Lagos: The Lagos Chamber of Commerce and Industry (LCCI) has called for continued public enlightenment and value reorientation to prevent Nigerians from falling victim to Ponzi schemes.
The President and Chairman of the LCCI Council, Mr Gabriel Idahosa, made the call on Sunday in an interview with the News Agency of Nigeria (NAN).
Idahosa spoke with NAN on the sidelines of the hybrid Lagos Future Conference and Awards 2025, which DigiVation Global Network organised and convened in Victoria Island.
NAN reports that new Ponzi schemes are springing up despite regulators’ warnings and efforts by the Economic and Financial Crimes Commission (EFCC) to curb their activities.
NAN recalls that months after Nigerians lost over a trillion Naira to CryptoBridge eXchange (CBEX), the Ponzi scheme returned to the market with new tricks.
Nigeria’s Securities and Exchange Commission (SEC) has also issued fresh alerts against unregistered Ponzi platforms posing as listed companies in the capital market to deceive the public.
For example, on June 5, the SEC issued a public warning against investing in Property World Africa Network (PWAN) and its affiliate, PWAN MAX.
Speaking on the development, Idahosa emphasised that Nigerians were falling for Ponzi traps due to ignorance and greed.
He said that despite huge media advocacy on television, radio, and in newspapers, many people do not get information from these available access points.
He added that people who were not informed about social events were 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 collapsed.
According to Idahosa, some unfortunate ones usually do not escape a second time, 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 unscrupulous Nigerians who might have made money illegally were bad role models and negatively influenced 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.
“So, when they see an opportunity that seems too good to be true to make quick money, they jump into it,” he noted.
Idahosa 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.
Additionally, education sector regulators should reintroduce previous curricula that will bring back specific fundamental values.
“There used to be civic studies in the early days of Nigeria’s history, where primary and secondary school children were taught fundamental values.
“Values of decency, honesty, dignity of labour, and that easy money is not good money.
“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,” he stressed.
Idahosa revealed that the LCCI is doing its best by training youths all year round and empowering them through the Entrepreneurship Management Programme.
He added that the training was on technical and management skills and business ethics, emphasising that honesty remains the best policy.
Idahosa noted, “We try to teach not only skills but also money so that they can earn legitimate income. We also teach them ethics.
“We have a committee on ethics that tries to propagate the important value of ethics in business.”
