In Nigeria, we like good things, especially those almost free. We keep our ears on the ground for news on giveaways, clearance sales, and instant cash-out schemes. We do not believe that Awoof dey run Belle, so to speak. Furthermore, we chase opportunities, and rightly so, because we are a people of hustle, of vision, and of deep hunger for growth, but also we tend to be vulnerable to greed. As the saying goes, “Not all that glitters is gold.” The recent CBEX scam has once again reminded us that not every business opportunity is what it claims to be. When it is good, “too good,” we must pause, reflect, and ask the right questions.
CBEX entered the scene with all the trappings of legitimacy. Promises of high returns, well-designed platforms, testimonials, and a smooth-talking front that many bought into. But behind the curtains, it was yet another carefully crafted Ponzi scheme preying on the hope and desperation of honest entrepreneurs and investors.
In just a few months, hundreds, maybe thousands, lost their money. Dreams shattered. School fees, life savings, and capital for genuine business ideas are gone. And now we’re left with silence from the perpetrators and shame and regret from the victims.
The Watchdogs Were Asleep
What makes the CBEX saga more painful is that it unfolded in plain sight, while agencies tasked with protecting the public looked the other way. The EFCC, ICPC, SEC, and other financial regulatory bodies in Nigeria either failed to detect the fraud early enough or were too slow to act. It begs the question: what systems are in place to track suspicious financial activities, and who is really watching the market? The silence and inaction were deafening in a country with this many institutions supposedly guarding against fraud. When trust is broken not just by scammers but also by regulators, the damage runs deeper. This is a wake-up call not just for investors but for our institutions as well.
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1. Due Diligence Is Not Optional
“When the roots of a tree begin to decay, it spreads death to the branches.” – Nigerian proverb.
Before you invest in any business or platform, investigate. Ask questions. Verify company registration with the Corporate Affairs Commission (CAC). Look for real human faces behind the brand. If a business promises guaranteed returns of 15% or 30% monthly, pause. That’s not normal. Even legitimate banks or treasury bills don’t promise that.
2. Don’t Let Desperation Be Your Business Partner
A desperate person is an easy target. Scammers know this. They market to your hopes, show you a vision, and make you feel like you’re missing out. It’s emotional manipulation, not business.
As Pete Edochie would say, “The one who fetches firewood infested with ants invites the lizard to the feast.” If you rush into every “good” opportunity without due process, you’re inviting problems.
3. Real Growth is Steady, Not Spectacular
We all want financial freedom. We want that win. But true success is rarely instant. It’s built slowly, intentionally, with discipline and patience.
Look around at the real businesses that have survived in Nigeria; they grew gradually. They weren’t overnight miracles. They dealt with taxes, staff issues, NEPA, bad roads, area boys, police extortion, and logistics, and still stayed afloat. That’s real wealth.
4. Community is Key
Talk to other entrepreneurs. Build circles of trust. Share opportunities and red flags. If more people had asked around about CBEX before investing, fewer would have fallen victim.
There is a popular Nigerian saying that “He who asks questions never misses his way.”
We must remain optimistic, but we must also be wise. The same energy we use to dream, we must use to discern. Nigeria needs bold entrepreneurs and visionary investors. But we also require watchdogs, truth-tellers, and people who will say no when a deal sounds suspiciously sweet.
The next time an opportunity comes, and it looks too good to be true, take a breath. Step back. Investigate. Because often, when it is good, it might just be a trap.
Easy come, easy go.
