OSBC Sanctions Presenter for Unauthorized Promotion of CBEX Ponzi Scheme

The Osun State Broadcasting Corporation, OSBC, has ordered disciplinary action against its presenter following the unauthorized airing of promotion materials on the now-defunct CBEX Trading Exchange Global scheme.

It was broadcast on Orisun FM, one of the OSBC network-owned radio stations, with its headquarters located in Ile-Ife.

The broadcast comprised programming that appeared to favor CBEX, an exchange trading platform subsequently found to be a Ponzi scheme.

According to OSBC management figures, the broadcast was done without the approval or knowledge of the station’s editorial board.

Prompt to act on the public’s outcry, OSBC launched an in-house investigation into the matter. It was revealed that the presenter bypassed editorial procedure and aired the segment despite disregard for process. The individual involved was consequently disciplined by the corporation, though the details of the punishment are yet to be disclosed.

In a Wednesday statement, OSBC reaffirmed its zero-tolerance policy against unethical reporting and emphasized the importance of maintaining public trust by delivering credible and responsible broadcasting.

“We continue to adhere to the highest journalistic standards,” the statement added. “We regret any injury or confusion that has arisen from the unauthorized broadcast and have put in place tighter editorial controls to prevent future occurrences.”.

The scandal has prompted fresh vigilance from the media and public affairs regulators and analysts on the dangers of shoddy investment propositions. The CBEX Trading Exchange Global platform that seemed to be a genuine finance opportunity at first has proved to be a phony scheme that deceived numerous investors across the nation.

OSBC appealed to the public to exercise prudence and verify financial and investment information through credible sources.

“We call on Nigerians to remain vigilant and avoid falling prey to get-rich-quick scams, especially during periods of economic downturn,” the corporation added.

This is as the growing need for broadcast institutions to enhance internal checks, especially as scammers persist in using main and social media platforms to access unsuspecting audiences.

The National Broadcasting Commission (NBC) has also reportedly taken notice of the development and is likely to come up with further regulatory actions as needed.