CBEX : Osun Radio Sanctions Presenter Over Ponzi Scheme Broadcast

The Osun State Broadcasting Corporation, OSBC, has taken disciplinary action against a presenter found to have aired unauthorised content promoting the now-collapsed CBEX Trading Exchange Global scheme.

In a statement issued on Wednesday, the corporation stated that the broadcast occurred without the approval or knowledge of its editorial board, describing it as unauthorised and misleading.

The Public Relations Officer of OSBC, Gbenga Faminu, confirmed that the segment was aired on Orisun FM, one of the corporation’s stations located in Ile-Ife.

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“As a responsible media organisation, OSBC identified the five-minute controversial content smuggled into our programming and has since sanctioned the presenter responsible,” Faminu said.

He added that the management had immediately launched an internal investigation upon learning of the broadcast and discovered that it was the independent action of the sanctioned presenter.

According to the statement, OSBC operates under strict regulatory frameworks and adheres to high ethical standards in its broadcasting practices.

The station reiterated its commitment to remaining a credible and trusted platform for information, public enlightenment, and education in the South-West region.

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Faminu further assured the public that corrective measures have been put in place to prevent a recurrence of such incidents in the future.

The corporation warned listeners and members of the public to be cautious of fraudulent investment schemes that continue to take advantage of Nigeria’s economic difficulties.

“This situation is a reminder that fraudsters are constantly evolving in their tactics, and media organisations must remain vigilant to safeguard public trust,” the statement added.

The CBEX Trading Exchange Global had gained traction through unverified media promotion before collapsing, leaving numerous investors defrauded across various states.

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The OSBC stated it had never entered into any commercial or promotional agreement with CBEX and strongly dissociates itself from the scheme.

“We want to assure the general public that OSBC neither endorsed nor benefited from the scheme,” Faminu clarified.

OSBC reaffirmed that it is dedicated to professionalism, transparency, and public service in its continued operations.

In response, the Economic and Financial Crimes Commission, EFCC, have begun investigations into the scheme revealing that it had issued public warnings about its operations prior to its shutdown.