Nigeria finds itself at the crossroads of innovation and exploitation. Enter CBEX, the latest in a series of platforms promising mouthwatering returns, quick profits, and the illusion of financial empowerment.
However, if history has taught Nigerians anything, it’s this: when something sounds too good to be true in Nigeria, it usually is. Therefore, the crash of the CBEX trading platform may not come as a surprise or shock to some Nigerians.
What is CBEX?
CBEX presented itself as a futuristic investment platform, pigging on the back of crypto buzzwords, community-driven incentives, and ostentatious dashboards. To the average Nigerian hustling for a better life, it looked like the ticket out of poverty — a supposed legit way to multiply money without lifting a finger.
From social media influencers hyping it up to “mentors” holding training webinars on how to profit from it, CBEX spread across the country. And for a short while, it delivered — payouts were smooth, referrals grew, and testimonies flowed. Until they didn’t.
The interesting part is that even Nigerians in the diaspora invested their hard-earned money- many of whom are now lamenting and counting their losses.
Another Ponzi in Disguise?
Like MMM, Loom, and the countless others before it, CBEX followed a familiar playbook. It capitalized on desperation, masked itself with tech-savvy language, and exploited our collective FOMO (fear of missing out). People saw others “cashing out” and didn’t want to be left behind — even if the red flags were right in their faces.
And now? The platform is inaccessible, withdrawals are frozen, and “admins” have vanished. Sound familiar?
The Bigger Question: Why Do We Keep Falling for This?
Nigeria is full of smart, hardworking people. But in a system where legitimate opportunities are scarce and the government offers little protection, people cling to hope — even if it’s wrapped in a scam.
We don’t just have a scam problem. We have a financial literacy problem, a trust problem, and a systemic failure problem. People are not just greedy — they’re tired. Tired of doing things the “right” way and still struggling to survive. When CBEX comes along promising a way out, it doesn’t take much to say “Why not?”
So, Will Nigerians Ever Learn?
No, Nigerians will never learn. We will continue to fall, victim, if we don’t demand better regulation of online financial platforms, if we keep ignoring the warning signs, and if we don’t start asking hard questions before investing.
But we can learn. We can get smarter, ask questions, do the research, and stop following the hype. We can build communities that prioritize knowledge over quick wins, and stop allowing influencers to mislead for a quick buck.
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