Daud Olatunji
Barely weeks after the collapse of the controversial CBEX platform, panic is once again sweeping across Nigeria’s digital investment community as another suspected Ponzi scheme, E-Wealth, has left scores of Nigerians stranded and unable to access their funds.
PLATFORM TIMES exclusively gathered that E-Wealth, which promised investors a staggering 50% return on capital, is now at the centre of a financial controversy after introducing a new policy that mandates users to “recommit” an additional 50% of their original investment before withdrawals are approved.
PLATFORM TIMES reports that this move has sparked outrage, confusion, and despair among investors, many of whom say they borrowed heavily to participate in the scheme.
“I took a loan to invest,” one victim told PLATFORM TIMES. “They asked us to pay more money again before we could even access what we already invested. I paid the recommitment fee and still can’t withdraw a dime.”
Multiple testimonies indicate that even those who complied with the new policy remain unpaid weeks after fulfilling the recommitment condition.
Meanwhile, promotional messages from the platform continue to urge members to “stay committed” and believe in the vision of E-Wealth, fueling suspicions that the scheme is on the verge of collapse.
In a troubling development, it was reported that some security agents are among the aggrieved investors.
PLATFORM TIMES further reports that one such case involved a police officer whose N150,000 investment was stuck in limbo.
After failed attempts to retrieve his money, the officer allegedly confronted a local E-Wealth leader, threatening legal action.
The situation escalated to the point where over a dozen E-Wealth leaders accompanied the accused to a police station to defend the platform.
According to one of the leaders, they were able to persuade the complainant to “recommit” instead of requesting a refund.
The leader claimed the encounter ended with not only the complainant backing down but with police officials and a lawyer expressing interest in joining the scheme—a development many critics see as part of the elaborate façade often used to legitimize Ponzi schemes.
However, on social media and WhatsApp forums, many other investors are expressing growing skepticism and heartbreak.
“Imagine being asked to recommit your last money, without even seeing the initial profit,” one investor lamented.
“People are selling properties, taking loans, and going hungry just to keep up with this system.”
Another frustrated participant wrote, “I haven’t eaten properly in three days. I put all my money into E-Wealth, even my brother’s. Now we’re left with nothing.”
The backlash continues to grow, with calls on relevant authorities, including the Economic and Financial Crimes Commission (EFCC), to investigate the platform.
Critics argue that the system bears striking resemblance to past fraudulent operations like MMM, which collapsed spectacularly in Nigeria in 2016, wiping out billions of naira in citizens’ savings.
While E-Wealth claims to be “God’s project” and continues to operate under the guise of financial empowerment, affected Nigerians are begging for accountability, transparency, and the return of their hard-earned funds.
As of press time, the management of E-Wealth had not responded to inquiries about the legitimacy of the recommitment policy or when investors would be paid.
PLATFORM TIMES gathered that the Ponzi was being headed by one Mrs Ada Ijeoma a.k.a Ada Dollar and 001 .
Attempts to get her reaction failed as she had yet to respond to the message sent to her mobile phone .
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