Popular content creator and lawyer Timi Agbaje has reacted to the viral outcry on social media about a trending scheme known as CBEX.
OSG recalls reporting that about some Ponzi schemes which had collapsed in the past, CBEX is the latest platform reported to be a fraudulent scheme which has now also collapsed.
This comes after a request by the platform for additional deposits from its users, raising concerns about the platform’s legitimacy and its operations within the country.
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OSG checks also disclosed that CBEX has changed its domain name several times between January 2024 and February 1, 2025.
Nigerian law on Ponzi explained
Timi Agbaje, known for making content about Nigerian laws, knocked Nigerians who are looking for shortcuts to evade poverty.
“Many of you have dedicated your life to escaping poverty through shortcuts, that is to say you want to use back door to become Bill Gate,” he said.
According to Agbaje, before the commencement of investment business in Nigeria, it must first be registered with the Security Exchange Commission (SEC) and abide by its rules.
Agbaje also disclosed that anyone who attempts to defraud Nigerians through an investment scheme is liable to at least five years imprisonment and five million naira in fine or both, without considering other penalties, in line with section 344 (E) of the Investment and Securities Act 2025.
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He also revealed that promoters, influencers and bloggers who promote Ponzi schemes, which lead to Nigerians losing their money, have to make a refund within one month.
“Poverty and ponzi are like twin brothers as long as there is poverty there will be ponzi,” he added.
Watch Timi Agbaje’s video below:
Reactions trail Timi Agbaje’s video about CBEX
Below are some reactions captured by OSG:
@mayrhhie:
“CIBE Oluwa Dara, boti wun kori oh.”
@dynamicjnarth:
“Cbex don spoil dis year already.”
@peterademuwagun:
“you want to use back door to become Bill Gates” smoove.”
@precious_fiyinfoluwa:
“And BLACKGOLD was not jailed.”
@darlington_kush:
“@official_maymill Shey you Dey see 😂😂 you no go sleep your house this night.”
@69studios.ng:
“Uptill now dem never catch Blackgold.”
@ayofosun:
“CIBEX hasn’t crashed yet. I still get faith.”
@xenalmannover90:
“Is it for real that CeBEX crash?”
@nobftpoi:
“Abeg na so Davido make me do racksterli nothing happen But still my 001.”
@fresh_oyebola:
“Which one Davido write to the SEC before pulling crypto fraud many times? Stop quoting law in a lawlessness country. That country was built on fraud and only fraud can thrive there. No single legitimate individual with hush money without fraud in it.”
@NehemsE:
“So, cbex don crash be that?”
@citadelmedia24:
“There was a certain artist in this country that promoted Racksterli oo.”
@sparkle_brand:
“Davido promoted racksterli in 2021 Sha. Just a reminder that nothing happened to both promoter and owner. Nah those who invest late know wetin them lose.”
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