This week, Nigeria witnessed yet another investment tragedy as CBEX, a digital investment platform, suddenly shut down. The fallout was devastating, reports suggest Nigerians lost over ₦1.3 trillion to the scheme.

CBEX had marketed itself as a global crypto trading platform powered by artificial intelligence, promising returns of up to 100% in just 30 days. It claimed affiliations with government bodies in China and even boasted registrations in the U.S. and Canada none of which were ever verified.

Operating mainly in Nigeria since mid-2024, CBEX lured in nearly 300,000 investors, most of whom were ordinary citizens hoping to improve their financial situations. Many were encouraged to recruit others in order to unlock their earnings a classic Ponzi model masked with tech jargon and flashy dashboards.

The company was never registered with Nigeria’s Securities and Exchange Commission (SEC), and authorities have now flagged it as fraudulent. As it became harder for users to withdraw their funds, CBEX introduced “verification fees” to stall exits before disappearing altogether.

The Bigger Picture

We operate in an economy that has cornered its people into survival mode. When a system consistently fails to provide real opportunities, it’s no surprise that “get rich quick” schemes thrive. CBEX isn’t the first scam to sweep across the country and sadly, it won’t be the last.

People are working from hand to mouth. So when a promise of financial breakthrough appears even if it seems too good to be true, they take the risk. It’s not foolishness; it’s desperation.

The harsh truth is this: in a society where wealth is a requirement to access even basic opportunities and where government corruption often goes unchecked, people will grasp at any lifeline. Social media glorifies wealth by any means, and everyday citizens are left to figure things out alone.

So we ask ourselves. Are we even redeemable?

This is not just about CBEX. It’s a mirror reflecting our broken systems. It’s a cry for change. A revolution, not just in governance, but in our values, our economy, and how we protect each other.

Now more than ever, we need to be our brother’s keeper