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 council of LCCI, Gabriel Idahosa, made the call on Sunday in an interview with journalists. 

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

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

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

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

Speaking on the development, Mr Idahosa emphasised that Nigerians were falling for Ponzi traps due to a combination of ignorance and greed.

He said that in spite of 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 were not informed about happenings in society 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 collapses.

According to Mr Idahosa, 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.

Mr Idahosa alleged that some unscrupulous Nigerians who might have made money through illegitimate means were bad role models and were also negatively influencing 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.

Mr 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.

Additionally, education sector regulators should reintroduce previous curriculums 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.

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

“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,” he stressed.

Mr Idahosa revealed that the LCCI is doing its best by training youths all year round and empowering them through a program called the Entrepreneurship Management Programme.

He added that the training was on technical and management skills as well as business ethics, emphasising that honesty remains the best policy.

Mr Idahosa noted, “We try to teach not only skills but we give them 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.” 

(NAN)