
Nigeria: Real estate offers better security than ponzi schemes, expert urges Nigerians
Chief Executive Officer (CEO) and Managing Director of My Eya Homes, Chief Chinedu Eya, has called on Nigerians to prioritize investment in real estate over Ponzi schemes, citing long-term value and financial stability as key benefits of property investment.
Eya made the call in a statement, copy of which was made available to newsmen in Lagos, emphasizing that real estate offers consistent returns, long-term appreciation, and serves as a reliable hedge against inflation, making it a more secure and rewarding investment option.
According to him, real estate is no longer just about owning property, but it's about strategic positioning in a market that rewards long-term vision and adaptability, noting that 'even in uncertain economic times, property investments provide both income through rents and potential capital gains.'
Eya, while also noting that his organization had experienced significant growth, expanding its operations from land sales to the development and sale of world-class residential properties, however, he pointed out that the company still had ambitious milestones to reach.
On a personal note, the real estate expert explained his decision to mark his birthday with a low-key celebration, describing it as a period of reflection and re-strategizing.
'This birthday, I'm sacrificing all celebrations, not out of sadness, but as a deliberate step to reflect and re-strategize. This is a time to push My Eya Homes into its next phase,' he said.
Eya concluded by appealing to visionary investors to support the company's transformation drive, stressing that his organization was ready for large-scale innovation and expansion in Nigeria's real estate sector.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Arabian Post
13-05-2025
- Arabian Post
Nigeria's Economic Surge Overshadowed by Soaring Inflation and Widening Poverty
Nigeria's economy expanded by 4.6% year-on-year in the fourth quarter of 2024, marking its fastest growth in a decade, according to the World Bank. This surge was propelled by fiscal reforms and a rebound in the oil and services sectors. However, the growth coincided with a sharp rise in inflation and a significant increase in poverty levels, underscoring the complex challenges facing Africa's largest economy. The World Bank's latest Nigeria Development Update attributes the economic acceleration to President Bola Tinubu's administration's policy measures, including the removal of petrol subsidies, currency devaluation, and enhanced tax administration. These reforms contributed to a reduction in the fiscal deficit from 5.4% of GDP in 2023 to 3% in 2024 and bolstered foreign exchange reserves to over $37 billion. Despite these macroeconomic improvements, the country's inflation rate escalated to 34.2% in June 2024, driven by higher fuel prices and a depreciating naira. The inflation rate slightly eased to 32.7% by September but remained among the highest globally. The World Bank projects that inflation will average 31.7% in 2024, with a gradual decline expected in subsequent years. The economic reforms have had a profound impact on the population, with the World Bank reporting that 129 million Nigerians, or 56% of the population, are now living in poverty. This represents a significant increase from 40.1% in 2018. The rise in poverty is attributed to the erosion of purchasing power due to inflation and the limited effectiveness of social safety nets. Urban areas, traditionally more economically resilient, have also been affected. The proportion of urban dwellers living in poverty rose from 18% in 2018 to 31.3% in 2024. The World Bank notes that employment alone is no longer sufficient to escape poverty, as many jobs do not provide adequate income to meet basic needs. The removal of fuel subsidies, while improving fiscal health, has led to increased transportation and production costs, further exacerbating inflationary pressures. The naira's depreciation, by 43% year-to-date by the end of August 2024, has made imported goods more expensive, compounding the cost-of-living crisis. In response to the economic challenges, the Central Bank of Nigeria has tightened monetary policy to curb inflation. However, the effectiveness of these measures is limited by structural issues, including a narrow tax base and reliance on oil revenues. The World Bank emphasizes the need for continued fiscal discipline and targeted social interventions to mitigate the adverse effects of the reforms. Expanding cash transfer programs and strengthening social safety nets are recommended to support vulnerable populations during the transition.


