<img class="alignnone size-full wp-image-5941 aligncenter" src="https://arisenews24.com/wp-content/uploads/2025/04/download.png" alt="" width="266" height="190" />

Festus Adedayo

On Page 28 of his very provocative book, The Present Darkness: A history of Nigerian organized crime, (2016) Stephen Ellis, British historian and Africanist, compared Nigerian politics to con artistry. Their practices, he said, were not different from acts of fabulists and fraudsters. Ellis’ take on Nigerian leaders synchronizes with a Henry Louis Gate’s The New Yorker piece of September 25, 1995. With the title, “Powell and the Black Elite,” the piece quoted ex-American Secretary of State, Colin Powell, as saying, “Nigerians as a group, frankly, are marvellous scammers… I mean, it is in their natural culture.”<!--more-->

As it is done in scholarship, traditional Africa also gives justification for the Ellis comparison. It says, when the shape and size of a peanut’s shell bears striking semblance to the coffin of a species of mouse called Eliri, then a justification is successfully established. Last week, there was an eruption of weeping, wailing and gnashing of teeth in many homes. Investors in the digital financial platform called CBEX met their financial waterloo. CBEX ultimately unraveled as a Ponzi scheme, with about 600,000 Nigerian victims in tow. It has given critical minds an opportunity to examine whether there is a meeting of minds between Ponzi chancers and Nigerian political leaders. Why do we dwell so much on Nigerian economic scams and scammers, while we sacralize the equally cancerous virus of political scammers?

The genealogy of this crave for quick wealth dates back in time. In 1925, J. K. Magregor, headmaster of Scottish-Presbyterian-founded, Hope Waddell Institute, of which the great Nnamdi Azikiwe was an alumnus, had written the Nigerian governor-general. His complaints were based on a motif of pupils of the school writing incredibly suspicious letters to unknown persons abroad. In the letter, the pupils asked to be sold medicines of esoteric teachings which guaranteed success and happiness. They turned out to be quack. In a single mail delivery, said Ellis, Magregor discovered 125 of such scam letters. One laughable example was a 12-year old pupil who had purchased through post from India a “Mystic Charm” with an instruction to him to send more money so that he could be sent “blessings from the Hindu deity Siddheswari”. The letter also told the boy that the sign he would get to confirm the efficacy of the deity was “by watching the flow of his nasal mucus”!

Our visible connect to this pre-colonial crave for mysticism was re-enacted during the First Republic Nigeria. During this period, secret societies played pivotal roles in governance. The barbarism and primitivism of killing people for sacrifice in order to gain ascendancy in political circles became rife. The Ogboni cult held a supremacist place in Western Nigerian politics. It was only the northern part of Nigeria that was saved the barbarity. By the end of the Third Republic, however, military despots like Sani Abacha had reportedly began to seek spiritual interventions of Muslim brotherhoods of Senegal for a mystic buy-in into their infernal rule. Cows were reportedly buried alive in all outposts of Abuja, the Federal Capital Territory by the goggled General. By the Fourth Republic, politicians had fully imported into Nigeria this Islamic mysticism which was spreading in sub-Saharan Africa. The marabouts were Islamic priests who combined Islam with the syncretic practice of local healers, fortune tellers, spiritual guides and diviners. Today, virtually all Nigerian politicians, like that 12-year Hope Waddell old boy, still seek mysticism, either from Islamic mullah, clergies, Babalawo or Senegalese marabouts to guarantee their political happiness and success.

<img class="alignnone size-full wp-image-5942" src="https://arisenews24.com/wp-content/uploads/2025/04/download-3.jpeg" alt="" width="299" height="168" />

Economic chancing of the CBEX kind is not purely native to Nigeria. In August 1920, after months of covert investigations by Clarence Barron, Boston Post newspaper’s top financial journalist, of the activities of Charles Ponzi, burst his bubble. Barron had found out that Ponzi, an Italian, born 1882, who immigrated to the United States in 1903, was a notorious con artist. In January 1920, Ponzi had established a “Securities Exchange Company” where he promised investors returns of up to 50% in 45 days. The scheme attracted thousands of local investors who, mimicking early Christians of Jerusalem’s mode of spread of the religion, engaged in a mouth-to-mouth spread of the “good news”. Gradually, they escalated its rapid growth and staggering participation. At the height of the scheme, Ponzi collected not less than $250,000 a day from unsuspecting victims, quadrupling his wealth to over $15million. Immediately after Barron’s investigation leaked, Bostonians rushed to and camped outside Ponzi’s offices. They were panicky crowds of local investors demanding a return of their money. Last week, same scenario was reenacted as angry and exasperated Nigerian victims of CBEX stormed its Nigerian offices.

