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

Published

7 months ago

April 23, 2025

Editor

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

Edo: Foundation Puts Smile On Less Privileged Faces, Gives 100 Free Medical Surgery

Published

3 hours ago

November 27, 2025

Editor

Not less than a hundred less privileged patients on Wednesday in Benin benefited from a free medical surgery carried out by Dr. Paddy Emmanuel Foundation.

The surgical operations were carried out on ailments ranging from Fibroids, Hernia, Liponia breast lump and others.

Speaking, the founder and Edo State Commissioner for Education, Dr. Paddy Iyamu, said since the commencement of the free medical outreach in 2014, over 3000 persons have benefited in Edo and Delta.

Paddy, who said the programme was driven purely by compassion and not political motives, added: “Life is all about what you can give back to the people because you came with nothing and you go back with nothing. I have been giving back to society in the past 10 years to impact the people”, he said.

He stressed that many of the beneficiaries could not have afforded the cost of treatment on their own.

“This gesture is outside politics. We started as far back as 2014 and we have been doing it every year. Some persons who come for treatment tell you they have not had food to eat, not to talk of getting money, which sometimes runs into millions, to give to the doctor.

“The experience in the last 10 years has been fulfilling and impactful. I am happy to see burdens lifted off people.

“Life is vanity and when you are gone, you will be remembered for what you have done. I hope to continue till Jesus calls me.”

Director General of the foundation, Mr. Zion Oshiobugie, explained that while the first nine editions of the medical outreach were held in Delta State, the 10th edition marks the first time Edo residents were benefitting from the initiative.

Oshiobugie noted that the annual programme is fully funded by the founder, Dr. Paddy Iyamu, who dedicates his birthday every year to providing life-changing healthcare for indigent citizens.

According to him, “What he does is to mark his birthday on the 30th of November every year with the free surgeries which have benefitted 3,000 persons. He wants humanity to benefit from his birthday instead of just partying.

“So this programme, which takes place for one week every year, is borne out of love for humanity, which is in line with the motto of our foundation, ” Touching Lives”

“Every year, we partner with our surgeon, Dr. Benjamin Olowojebutu, who brings his team from Lagos. He has been one of our partners and he is a respected member of the Nigeria Medical Association.”

Partners and team lead of the medical personnel from Lagos, Dr. Benjamin Olowojebutu, expressed his commitment to the outreach, disclosing his personal calling to give back after surviving a ghastly motor accident years ago.

“I am here with 24 members of my team from Lagos. We perform fibroid surgeries which have allowed women to have their own children. We also perform hernia, lipoma, breast lump and other surgeries.

“Last week, we got a text that one of the women we operated on in 2020 now has three kids. That means this intervention is creating relief for our people.

“The focus is on the less privileged because when you do this, you give it to God. Each year we come back, people give testimonies of the good things that have happened to them.”

A 19-year-old Nelson Ehigie who benefited from the free medical operation, thanked the foundation for the free surgery.

“I’m very grateful to Dr. Paddy Foundation. My parents couldn’t afford the cost so we had to come here for the surgery. God bless Dr. Iyamu,” he said.

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BREAKING: NNPCL Reduces Fuel Price After Dangote Refinery, Depot Owners Cut Rates

Published

5 hours ago

November 27, 2025

Editor

The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price after Dangote Refinery and depot owners dropped ex-depot prices.

A visit to filling stations in Abuja on Thursday, gathered that the state-owned firm has slashed its fuel price to N930 per litre from N945.

The downward adjustment has been implemented in NNPCL retail outlets in Kubwa Expressway, Gwarimpa, Wuse Zone 4, Zone 6 and filling stations within Abuja and environs.

This means that NNPCL reduced its fuel retail price by N10 per litre.

It was also observed that other Nigerian filling stations, such as Ranoil in Gwarimpa, have reduced fuel pump prices by N5 to N935 per litre from N940.

Similarly, MRS and AP Ardova filling stations in Abuja are currently dispensing their petrol between N930 and N935.

The development comes as Dangote Refinery and depot owners such as Pinnacle and Aiteo dropped ex-depot prices by at least N10 to N846, N845, and N844 per litre, respectively, as of Thursday morning.

Earlier, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike, told DAILY POST that fuel prices may drop further as the ongoing petrol price war intensifies.

News

Delta-billionaire Lawuru To Grace Ijaw Media Conference As Guest Of Honour

Published

16 hours ago

November 27, 2025

Editor

The President of Egbema Brotherhood, Alaowei Promise Lawuru, is expected to grace the forthcoming Ijaw Media Conference 2025, as a guest of honour.

The event is scheduled to hold on December 3rd, 2025, in Warri, Delta State.

The annual media conference organised by the Ijaw Publishers Forum with the theme ‘Safeguarding Niger Delta’s Natural Resources for Future Generations,’ is second edition of the series.

Lawuru, youthful politician and businessman’s willingness to appear as guest of honour was made known
when a delegation of the Central Working Committee led by Pastor Arex Akemotubo paid him a visit to inform him of the forthcoming event and his expected role.

In his presentation, Akemotubo explained that this year’s theme was chosen out of concern for the growing strain on the region’s land and waters.

The Publisher of WaffiTV stressed that the forum wants to strengthen public understanding, support honest reportage, and encourage leaders to protect what the Niger Delta holds for the next generation.

He addex that Lawuru’s history of service and steady involvement in community work made him a natural choice for the role.

Chief Lawuru welcomed the invitation and spoke warmly about the need for shared responsibility among stakeholders and groups such as the IPF.

He commended the forum for using the media to defend the region’s interests and promised full support for the conference.

Lawuru further urged other stakeholders across the Ijaw nation to lend their weight to efforts that safeguard the environment.