‘It’s very painful’ – Federal Government of Nigeria Sympathizes With Citizens Who Invested In CBEX Over Massive Loss

The Federal Government of Nigeria has consoled Nigerians who invested their money into CBEX, the digital investment platform which collapsed early this week.

Taiwo Oyedele, the chairman of the Presidential Fiscal Policy and Tax Reforms Committee urged Nigerians to stay away from investing in Ponzi schemes whose operators only aim to rob citizens of their hard-earned money.

Speaking at the second edition of the spokespersons’ summit in Abuja, Oyedele said Nigerians need to work with the government to rid the nation of operators of such schemes.

Oyedele said, “To put your hard-earned money in an investment that collapses a few months later is very painful.

“It’s more painful than paying taxes because when you pay taxes, there’s actually the hope that they will fix your road, pay salaries of civil servants, and the government will provide security. But when it’s a Ponzi scheme, the benefit is zero,” he said.

He also encouraged Nigerians to further learn from the inside ts surrounding the collapse of CBEX rather than sulking about it.

“I also believe that our regulators, professional bodies, including NIPR and you guys in the media need to educate our people more so they don’t lose their hard-earned money to Ponzi schemes.

“So people shouldn’t fall for all these ‘you get 100 cents in one month.’ If anybody can make 100 per cent returns in one month, they won’t come to you,” Oyedele said.