The Federal Government expressed sympathy for the victims of the digital investment platform CBEX on Wednesday, emphasising the need for Nigerians to work together to put an end to the country’s increase in Ponzi schemes.
Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, made the appeal during his keynote address at the second edition of The Spokespersons Summit in Abuja, which was organised by the Nigerian Institute of Public Relations in collaboration with the Federal Ministry of Information and National Orientation.
According to Oyedele, ridding the country of such a threat is a communal responsibility of all residents.
He said, “To put your hard-earned money in an investment that collapses a few months later is very painful. It’s more painful than paying taxes because when you pay taxes, there’s actually the hope that they will fix your road, pay the salaries of civil servants, and the government will provide security. But when it’s a Ponzi scheme, the benefit is zero.
“We also want to encourage Nigerians to take the opportunity to learn, including learning about the tax reform, because you may find that one knowledge in one area helps you in another area. I also believe that our regulators and professional bodies, including NIPR and you guys in the media, need to educate our people more so they don’t lose their hard-earned money to Ponzi schemes.
“So people shouldn’t fall for all these ‘you get 100 cents in one month’. If anybody can make 100 per cent returns in one month, they won’t come to you. They’ll go to the bank and take a loan of 30 per cent, make the money and keep it for themselves. If you’re not too sure and you don’t understand it, ask people around before you stake your money into it.”
Continuing, the Presidential Fiscal Policy Chair stated that the Economic and Financial Crimes Commission and the Securities and Exchange Commission are implementing the development.
Speaking on if he had fallen victim to such a scheme even as a teenager, Oyedele kicked.
“I’ve never fallen victim. I just feel like you can’t come to me with an investment proposition that does not make sense and leave, convincing me it’s almost totally impossible. Even for credible platforms like banks and investment institutions, I challenge them every time before I invest.
“They have to tell me the activity behind the money, the risk I’m taking, and what guarantees you have. The EFCC are also playing their part. So I think it’s a collective assignment for all of us. If it looks too good to be true, it is most likely not true,” he stated.
On Tuesday, the digital investment platform CBEX abruptly collapsed, with estimates estimating that investors lost more than N1.3 trillion.
The incident elicited broad reactions, with users expressing annoyance, criticism, and alarm.
In a related development, the Economic and Financial Crimes Commission (EFCC) informed anyone who invested in the defunct investment platform that they would receive their money back.
Speaking on Channels TV’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale stated that the anti-graft agency has received several calls from Nigerians seeking information and solutions regarding CBEX.
