum effect on hostile elements while safeguarding innocent civilians.”

“The Nigerian Air Force will sustain pressure until terrorist networks are completely dismantled.”

He further noted that the operation showcased NAF’s aggressive stance, precision employment of airpower, and dedication to sustained joint operations.

Aneke added that such missions play a crucial role in enabling ground troops to maintain momentum and deliver decisive outcomes against terrorist networks threatening lives, property, and Nigeria’s national security.

News

Lagos Parks To Close For Maintenance – State Govt

Published

1 day ago

January 10, 2026

Editor

The Lagos State Parks and Gardens Agency, LASPARK, has announced that all public parks under its management across the state will be temporarily closed for routine maintenance and upgrades.

In a statement released on January 9 and shared via its official platforms early Saturday, LASPARK said, “All parks under our management will be closed to the public from January 12 to January 31, 2026.

“This follows increased visitor activity during the recent festive season.”

The agency listed several popular recreational spots that will be affected, including “Ndubisi Kanu Park, Alausa JJT Park, Dr. Finnih Abayomi Park in Oregun, and all other LASPARK-managed parks across Lagos State.”

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PAP Sends Additional 34 Foreign Post-graduate Scholarship Beneficiaries To UK Varsities

Published

2 days ago

January 9, 2026

Editor

The Presidential Amnesty Programme (PAP) has deployed an additional 34 foreign post-graduate scholarship beneficiaries to various universities in the United Kingdom for the 2025-2026 academic year.

This was contained in a statement made available to newsmen in Warri by Mr Igoniko Oduma, Special Assistant on Media to Dr. Dennis Otuaro, the Administrator, PAP.

According to the statement, the scholars’ programmes include data science, fintech analytics, cyber security, international energy law and policy, construction project management, public health, agri-food technology, electrical and petroleum engineering, among others.

The statement added that more foreign post-graduate scholars will be sent to UK universities in the current academic session.

“In December 2025, nine students, who were the first set of offshore post-graduate scholarship developments by the PAP Administrator, Dr Dennis Otuaro, for the 2024-2025 academic year, graduated from their various programmes in UK universities.

“Otuaro has deployed over 9000 students to universities within and outside Nigeria for different industry-relevant programmes since he assumed office in March 2024,” the statement partly reads.

Speaking at the pre-departure orientation programme for the scholars at the PAP headquarters in Abuja, on Thursday, Otuaro said that the large-scale deployment was aimed at making the Niger Delta a knowledge-driven region.

He said that his leadership reinvigorated the programme to give it a new momentum in service delivery to the people of the region based on the mandate of President Bola Tinubu.

Otuaro said, “We are sending all of you for post-graduate studies in various universities in the United Kingdom.

“The PAP now has a new momentum and direction because of the repositioning and broad reforms that we carried out in line with the mandate of His Excellency, President Bola Ahmed Tinubu GCFR.

“The objective behind the huge scholarships deployment is to ensure that we develop the needed human capital to transform the Niger Delta and generate knowledge-wealth.

“We want to develop relevant manpower in critical disciplines for our region and by extension, the country, because you are expected to contribute your quota to national development after successful graduation.”

The PAP boss, who was represented at the event by his Technical Assistant, Mr Edgar Biu, advised the scholars to study hard to achieve academic excellence in their various fields of research.

According to him, the scholars have an obligation to justify the Federal Government’s investment in their education and future.

He reiterated his warning that beneficiaries should not take for granted the opportunity to further their academic pursuits in the interest of the Niger Delta and indeed the country.

Otuaro expressed appreciation to President Tinubu for his “enormous interest and support for the Programme”, particularly the approval of an upward review of the programme’s budget from N65billion to N150billion.

He also expressed gratitude to the National Security Adviser, Mallam Nuhu Ribadu, for his impeccable guidance and supervision of the programme’s initiatives.

Otuaro, therefore, cautioned the scholars to obey their host country’s laws and the rules and regulations of their various institutions, stressing that they are ambassadors of Nigeria, the Niger Delta and their communities and families.

Highpoint of the orientation programme was the presentation of laptops to the scholars to help them in their studies.