“Smuggled Broadcast”: Osun Radio Sanctions Presenter Over CBEX Ponzi Promo

In the wake of the CBEX Trading Exchange Global crash, which reportedly defrauded Nigerians of over ₦1.3 trillion, the Osun State Broadcasting Corporation (OSBC) has sanctioned one of its presenters for airing an unauthorized segment promoting the now-discredited scheme.

According to a statement released by the corporation on Wednesday, the controversial broadcast aired on Orisun FM, an OSBC station based in Ile-Ife, without the knowledge or approval of the station’s editorial board.

Gbenga Faminu, the Public Relations Officer of OSBC, confirmed that the management swiftly launched an internal investigation after the broadcast went public. The probe revealed that the presenter acted independently and without authorization. “As a responsible media organisation, OSBC identified the five-minute controversial content smuggled into our programming and has since sanctioned the presenter responsible,” Faminu stated.

He emphasized that OSBC had no formal or informal affiliation with CBEX and did not benefit from or endorse the platform in any capacity. “We want to assure the general public that OSBC neither endorsed nor benefited from the scheme,” he added.

The corporation reiterated its commitment to ethical journalism and its mission to educate, inform, and protect the public from misinformation and fraud. It also advised Nigerians to remain vigilant and skeptical of get-rich-quick schemes that prey on economic desperation.

The Economic and Financial Crimes Commission (EFCC) has since launched an investigation into CBEX’s operations. The agency revealed it had issued public warnings about the scheme prior to its collapse but noted that many Nigerians still fell victim due to aggressive promotions—some of which came through unverified media channels.

The CBEX collapse has become one of the largest digital Ponzi-style investment failures in recent Nigerian history, reigniting conversations around media accountability, digital regulation, and public financial literacy.

See also: Investors Will Get Their Money Back – EFCC Assures CBEX Victims