News

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

Published

4 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

JUST IN: Ibom Air Passenger Charged To Court Over ‘Unruly’ Act, Remanded In Prison

Published

50 minutes ago

August 11, 2025

Editor

A passenger who assaulted airline officials on an Ibom Air flight inbound Lagos from Uyo, Comfort Emmanson, has reportedly been charged to court.

The Special Adviser to the Minister of Aviation and Aerospace Development, Festus Keyamo, on Media and Communications, Tunde Moshood, who revealed this, said Emmanson has been remanded in the Kirikiri correctional facility.

Moshood disclosed this in a post on X on Monday shortly after the Nigeria Civil Aviation Authority, NCAA, said enforcement action will soon become more frequent in Nigerian airports as unruly conduct by passengers becomes rampant.

The development is coming on the heels of a similar incident involving popular Fuji musician, King Wasiu Ayinde Marshal, aka KWAM 1 or K1 and an airline, ValueJet.

The musician attempted to stop the aircraft from taking off after he was deboarded.

Details shortly…

News

SERAP, NGE Drag Niger Gov, NBC To Court Over Radio Station Closure Threat

Published

18 hours ago

August 10, 2025

Editor

The Socio-Economic Rights and Accountability Project and the Nigerian Guild of Editors have filed a lawsuit against Niger State Governor, Umar Bago, and the National Broadcasting Commission over what they described as “the ongoing intimidation” of Badeggi FM Radio, Minna, and the threat to shut down the station.

This was contained in a statement on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, accusing NBC of failing to stand in defence of the local station.

Recall that Bago ordered the closure and the revocation of the licence of Badeggi Radio 90.1 FM in Minna over alleged public incitement.

However, in suit number FHC/L/CS/1587/2025, filed last Friday at the Federal High Court, Lagos, SERAP and NGE are seeking to determine “whether by Section 22 of the Nigerian Constitution 1999 (as amended) and section 2(1)(t) of the NBC Act, the NBC has the legal duty to protect Badeggi FM from the ongoing intimidation from the governor.”

They are also seeking “an order of perpetual injunction restraining the Niger state governor and NBC from further harassing, intimidating and/or threatening to shut down Badeggi FM radio, revoke its licence and profile the station’s owner.”

The groups argued, “The ongoing intimidation and threat by Mr Bago to strip Badeggi FM station of its licence, further threat to demolish the station’s premises and profile its owner is unlawful and a violation of the rights to freedom of expression, access to information, and media freedom.”

They described allegations of inciting violence against the station and its owner as “vague, unfounded and unsubstantiated and apparently made to silence the radio station.”

The suit, filed on behalf of SERAP and NGE by lawyers Kolawole Oluwadare, Oluwakemi Agunbiade, and Andrew Nwankwo, read in part, “The media plays an essential role as a vehicle or instrument for the exercise of freedom of expression and information – in its individual and collective aspects – in a democratic society.

“Intimidating, harassing and silencing critical or dissenting voices under the guise of vague and unsubstantiated national security concerns is a fundamental breach of the Nigerian Constitution and Nigeria’s international human rights obligations.

“The ongoing intimidation and harassment of Badeggi FM and its owner is capable of discouraging participation of the press in debates over matters of legitimate public concern ahead of the 2027 general elections.”

SERAP and NGE are therefore asking the court for the following reliefs, “A declaration that by the combined provisions of Section 22 Nigerian Constitution and section 2(1)(t) of the National Broadcasting Act, the NBC is obligated by law to protect Badeggi FM station and other broadcasting outlets in Nigeria from undue interference from unauthorised persons or entity.

“A declaration that the failure and/or neglect of the NBC to protect and defend the independence of the radio station against arbitrary executive interference constitutes a breach of its statutory duty to ensure fair, independent, and lawful broadcasting practices in Nigeria.

“A declaration that the ongoing intimidation and threat issued by Mr Bago to strip Badeggi FM station of its operational licence and further threat to demolish the station’s premises is unlawful and a violation of the rights to freedom of expression, access to information, and media freedom.

“A declaration that the threat issued by the Bago to strip Badeggi FM radio station of its operational licence encroaches upon the statutory powers of the NBC as provided for under section 2 of the National Broadcasting Commission Act.

“An order of perpetual injunction restraining the governor and NBC, its agents and privies from harassing, intimidating and/or threatening to revoke the operating licence of Badeggi FM station or any other broadcasting outlet in Niger State.”

It was said that no date has been fixed for the hearing of the suit.

News

Radio Station Suspends GM For Criticising Ebonyi Gov

Published

19 hours ago

August 10, 2025

Editor

A privately-owned radio station in Ebonyi State, Legacy FM (The Sound of Now), has suspended its acting General Manager, Mr Godfrey Chikwere.

His suspension, it was gathered, followed his alleged persistent “negative” projection of Ebonyi State Governor, Francis Nwifuru, and his policies during radio broadcasts and on social media.

Announcing his suspension on Saturday, the management of Legacy FM claimed the ousted official acted in a manner contrary to the station’s code of conduct.

It said, “The management of Legacy FM 95.1, The Sound of Now, hereby suspends the acting General Manager, Godfrey Chikwere, with immediate effect, till further notice.

“This is due to unruly behaviour and disobedience to the code of conduct guiding the Legacy FM.

“With such effect, he is hereby directed to hand over all the company property in his position to the next senior officer.”

The PUNCH gathered that the radio personality, in a post on his Facebook page on Friday, called on the governor to be stringent in his handling of state matters.

He alleged that public perception of the governor’s administration was being cajoled, while also claiming Nwifuru’s administration was marred by poor communication, underperformance by his appointees, and lack of clear-cut policy direction.

Chikwere also advised the governor to “step on toes” to achieve results, adding that the current state of affairs weakened his support base.

Reacting, the Chief Press Secretary to the Governor, Monday Uzor, criticised the suspended radio staff member over what he described as undue criticisms of his boss’ administration.

In a statement on Friday, Uzor described the criticisms as baseless and unfounded, accusing the former of ingratitude for attacking the governor despite what the state government had done for them.

He said, “It is regrettable that despite the radio station thriving only on government support, the supposed helmsman dedicates a greater percentage of the station’s airtime to attack and run down the government whose support has kept his medium afloat.

“For the avoidance of doubt, the governor gifted the medium a brand new Changan SUV, donated a brand new transformer that powers the station, constructed the road leading to the broadcasting house.

“But rather than give at least balanced coverage of government activities, it has been turned into a slaughter house of the governor’s genuine development efforts and goodwill, what a way to be ungrateful to good deeds.”

On his part, the state Commissioner for Information in Ebonyi State, Ikeuwa Omebeh, also condemned Chikwere’s criticisms of Nwifuru, describing them as “derogatory and inciting.”

In a statement on Saturday, the commissioner accused him of “overstepping his bounds.”

He said his remarks against the governor were unacceptable and an affront to the collective identity of all the people of the state.