The Federal Government on Wednesday sympathised with victims of the digital investment platform CBEX, stressing that Nigerians must work together to put an end to the rise of Ponzi schemes in the country.

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, made the appeal in his keynote address at the second edition of The Spokespersons Summit organised by the Nigerian Institute of Public Relations in collaboration with the Federal Ministry of Information and National Orientation in Abuja.

According to Oyedele, ridding the country of such a menace is a collective task for all citizens.

He 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.

“We also want to encourage Nigerians to take the opportunity to learn, including learning about the tax reform, because you may find that one knowledge in one area helps you in another area. 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. They’ll go to the bank and take a loan of 30 per cent, make the money and keep it for themselves. If you’re not too sure and you don’t understand it, ask people around before you stake your money into it.”

Continuing, the Presidential Fiscal Policy chair assured that the Economic and Financial Crimes Commission and the Securities and Exchange Commission are rolling out the development.

When asked if he had fallen victim to such a scheme even as a teenager, Oyedele kicked.

“I’ve never fallen victim. I just feel like you can’t come to me with an investment proposition that does not make sense and leave convincing me it’s almost totally impossible. Even for credible platforms like banks and investment institutions, I challenge them every time before I invest.

“They have to tell me the activity behind the money, the risk I’m taking, and what guarantees you have. The EFCC are also playing their part. So I think it’s a collective assignment for all of us. If it looks too good to be true, it is most likely not true,” he stated.

On Tuesday, the digital investment platform CBEX suddenly collapsed, with reports indicating that investors incurred losses amounting to over N1.3 trillion.

The incident has sparked widespread reactions, with users expressing frustration, criticism, and concern.

In a related development, the Economic and Financial Crimes Commission, however, assured individuals who invested in the crashed investment platform that they would get their money back.

Speaking on Channels TV’s Morning Brief on Wednesday, the spokesperson for the EFCC, Dele Oyewale, said the anti-graft agency has been receiving numerous calls from Nigerians seeking information and remedies regarding CBEX.