Dr. Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC), has stated that the Commission is unable to assist victims of the CBEX scam in recovering their lost investments. CBEX, or Crypto Bridge Exchange, an unregistered online trading platform, disappeared last Monday, leaving about 600,000 investors with a total loss of approximately N1.3 trillion.
The platform, which operated under ST Technologies International Ltd, attracted victims with promises of 100% returns on investments within 30 days.When asked by *Sunday Vanguard* if the SEC could help victims recover part or all of their funds, Dr. Agama responded, “There is nothing the Commission can do.”
However, he expressed concern over the fact that Nigerians continued to invest in unregistered digital platforms without notifying the SEC. “We are concerned that this went unnoticed for so long, and that’s why we are increasing efforts to educate the public and encourage early reporting for detection.”
He also warned Nigerians against investing in Ponzi schemes, which often make unrealistic promises. “Ponzi schemes are easy to spot. When an investment firm offers returns that seem too good to be true, that’s a red flag,” he said. “The Investment and Securities Act (ISA) of 2025 clearly defines such entities as Ponzi schemes.”
The SEC revealed that preliminary investigations indicated that CBEX used promotional tactics to falsely present itself as a legitimate platform, luring unsuspecting individuals with promises of high returns in a short period. The Commission clarified that neither CBEX nor its affiliates had any registration with the SEC to operate as a digital asset exchange or solicit investments.
“The Commission clarifies that neither CBEX nor its affiliates were authorized by the SEC to operate as a digital asset exchange or to engage in any other activities within Nigeria’s capital market,” the SEC noted. They emphasized that, in line with Section 196 of the Investments and Securities Act 2025, they would work with law enforcement agencies to take appropriate legal action against CBEX, its affiliates, and promoters.
The SEC also cautioned the public against investing in any entity offering unrealistic returns, advising investors to verify the registration status of platforms through the SEC’s dedicated portal: [www.sec.gov.ng/cmos](http://www.sec.gov.ng/cmos).
An Abuja-based journalist, who wished to remain anonymous, shared his experience with the doomed platform. He revealed that he invested N500,000 on April 4, 2025, hoping to receive N1 million in return after 30 days.
“I was involved for just seven days and lost N500,000. A friend had been urging me to invest in CBEX since December, and I had resisted due to a previous experience with MMM,” he explained. “But he showed me how much money he was making, so I decided to give it a try. I transferred N500,000 and joined a Telegram group. That’s when things started to go wrong. The only luck I have is that my wife refused to join after I asked her to. I would have been in serious trouble.” “When people were locked out of the Telegram group, I tried to withdraw my money, which had grown to N616,000, but I couldn’t,” he added.
Source : https://www.vanguardngr.com/