Ponzi and CBEX’s gambits were not dissimilar. They were predicated on paying existing investors funds that were collected from new investors. As the Ponzi scheme left thousands of investors devastated, having lost their life savings, its traits ultimately became known globally as the ‘Ponzi scheme’. After Ponzi’s infamy, the fraud ring mutated severally all over the world. Like in Bernard Madoff. For 17 years, Madoff duped investors of billions of dollars. He eventually got sentenced to 150 years. Nigeria also had the MMM. Launched in 2016, this infamous financial scheme attracted huge investment traffic, such that when it froze its transactions, it left thousands of investors crushed and heartbroken. CBEX is said to have ripped off Nigerians of over a trillion Naira.

The divide separating economic, political and leadership Ponzi in Nigeria is very thin. It is welded together by the glue of voodoo, talisman, juju and marabout. I learnt that victims of CBEX gave testimonies in churches before their waterloo, with some pastors telling congregants that the chancers had brought a new wave of God’s blessings. While greed and straitened economic times resulting in citizens seeking desperate escape have been attributed to the flourishing and successes of these scams, Prof Ellis established a corollary between Ponzi chancers of pre and post-colonial Nigeria and emergent political and military rulers. He then situated Nigeria as one huge forest of a fraud ring: “Most Nigerian practices of organized crime, including document fraud, embezzlement and large-scale smuggling, originate in politics and the state itself, or at least have important and durable connections to the state.”

As Ponzi scammers feed fat on the red blood corpuscles of trickery and deceit, so do Nigerian leaders and politicians. Ellis insinuates that scam can be found in the bloodstream of Nigerian politics and political leadership since they first began in the 1940s. If you break Ponzi to its most basic moral component, it is driven by unrighteousness, desire to outwit the other person, gain personal advantage and in most cases, leave sorrow as mementos. Nigerian politics and leadership are founded on same nefarious aspiration.

Only last week, the United States District Court for the District of Columbia ordered top US law enforcement agencies to release confidential information generated during a 1990s federal investigation. One Mr. Greenspan had, between 2022 and 2023, filed 12 FOIA requests seeking information about a joint investigation of the FBI, IRS, DEA, and the US Attorney’s Offices for the Northern District of Indiana and Northern District of Illinois. He wanted the charging decisions on the activities, including money laundering, of a Chicago heroin ring that operated in the early 1990s made open. The Nigerian president is said to be located at the vortex of this investigation.

While reacting to the American court ruling, the Nigerian presidential media office dismissed it as “having been in the public space for more than 30 years,” and did not in any way “indict the Nigerian leader” while concluding that “lawyers are examining the ruling.” My people say, if someone does not move in gaits that resemble an African pouched rat’s, no one would ask them to eat a meal of palm-nut seeds that is the culinary preference of this species of rats. (Bi eeyan ko bá rìn ìrìn awasa, wón o ní fi ekurọ lọ). The fact that the president’s name is enmeshed in such shame is already a national disaster. I don’t know of any scam bigger than a presidential Ponzi of paying millions of dollars to American lawyers so as to keep blocking American courts from disclosing to Nigerians and the world the truth or lie in the allegation that our president was involved in a heroin trade in the 1990s.

Ellis provided a nexus, no matter how tenuous, to the Ponzi. As far back as 1952, he wrote, Nigeria had become a staging point for heroine drug trade. According to him, the country was “a heavy dope traffic” from the near East to the USA via Europe, with one of those implicated at the Nigerian end of this pipeline being “one O. Chagoury.” Ellis’ conclusion on this pee-independence Nigerian drug trade gives the reader of the book today the latitude to connect its frightening nexus. He had written: “A few decades later, a Lebanese family with the same name had become very influential in both business and in political finance: Gilbert Chagoury, born in 1946…He was very close to the military dictator of the 1990s, Sani Abacha…It seems he is a descendant of a heroin trader who arrived Nigeria in 1952…the heroin trade may provide start-up capital for other forms of business…” You may find this on Page 92 of Ellis’ book.

