VIDEO: MOMENT CBEX WAS PROMOTED ON OSBC RADIO AS ‘POVERTY ALLEVIATION’ PLATFORM
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A newly surfaced video has shown the Osun State Broadcasting Corporation (OSBC), a state-owned radio station, promoting the now-defunct CBEX Ponzi scheme, presenting it to listeners as a credible poverty alleviation programme and urging vulnerable Nigerians to invest.
The video, obtained by Hotjist from one of OSBC’s broadcasts, shows the station offering airtime to representatives of CBEX Trading Exchange Global, who made bold and misleading claims about the scheme’s ability to lift Nigerians out of poverty.
“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.
Meanwhile, 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.
To further corroborate the claims, another CBEX representative echoed similar sentiments during the same program, 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.
It was alleged that OSBC’s decision to platform and promote CBEX comes 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.
Recall that Hotjist earlier reported how CBEX crashed, wiping out the life savings of thousands of Nigerians, particularly young people, who believed they were investing in a legitimate platform.
Victims took to social media in a wave of despair, with many sharing heartbreaking videos and posts on TikTok and X (formerly Twitter).
One woman, Pretty Nikky Babe, posted a tearful video: “CBEX don my savings,” capturing the emotional collapse many are experiencing.
Another victim, Bola, was seen weeping in front of the company’s looted office in Ibadan, lamenting the loss of her funds. “Me 200 dollars, but I collected all my friends money, all the money 1,000 dollars,” she cried. “All my life savings, after working in Libya.”
Another victim, Oguonu Nchedo Esther, shared her grief online: “To everyone here…pls don’t cry too much, God will see us through…my kids are just crying as if someone died…all the hopes I gave them are just scattered…we are back to zero…lost $1000…is not the end of life…”
Anger over the fraudulent scheme boiled over on Monday night, when furious investors stormed the CBEX office in Oke Ado, Ibadan, looting the premises in a desperate attempt to recover anything of value.
A viral video from the scene showed crowds hauling away furniture and equipment while shouting demands for explanations. “This is what greed brings,” muttered one onlooker. “They warned us, but people no gree hear.”
Former presidential aide Bashir Ahmad had also reacted to the crash, writing: “So, our Securities and Exchange Commission (SEC) warned Nigerians against patronising CBEX after they clarified that they did not register with the Commission, and our people still went ahead and invested their money.”
The revelation that a state-owned media outlet promoted CBEX as a legitimate platform has sparked widespread outrage.
Critics are now accusing OSBC of gross negligence, saying its actions not only misled the public but also contributed to the financial ruin of countless families.
See video below:
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