CBEX issue is far bigger than the victims and their penchant for quick money.

It is okay to blame CBEX victims for being greedy, but the issue is far bigger than the victims and their penchant for quick money. 

Ponzi businesses thrive in Nigeria because the authorities are not doing enough to stop this madness and protect our vulnerable citizens.

It has been over 4 years since Chinmark crashed with over 7 billion naira of retail investors money trapped in the process. 

The protagonist of the whole heist, Chinedu Ijomah, is still on Facebook and Instagram posting motivational speeches while the victims are still licking their wounds, yet to recover from the trauma of losing their life savings with him. 

In the next few years from now, Chinmark will come back and join APC and probably run for a House of Reps seat in Umuahia, and since he has enough liquidity stolen from investors who trusted him, he will buy enough votes to win his election. 

Just like that. 

A society that encourages, celebrates, and rewards criminals is one where Ponzi businesses will continue to flourish unabated because our government does not care. 

SEC is sleeping and probably does not know their job. 

The issue with CBEX is bigger than fraud. We live in a system where desperation drives people to harsh extremes. 

The real crisis is bigger than fraud and CBEX; people are hungry.

Nigerians are tired. 

Nigerians are poor. 

And the system is failing them. 

In America, it is not possible for a Ponzi business to scam Americans the way CBEX and Chinmark did and get away with it. 

The authorities will track the promoters, including the influencers, by making sure they are arrested and arraigned in court for restitution and justice for the victims. 

Bernard Madoff perpetrated a multi-billion dollar scam that defrauded investors around the world for decades until his arrest in December 2008. 

Madoff perpetrated the largest known Ponzi scheme in history, as investors lost over $65 billion to his scam. 

Madoff died in a prison hospital at age 82 on April 14, 2021, while serving a 150-year sentence for money laundering, securities fraud, and several other felonies.

Madoff's fraud led many to financial ruin, and his name is now synonymous with what many consider one of the largest Ponzi schemes in history.

Elizabeth Holmes, who was once the Forbes richest young person under 30, is currently sentenced to 11 years for defrauding Theranos investors of $452 million. 

This is how a system that works protects citizens from economic scammers out to scam them because of economic vulnerabilities. 

It is okay to blame the victims of CBEX; I blamed them too. 

But one thing we are not saying enough is that it is time for the authorities to wake up and do their job and stop blaming victims who are only trying to survive with the card they have been dealt.