- A viral video has exposed the Osun State Broadcasting Corporation (OSBC) for allegedly promoting the fraudulent CBEX Ponzi scheme on its radio programmes
- CBEX officials were given airtime on OSBC to falsely advertise the scheme as a poverty alleviation initiative, urging petty traders and low-income Nigerians to invest
- Despite warnings from Nigeria’s Securities and Exchange Commission (SEC) about CBEX’s unregistered status, OSBC presenters enthusiastically endorsed the scheme on air
Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.
A recent video making the rounds on the internet has reportedly linked the Osun State Broadcasting Corporation (OSBC), a government-owned radio station, to a Ponzi scheme.
Photo credit: CBEX
Source: UGC
In the video obtained by SaharaReporters from one of the station’s programmes, OSBC reportedly gave airtime to CBEX Trading Exchange Global officials who made exaggerated claims about the fraudulent platform’s capacity to lift Nigerians out of poverty.
According to SaharaReporters, OSBC actively promoted the now-collapsed CBEX Ponzi scheme to its listeners, packaging it as a legitimate poverty alleviation initiative and encouraging vulnerable Nigerians to invest.
“This scheme is for everyone. Even those selling herbal mixtures, those selling on the roadside, and the petty traders can invest with us. Those selling pepper, and those selling vegetables in the market can also join us. We want everyone to join us because our intention is to make life easier for Nigerian people. We want to take them from suffering and hardships,” one of the CBEX officials declared during the live broadcast, speaking in Yoruba language.
Rather than questioning the scheme’s credibility or regulatory status, the OSBC presenter fully endorsed CBEX on air.
“This is a scheme that will bring fortune to Nigerians. That is why we are telling you every week that you should join them, I am still telling you again to join them this morning to make fortune,” the presenter said without hesitation.
Another CBEX representative echoed similar sentiments during the same programme, falsely presenting the scheme as a humanitarian intervention.
“Like my superior said, this scheme is for us to alleviate poverty from Nigerians and take them from suffering,” the official said.
Photo credit: dragana991/ Getty Images, BBC
Source: Getty Images
OSBC’s alleged decision to promote CBEX reportedly came despite prior warnings from Nigeria’s Securities and Exchange Commission (SEC), which had categorically stated that CBEX was not registered and advised Nigerians to avoid investing in it.
The implications of this radio endorsement have been devastating for listeners who trusted the scheme, many of whom now find themselves financially ruined.
Nigerians react to video showing OSBC promoting CBEX
As usual, Nigerians have reacted to the development. Legit.ng compiled a few reactions from the comment section on X below:
@ExquisiteDemola tweeted:
“They used OSBC to promote a ponzi scheme?”
@ElmaSofie tweeted:
“They will answer in court.”
@ediological tweeted:
“Radio stations will promote anything for money.”
@UTDVenom1 tweeted:
“Davido also promoted Racksterli.”
Video showing how OSBC allegedly promoted CBEX surfaces on TikTok
Watch the video shared on TikTok, showing how OSBC promoted CBEX:
Read more about CBEX:
CBEX scandal: Buhari’s aide reacts as CBEX collapse
Meanwhile, Legit.ng reported that former presidential aide, Bashir Ahmad, said the Securities and Exchange Commission (SEC) warned Nigerians against investing in CBEX.
Ahmad said Nigerians always ignore regulatory agencies’ warnings whenever Ponzi schemes are introduced in the country.
Some Nigerians said SEC should have shut down CBEX offices and stop Nigerians from patronising them than issuing warnings.
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Source: Legit.ng
