Following the dramatic collapse of CBEX, a digital trading platform that promised investors 100 percent returns in just 30 days, Nigeria’s top financial crimes and regulatory agencies have declared an aggressive war on Ponzi schemes nationwide.
The Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) both issued stern warnings and pledged swift action during separate televised appearances on Wednesday, confirming that CBEX had collapsed with investor losses reportedly exceeding N1.3 trillion.
CBEX claimed to use artificial intelligence to manage crypto investments, luring thousands of Nigerians with guaranteed high-yield returns—typical hallmarks of fraudulent investment operations. The platform began showing signs of distress last weekend, as users were locked out of their accounts and withdrawal requests were denied.
SEC: We’ll Hunt Down the Fraudsters
Speaking on Arise TV, SEC Director-General Dr. Emomotimi Agama expressed deep sympathy for victims but noted that no formal complaints had yet been filed with the Commission.
“However, we will not wait to act. We will begin investigating immediately and hunt down those behind this fraud. The law empowers us to bring them to justice,” Agama said.
He emphasized that despite ongoing public warnings, many Nigerians still fall for schemes that promise unrealistic profits.
“Ponzi schemes are not new—they are global parasites on financial systems. But we’ll use every tool we have, including education, regulation, and enforcement, to prevent further exploitation,” Agama added.
He also revealed that the Nigerian Senate had recently approved N10 billion for a nationwide market education program, allowing the SEC to open more offices and expand investor outreach, including a soon-to-be-launched capital market radio station.
EFCC: Investors Will Get Their Money Back
Meanwhile, on Channels TV’s Morning Brief, EFCC spokesperson Dele Oyewale assured Nigerians that the Commission was already on the case—long before the outcry erupted.
“We had CBEX on our radar. We profiled them and warned Nigerians as far back as March. We’re working with Interpol and international financial intelligence agencies to trace the masterminds,” Oyewale stated.
He confirmed that the EFCC was receiving hundreds of calls daily from distressed investors seeking updates.
“Let me be clear: victims of this scam will get their money back. It may take time, but we’re committed. We will not say there’s nothing we can do. That would be irresponsible and unprofessional,” Oyewale assured.
He referenced the EFCC’s earlier list of 58 flagged Ponzi firms, published in March, urging Nigerians to consult the Commission or SEC before investing in any platform promising too-good-to-be-true returns.
Chaos erupted on Monday in Ibadan, Oyo State, as angry investors reportedly stormed and looted the office of Smart Treasure, a branch of the CBEX platform. The digital company had abruptly gone offline, locking users out of their wallets and apps.
Insiders suggest the platform was a textbook Ponzi scheme—using new deposits to pay older investors—until the pyramid collapsed under its own weight.
As investigations intensify, authorities are calling for stronger digital surveillance laws and harsher penalties for promoters of financial scams.
Both the SEC and EFCC are urging Nigerians to verify the legitimacy of investment platforms through official channels and report suspicious schemes before falling victim.
“If it promises guaranteed returns with no risk—it’s probably a scam,” Dr. Agama warned.