Zawya
06-05-2025
- Zawya
Nigeria: Lessons from CBEX scam
For how long will Nigerians continue to lose their hard money on fake online investments? In years gone by, certain individuals introduced MMM to dupe unsuspecting members of the public to the tune of N12 billion. I vividly remember that the CBN (Central bank of Nigeria) made a press release then to warn Nigerians to desist from investing their money in MMM. A former senate president, Dr Bukola Saraki, also warned Nigerians not to invest their money in MMM. MMM later crashed and those who invested their money in it wept while others reportedly committed suicide. Some of the victims of MMM are suffering from high blood pressure till date. Then came CBEX. Instead of Nigerians to report them to the EFCC so as to get the organisers arrested, Nigerians did not care to ask relevant questions before investing their money. Those who invested their money in CBEX are currently in pains now as some of them took bank loans and sold their property to invest in the Ponzi scheme. I wrote about Ponzi schemes in Nigerian Tribune newspaper on November 29, 2021 in a piece with the headline 'On fake online investments.' I deem it fit once again to use this medium to inform Nigerians both home and abroad that there is no business that can give you 100 percent profit within 35 days of investment. Anyone who introduces you to such investment must be handed over to police for investigation. Victims have learnt their lessons the hard way. It is my hope that Nigerians will not invest their money in any unverified online investment again. I sympathise with Nigerians who lost their money to CBEX.


Zawya
05-05-2025
- Zawya
Nigeria: CBEX crypto firm reboots despite $940mln fraud claim
Despite Being Declared A Ponzi Scheme And Its Key Staffers Being On The Run Over Alleged $940 Million Digital Trading Fraud, Crypto Bridge Exchange (cbex) Has Resumed Operations In Nigeria, Announcing Fresh Withdrawal Options. The Fraud, Which The Anti-corruption Watchdog Economic And Financial Crimes Commission (efcc) Said Affected More Than 600,000 Nigerian Investors, Is Back In Operation To Restore Investor Confidence. Some Of Its Wanted Staff Earlier Surrendered To The Authorities. Some Traders Said The Platform Had Quietly Resumed Operations, Allowing New Users To Register, Trade, And Withdraw 'profits,' Despite Ongoing Investigations By Regulatory Agencies. Nigerians Say That Withdrawal Options On The Cbex Platform Had Been Reactivated, But Older Accounts Had Their Investment Deleted Except For New Accounts. Alabi Ojo, One Of The Traders, Said That They Could Now Make Withdrawals But That The Old Accounts Were Blank. Cbex Is Currently Reaching Out To Investors Through A Telegram Group. An Admin Of The Group Identified As Laura, Said In One Message: 'there Are Some Factors In The Incident On April 14th That I Cannot Tell You In Detail. I Can Only Tell You That Ai Was Attacked And The Trading Strategy Was Tampered With.'although Authorities Did Not Immediately Respond To The Latest Development, The Efcc Said It Was Collaborating With Federal Bureau Of Investigation (fbi) And Interpol For Proper Investigations Into Cbex. Cbex, A Digital Investment Platform, Offered Investors 100 Percent Profit After 30 Days Of Purported Ai Trading. It Started Operations After Receiving Registration Approval From The Corporate Affairs Commission (cac) On September 25, 2024, And The Efcc's Special Control Unit Against Money Laundering On January 16, 2025 And It Collapsed On April 14, 2025, When Investors Could No Longer Access The Website And All Withdrawal Processes Blocked. Read: Two Sides Of Using Cryptocurrencies For Settling Payments Across Borderswith Branches In Kenya, South Africa And Egypt, Eight Of Its Staffers Are Wanted By Efcc. They Include Four Kenyans, Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro; And Nigerians Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, And Seyi Oloyede. Another Foreign National, Elie Bitar Is Also On The List For Alleged Involvement In A Cryptocurrency Fraud. The Securities And Exchange Commission (sec) Had On April 17, 2025 Issued A Statement Advising Nigerians To Refrain From Investing In Or Dealing With Any Entity Offering Unrealistic Returns Or Employing Similar Recruitment-based Investment Models. Head Of Media And Publicity At The Efcc, Dele Oyewale, Said The Agency Was Commitment Tracking Down Individuals Exploiting Nigerians Through Financial Fraud. A Verification Process And An External Audit Are Underway To Ascertain The Actual Amount Lost In The Scheme, Which Collapsed In Late April. The Existing Investors, Many Of Whom Have Been Unable To Access Their Funds For Weeks, Will Be Able To Take Out Their Funds Starting From June 25, 2025, When The Audit Was Expected To Be Concluded By An Insurance Firm Based In The United Kingdom, Reports Say.