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

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.
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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.
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.
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
MOWAA Authorities Shun Edo Assembly Committee, Give Reason

Authorities of the Museum of West African Art (MOWAA) on Monday refused to appear before the Edo State House of Assembly Ad hoc Committee which was set up to investigate its operations and funding.
Recall that Governor Monday Okpebholo, had last month, asked the Assembly to determine the stake of the state government having committed N3.3bn and true ownership of MOWAA.
At the resumed sitting of the Committee on Monday, MOWAA, in a letter by its lawyer, Olayiwola Afolabi, said it earlier informed the Committee that it would be sub judice for it to attend the public hearing due to the pendency of the same matter before the Federal High Court, Benin City.
In the letter, MOWAA informed the Committee that other committees of the Federal Government and the House of Representatives have been constituted to look into the same issues.
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The letter said documents it previously submitted to the Assembly showed that everything about MOWAA was genuine and transparent.
MOWAA, in the documents it submitted, said, “No funds from any international institution had been received for the building of MOWAA until after it was very clear what MOWAA was and was not.
“All funding was received subsequent to the time in the middle of 2021 that it was clear to potential donors that there would be two separate organisations one focused on Benin heritage art and another on modern and contemporary, broader West African art and research/education.
“Funding from the German Government did not come until the end of 2022 – a year and a half after the Palace disassociated itself from MOWAA. The fact that there would be two separate museums was communicated to the Benin Dialogue Group (the European museums) in the meetings of October, 2021 at the London meeting and again in Hamburg in the meetings of March 2023, and further confirmed in writing to all Benin Dialogue Group members approximately two years ago when MOWAA formally withdrew from the group meetings.”
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Speaking before the Committee, the state Accountant General, Julius Oseimen Anelu, said N3.8bn was released for the building of MOWAA between 2022 and 2024.
He said funding for MOWAA by the Edo State Government was appropriated in the budget.
He said the $18m from donors did not enter the state’s coffers.
On his part, the Benin Monarch, Oba Ewuare II, who was represented by Prince Aghatise Erediauwa, accused former Governor Godwin Obaseki of making efforts to hijack the processes of the returned artefacts.
READ ALSO:Okpebholo Revokes MOWAA Land Title
He accused former Minister of Information and Culture, Alhaji Lai Mohammed and a former Director General of National Commission for Museums and Monuments (NCMM) Albert Tijani, of fighting the Palace to defend the actions of the Legacy Restoration Trust (LRT).
Oba Ewuare II said the LRT was used to solicit funds abroad using his name.
The Benin Monarch said the Federal Government gazette, which recognised him as the custodian of the returned artefacts, made the LRT promoters realise that they were fighting a lost battle.
Chairman of the Ad hoc Committee, Hon Ade Isibor, expressed shock at the action of MOWAA.
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Hon. Isibor said the suit cited by MOWAA would not stop the Committee’s investigation, saying the Assembly and the Edo State Government were not involved in any litigation involving MOWAA.
According to him, “The powers of parliament to look into funds disbursed by the Executive is sacrosanct and cannot be taken away by any court.
“We are shocked that MOWAA did not attend sitting or come to give a verbal presentation. The Committee adopted the documentary evidence forwarded to us without by MOWAA.”
News
He Can’t Fix His Party Let Alone Nigeria – Oshiomhole Blasts Atiku

The lawmaker representing Edo North Senatorial District, Adams Oshiomhole, has criticised former Vice President Atiku Abubakar.
Speaking in an interview on Politics Today, a programme on Channels Television monitored by DAILY POST on Monday, Oshiomhole alleged that Atiku, who cannot fix his party, cannot fix Nigeria’s problems.
His comment comes after Atiku officially joined the African Democratic Congress, ADC.
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Atiku formally joined the ADC, the coalition-backed party, on Monday ahead of the 2027 general elections.
Reacting, Oshiomhole said, “If Atiku as a former vice president under PDP could not fix PDP, he could not reconstruct it, he could not provide leadership and use his influence which he had built, how can you lay claim to fix Nigeria.
“Former President Olusegun Obasanjo gave Atiku a lot of leverage, so much power, yet he couldn’t use it to fix the PDP,” Oshiomhole said.
News
Gov Mohammed Flags Off Construction Of 203.47-kilometre Rural Roads

Governor Bala Mohammed of Bauchi State has flagged off the construction of 203.47-kilometre rural roads in the state.
Speaking during the flagging off of the roads in Gamawa Local Government Area of the state on Monday, Mohammed said the road construction would be carried out with the Federal Government intervention under its Rural Access and Agricultural Marketing Programme (RAAMP).
According to him, the roads represented more than physical infrastructure but symbolises his administration’s vision of Bauchi state where no community was left behind, where development was fair and balanced and driven by the needs of the people with equity and justice.
“We are grateful to the federal government, we are grateful to the World Bank and all the development partners.
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“Roads are the architect of opportunities. They connect farmers to markets, women to healthcare, children to schools, security agencies to vulnerable communities and rural economy to national prosperity.
“For decades, many rural communities in Bauchi have suffered neglect. Roads became impassable during rainy seasons, farmers lost produce, students struggled to reach schools and sick people were unable to get timely medical attention,” he said.
Mohammed, who said that the days of neglect of the rural communities were over, added that RAAMP remained a key pillar for his transformative agenda and aligned with his Bauchi project 1&2.
He said RAAMP also aligned with the Bauchi Agricultural modernisation, inclusive development, improved governance, youth empowerment, poverty reduction and sustainable infrastructure.
READ ALSO:Bauchi Board Laments Low Teacher Turnouts In Training Exercise
According to him, RAAMP was not just about roads, it’s about connecting communities, boosting the rural economy and laying the foundation of lasting prosperity.
He highlighted the roads to include 26.8 kilometers Mararaba Liman Katagum-Boli-Kafinmawa-Mararaba Dajin roads, 14.75km Dargazu- Gambaki-Chinade-Gangai road, 28km Gamawa – Sakwa road.
Others included; 14.45km Misau- Beti- Maladunba roads, 6.6km Giade – Tagwaye road, 6.68km Yana-Fago road, 6.71km Mararraban Dajin- Dajin road, 36.65km Dott-Dado- Baraza road, 24km Lanzai-Papa road.
He further explained that the road construction also included 4.91km Gadar Maiwa- Zakara road, 25km Dagu-Ningi road, 8.86km Nabordo – Gadan Doka.
READ ALSO:Bauchi Begins Production Of Exercise Books, Chalks For Schools
The governor called on traditional rulers to support contractors and remained vigilant and provide intelligence on security and safety.
Also speaking, Engr. Aminu Mohammed, the National Coordinator (RAAMP)
Coordinator said that the state has disbursed over N6 billion in counterpart funding to RAAMP, making it one of the top performing states.
“These roads will open critical agricultural corridors, reduce travel time and post harvest losses, improve access to markets, schools and healthcare.
“It will also enhance rural productivity and inclusion, stimulate economic activities across all the three senatorial zones in the state,” he said.
He called on the contractors to deliver the project with the highest standard of engineering professionalism and compliance with environmental and social safeguard.
The Coordinator also called on the communities to take ownership of the roads and take care of and protect them.
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