“Shortcuts Won’t Make You Bill Gates”- Timi Agbaje Slams Nigerians Over Cbex Collapse

Popular legal content creator and lawyer, Timi Agbaje, has addressed the growing uproar on social media following the alleged crash of an investment platform known as CBEX.

Reports indicate that the platform, which recently requested additional deposits from its users, has now folded, leaving many investors unable to access their funds.

Investigations by GistLover also revealed that CBEX had repeatedly altered its domain name between January 2024 and February 1, 2025 — a move that raised further suspicion about its operations and transparency.

Reacting to the situation, Agbaje, who is well-known for his engaging videos on Nigerian law, criticized the tendency of many Nigerians to seek fast routes to financial success.

“Some people have committed their lives to escaping poverty through shortcuts — essentially trying to become billionaires through the backdoor,” he remarked.

He emphasized that any investment venture operating in Nigeria must be duly registered with the Securities and Exchange Commission (SEC) and follow the agency’s regulations.

Citing Section 344 (E) of the Investment and Securities Act 2025, Agbaje explained that anyone caught running fraudulent investment schemes could face a minimum of five years imprisonment, a ₦5 million fine, or both. Additional penalties may also apply depending on the severity of the offense.

He further stated that social media influencers, promoters, and bloggers who advertise or promote Ponzi schemes can be held accountable and required to refund affected investors within 30 days.

“Poverty and Ponzi are like twin brothers — as long as poverty exists, Ponzi schemes will continue to thrive,” Agbaje concluded.

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See some comments below:

@nobftpoi:”Abeg na so Davido make me do racksterli nothing happen But still my 001.”

@fresh_oyebola:”Which one Davido write to the SEC before pulling crypto fraud many times? Stop quoting law in a lawlessness country. That country was built on fraud and only fraud can thrive there. No single legitimate individual with hush money without fraud in it.”

@NehemsE:”So, cbex don crash be that?”

@citadelmedia24:”There was a certain artist in this country that promoted Racksterli oo.”

@sparkle_”Davido promoted racksterli in 2021 Sha. Just a reminder that nothing happened to both promoter and owner. Nah those who invest late know wetin them lose.”