While we lament the Ponzi scam of CIBEX, I put it to us that we are merely being hypocritical. Ponzi, MMM, CBEX, either figuratively or literally, have always constituted our ways of life. In our individual, collective and national relations, our modus operandi has never been dissimilar from these scammers’. We take delight in sucking the nectar of the joy of our fellow man. We elect known scammers into political offices and when they scam us, we complain. We are like the farmer who knew that the land he planted peanuts on was squirrel-infested. At the time of harvest, this same farmer became grumpy because squirrels had eaten up all his farm proceeds. When a man tells his people he was going on a two-weeks “working vacation,” which we all knew was a euphemism for a date with his Chagoury business partners or a date at the infirmary, didn’t both the man who spun the yarn and we, the people who received it, know we were mutually involved in a CBEX transaction? Or, didn’t we know that the spinner of the lie wasn’t dealing with us straight? Our forebears sounded alarm on characters like this in their saying that, when you meander round truth and refuse to walk straight, you are most likely encumbered by issues of finance (Sàn làá rìn, ajé ní mú ní pẹ kọ̀rọ̀)

Our scam began from the very beginning when Nigerians brought in a presidential baggage they didn’t have access to its constitution. Last week, the White House released President Donald Trump’s annual health report. Nigerians are left to make guesswork on what ails theirs and the billions of their patrimony spent to maintain it. Our president’s health is run like a coven, which reminds one of the miasma that surrounded the health of monarchs of pre-modern Africa. The king must not be seen to have taken ill like a commoner. It is a sacrilege. What Ponzi is greater than this, full of its opacity!

Replying to criticisms that, after almost 200 Nigerians had been killed in the president’s absence, he is still oscillating like a spirit from France to London, his media office told us he could rule Nigeria through remote control from anywhere in the world. Nigerians instantly remembered they had walked that punishing road before. At Easter, the statement purportedly issued by the president was that, “evil forces will not triumph in Nigeria” at a time when Evil had been crowned as King. What evil is greater than the carnage ongoing in Plateau and Benue States which, as usual, was dressed beautifully in a refrain, “the president has ordered decisive action”. Both of us, the president and Nigerians at large, know that this statement is a complete scam. There is no action coming from anywhere, not to talk of its being decisive. When the killers strike again soon, the presidency will re-calibrate the commiseration refrain. Charles Ponzi must be happy he has identical offspring in the Nigerian presidency.

In Nigeria, we live in a world of deception which Yoruba call “Ìlú ẹtan”. It is an antonym for the kind of trade that catapulted Charles Ponzi into global infamy. Claude Ake, in his, Is Africa Democratizing (1996) slammed our brand of politics as one “that does not know legitimacy or legality, only expediency.” If you listened to Nyesom Wike’s Media Chat on Friday, you will see hope receding for a Nigeria of our dream in the hands of the CBEX vultures. You will see crude audacity and man God-ifying himself. It affirms the Ake expediency as the credo of Nigerian politics, in agreement with Ellis that Nigeria is one huge river of Ponzi traders. If it wasn’t CBEX on parade, why would a man gloat as his own party is bleeding?

Wherever you turn, Nigeria is a an ocean where sharks feast on sharks and lesser fishes devour one another. Atiku Abubakar and his co-travelers on a coalition have started spinning their own political Ponzi which they know its end is not basically for the Nigerian people. Peter Obi is busy with his own Ponzi as well. Muhammadu Buhari, who regressed Nigeria colossally in eight years as president is the one to decide Nigeria’s political future now because he is patrons to millions of Almajiri voters who know not their right from left. As the week was ending, Reno Omokri, the Peter Obi-hating political Smart Alec, spun another of his serial Tinubu intervention Ponzi yarns. “Nigeria is safer now under Tinubu”, he said. If any of Omokri’s family members was among the almost 200 victims of Nigerian Ponzi rulers, killed in Benue and Plateau States in the last two weeks, a period when Nigeria had, not even a scare-crow placeholder for president in Aso Rock, will the “Ambassador” spew this undiplomatic puke?

What is glaring is, by the time this current CBEX government in Aso Rock finishes with us, we will have a long roll-call of victims.