Visual narratives and linguistic framing: A multi-modal discourse study of newspaper coverage on the CBEX Ponzi Scheme in Nigeria

Abstract

This study explores the media's portrayal of the CBEX Ponzi scheme in Nigeria through a multimodal discourse perspective. It aims to analyse how semiotic elements in The Sun and Punch newspapers combine to communicate messages about the CBEX Ponzi scheme, interpret these messages, evaluate their influence on audiences, and examine the socio-cultural implications of the framing strategies used in the coverage. Using Kress and van Leeuwen's (2006) visual grammar theory, the research examines a selection of ten images and accompanying texts from the two major Nigerian newspapers, published between April 15th and April 25th, 2025. The analysis indicates that media outlets frequently employ sensational imagery and emotionally charged language to amplify perceived socio-economic risks and victimisation associated with Ponzi schemes. Nonetheless, there is often insufficient focus on the systemic factors that facilitate these financial frauds. This framing tends to evoke strong emotions in viewers while offering limited critical discussion of regulatory or structural issues. Ultimately, the paper advocates for more balanced and nuanced media portrayals that go beyond sensationalism, thereby promoting greater public financial literacy and enabling individuals to protect themselves from fraudulent schemes..