(In Nigeria) CBEX Crash Revives Memories of Racksterli Ponzi Scheme Scandal

Nigerians are revisiting the infamous Racksterli Ponzi scheme amid the recent CBEX crash. Launched in May 2019 by Michael Chidiebere Oti, also known as 'Black Gold', Racksterli promised high returns for sharing merchant ads on its Facebook-based platform. However, the scheme collapsed in June 2021, leaving over 422,000 investors with estimated losses of ₦1 billion.

The platform's failure sparked public outrage, particularly given its endorsement by celebrities like Davido and Williams Uchemba. Many Nigerians are now reflecting on their experiences with Racksterli and other failed schemes like MMM, questioning how such massive financial losses occurred.

The CBEX crash has reignited discussions about investment wisdom and the need for caution. Some netizens are calling on others to retweet if they didn't lose money to Racksterli or CBEX, while others are pondering the implications for Nigeria's future economic decisions, including the 2027 elections.

The Racksterli saga serves as a reminder of the risks associated with unregulated investment schemes and the importance of due diligence. As Nigerians navigate the complex world of investments, many are urging for greater awareness and caution to avoid similar pitfalls in the future.