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

Published

2 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

Peter Obi Condemns Tinubu’s Saint Lucia Trip

Published

48 minutes ago

June 28, 2025

Editor

Labour Party leader and former presidential candidate, Peter Obi, has criticised President Bola Tinubu’s planned trip to Saint Lucia, describing it as poorly timed and lacking in sensitivity, especially amid Nigeria’s deepening economic and security challenges.

Tinubu is expected to leave Nigeria on Saturday for Saint Lucia and is also scheduled to attend the upcoming BRICS summit in Brazil.

In a post shared on X (formerly Twitter) on Saturday, Obi expressed dismay over the president’s travel, questioning the state of governance in the country.

Obi argued that Tinubu’s trip highlights a pattern of misplaced priorities by the administration, particularly at a time when citizens are grappling with widespread hunger and insecurity.

“What I have seen and witnessed in the last two years has left me in shock about poor governance delivery and apparent channelling of energy into politics and satisfaction of the elites, while the masses in our midst are languishing in want,” Obi stated.

He lamented the toll of rising insecurity across Nigeria, pointing out the country’s deteriorating safety situation.

“In the past two years, Nigeria has lost more people to all sorts of criminality than a country that is officially at war.

“Without any twilight, Nigeria ranks among the most insecure places in the world. Nigerians are hungrier, and most people do not know where their next meal will come from,” he wrote.

Obi said he was stunned when he learned of the President’s travel plans, especially following what he described as a recent holiday in Lagos.

“With such a gory picture of one’s country, you can imagine my bewilderment when I saw a news release from the Presidency announcing that President Bola Tinubu is departing Nigeria today for a visit to Saint Lucia in the Caribbean,” he said.

Quoting Saint Lucia’s Prime Minister, Philip J. Pierre, Obi noted that the visit comprises both official and personal segments.

“According to the Prime Minister’s announcement, ‘two of these days, June 30 and July 1, will be dedicated to an official visit, with the remainder of the trip set aside as a personal vacation,” he said.

Obi noted that he initially found the report hard to believe.

“I told the person who drew my attention to the Caribbean story that it cannot be true and that the President is just coming back from a holiday in Lagos.

“I didn’t want to believe that anybody in the position of authority, more so the President… would contemplate a leisure trip at this time,” Obi said.

He condemned Tinubu’s failure to visit disaster-stricken areas like Minna in Niger State, where over 200 people reportedly died and hundreds remain missing due to flooding.

“This is a President going for leisure when he couldn’t visit Minna, Niger State where over two hundred lives were lost and over 700 persons still missing in a flood natural disaster,” he said.

Obi also took issue with Tinubu’s recent trip to Benue State, claiming it was politically motivated rather than compassionate.

“The other state in crisis where over two hundred lives were murdered, the President yielded to public pressure and visited Makurdi… for what turned out to be a political jamboree than condolence as public holiday was declared and children made to line up to receive the President who couldn’t even reach the village, the scene of the brutal attack,” he said.

Drawing comparisons between Nigeria and Saint Lucia, Obi questioned the logic of prioritising a visit to the Caribbean nation over addressing pressing domestic issues.

“Makurdi is 937.4 Km², which is over 59% bigger than St Lucia, which is 617 km², and Minna is 6789 square kilometres, which is ten times bigger than St Lucia. St Lucia, with a population of 180,000, is less than half of Makurdi’s 489,839 and Minna, with 532,000 is almost three times the population of St Lucia,” the former Anambra governor said.

He concluded his post by stressing the urgent need for leadership that is grounded in empathy and focused on addressing the suffering of ordinary Nigerians.

He said, “I don’t think the situation in this country today calls for leisure for anybody in a position of authority, more so the President, on whose desk the buck stops.

“This regime has repeatedly shown its insensitivity and lack of passion for the populace…”

Obi added, “This very obvious indifference of the federal government to the suffering of the Nigerian poor should urgently be reversed.

“One had expected the President to be asking God for extra hours in a day for the challenges, but what we see is a concentration of efforts in the 2027 election and on satisfying the wealthy while the mass poor continues to multiply in number.”

News

World Bank Lists Nigeria Among 39 Nations Facing Rising Poverty, Hunger

Published

1 hour ago

June 28, 2025

Editor

The World Bank has listed Nigeria among 39 countries where poverty and hunger are deepening as a result of conflict and instability.

In a report released on Friday, the bank said the economies, a mix of low- and middle-income countries, span all global regions. Among them are Afghanistan, Burkina Faso, Cameroon, Ethiopia, Libya, Mali, Nigeria, Sudan, Ukraine, and Zimbabwe.

The report, which assesses the economic impact of conflict and fragility in the post-COVID-19 era, revealed that 21 of the 39 countries are experiencing active conflict.

According to the findings, extreme poverty is rising more rapidly in these countries, taking a severe toll on economic development, worsening hunger, and derailing progress toward key development goals.

Since 2020, the report noted, the average per capita GDP of these economies has declined by 1.8 per cent annually, in contrast to a 2.9 per cent growth rate recorded in other developing countries.

The report partly reads: “This year, 421 million people are struggling on less than $3 a day in economies afflicted by conflict or instability—more than in the rest of the world combined.

“That number is projected to rise to 435 million, or nearly 60% of the world’s extreme poor, by 2030.”

News

Nigeria’s Public Debt Rises To N149trn

Published

1 hour ago

June 28, 2025

Editor

Nigeria’s total public debt rose to N149.39 trillion as of March 31, 2025, according to the latest data released by the Debt Management Office (DMO).

The nation’s public debt represents the indebtedness of the federal and state governments, as well as the Federal Capital Territory.

The Federal Government owes N74.89 trillion, while the 36 states and the Federal Capital Territory (FCT) owe the balance of N3.87 trillion.

The figure represents about 4. 72 trillion or 3.3 percent increase over the preceding quarter, with a debt stock figure of N144.67 trillion.

The data showed that external debt rose minimally by 0.5 percent between the end of 2024 and the end of March 2025 (N344 billion).

Although the nation’s external borrowing has been quite low since the last quarter of 2024, the Naira depreciation has had a very negative effect on the stock.

Domestic debt stood at N78.76 trillion as of the end of the first quarter compared to N65.65 trillion in March 2024.