BREAKING: CBEX Scandal: EFCC, SEC Take Action Against Ponzi Schemes
FCT, Abuja – The Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) have taken steps to dismantle Ponzi schemes nationwide following the collapse of the digital assets platform, CBEX.
The EFCC and SEC have vowed to hunt down operators of Ponzi schemes nationwide.
The anti-graft agency assured that individuals who invested in the CBEX digital trading platform would get their money back.
The EFCC spokesperson, Dele Oyewale, said the anti-graft agency has received numerous calls from Nigerians seeking information and remedies regarding CBEX.
According to Oyewale, EFCC had, before the outcry, profiled CBEX and alerted Nigerians about potential Ponzi schemes.
Oyewale stated this while speaking on Channels TV’s Morning Brief on Wednesday, April 16, 2025.
“As we speak today at this hour, we have not received any formal complaint from anyone regarding CBEX because if we had received any formal complaint regarding CBEX, the team at SEC would have swung into action to get who and who is involved.
“Investors are going to get their money back, and we are already working on that. Everything I’m saying is that this kind of thing could have been averted. Be it as it may, it was not averted; we are not going to throw our hands out helplessly and say that there’s nothing EFCC can do about it.”
The Director-General of SEC, Dr Emomotimi Agama, vowed that the commission would hunt down the fraudsters.
He said SEC had not receive any formal complaints about the collapsed digital assets platform
Agama made this known while speaking during a live television programme on Arise TV.
“However, we sympathise very much with the people, the victims, because they are Nigerians. And of course, we will commence investigation as to where the people are and also make sure we hunt them down because the law has given us the power to take them down.”
Former Buhari’s aide reacts as CBEX collapses
Earlier, reported that a former presidential aide, Bashir Ahmad, said the Securities and Exchange Commission (SEC) warned Nigerians against investing in CBEX.
Ahmad said Nigerians always ignore regulatory agencies’ warnings whenever Ponzi schemes are introduced in the country.
Some Nigerians said SEC should have shut down CBEX offices and stop citizens from patronising them rather than issue warnings.
Tension in Ibadan as youths loot CBEX office
The CBEX investors forcibly entered the premises and carted away valuable items from the office of the alleged Ponzi scheme.
It was gathered that many users were allegedly left with zero balance in their accounts after the platform crashed.
