LCCI pushes for value-based education to scuttle ponzi schemes in Nigeria

The Lagos Chamber of Commerce and Industry (LCCI) has called for continued public enlightenment and value education to prevent Nigerians from falling victim to Ponzi schemes.

Ponzi schemes are springing up despite warnings from regulators and efforts by the Economic and Financial Crimes Commission (EFCC) to curb their activities.

In April 2025, reports emerged that Nigerians lost over $1 billion to CryptoBridge eXchange (CBEX) after the Ponzi scheme crashed.

Months after, Nigeria’s Securities and Exchange Commission (SEC) warned citizens against transacting with CBEX.

This was in response to media reports indicating the Ponzi scheme’s possible return to the market with “new tricks”.

SEC also issued a series of fresh alerts against unregistered Ponzi platforms posing as listed companies in the capital market to deceive the public.

On June 5, the SEC issued a public warning against investing in Property World Africa Network (PWAN) and its affiliate PWAN MAX.

NAN reports that Gabriel Idahosa, the council chairman of the LCCI, spoke about these trends to the press in Lagos on Sunday.

Idahosa was on the sidelines of the hybrid Lagos Future Conference and Awards 2025, organised by DigiVation Global Network and convened in Victoria Island.

He emphasised that Nigerians were falling for Ponzi traps due to a combination of ignorance and greed.

The council chairman said that despite huge media advocacy on television, radio, and in newspapers, a lot of people do not get the information from these available access points.

He added that such a class of people who are not informed about societal happenings are usually easy prey.

The LCCI boss stated that another set of Nigerians were aware but got attracted because they had made money from previous Ponzi schemes.

He added that those who had made money from previous Ponzi schemes usually exploited the gullibility of new entrants to make money and exit before the scheme collapses.

Idahosa said some unfortunate ones usually do not escape a second time, and so they lose their investments.

He called for value reorientation in the nation to change the psyche of youths from seeking quick wealth to embracing the principle of hard work to grow investments.

Idahosa alleged that some Nigerians who might have made money through illegitimate means have become bad role models to the youths.

“So all of our young people, looking at these few people who made money by illegal means, believe that they can also make money,” he said.

“So, when they see an opportunity that seems too good to be true to make quick money, they jump into it, ” he noted.

Idzhosa said changing the narrative depended on how much effort is put into defining the national values.

He, therefore, called on the National Orientation Agency (NOA) to intensify awareness campaigns.

The LCCI chair recommended that education sector regulators reintroduce curricula that will bring back certain basic values.

“There used to be what was called civic studies in the early days of Nigeria’s history, where children from primary and secondary school were taught basic values,” he said.

“Values of decency, of honesty, of the dignity of labour, and that easy money is not good.

“Also, all those values have been eroded over time because we stopped teaching them. The only examples young people can see now are those who made money mostly by illegal means.

“So, that is the value crisis we have in the country that needs to be addressed.”