CBEX or Crypto Bridge Exchange, an unregistered online trading platform disappeared last Monday with about N1.3 trillion invested by about 600,000 investors.
CBEX, which operated under ST Technologies International Ltd, lured its victims with 100 per cent returns on investment after 30 days.
Asked if there was anything the Commission could do to help victims recover their money in part or in full, Dr Agama said: “There is nothing the Commission can do”.
He however expressed concern that Nigerians continued to invest in an unregistered digital entity without drawing the attention of the Commission.
“We are worried that this went on for long without anyone drawing our attention to it. That is why we are doing more enlightenment and asking people to come forward to report this for early detection.
How Nigerians Can Identify a Ponzi Scheme
He warned Nigerians against investing their money in Ponzi Schemes, saying such schemes make promises that are not real.
“You can identify a Ponzi Scheme when an entity makes offers that appear certainly untrue and are bogus.
He explained further, “The definition we have in the ISA (Investments and Securities Act, 2025) tells you that when an investment firm makes any promise that is almost unattainable, you will know that that is a Ponzi scheme”.
SEC disclosed that preliminary investigations have revealed that CBEX engaged in promotional activities to create a false perception of legitimacy, in order to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.
The Commission stated that CBEX, which also operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology, had held itself out as a digital asset trading platform, offering high returns to investors in Nigeria.
According to the SEC, “The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function within the Nigerian capital market.
The SEC emphasised that under the provisions of Section 196 of the Investments and Securities Act 2025, the Commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against the CBEX, its affiliates and promoters.
“The Commission uses this medium to remind the public to refrain from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models”.
Prospective investors are advised to verify the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them”, the SEC added.
Confessing to the scam, a Victim
narrated how he got involved in the doomed platform.
An Abuja-based journalist said that he invested N500,000 on April 4, 2025, with the hope of receiving N1 million after 30 days.
The journalist who requested not to be named said: “I was involved for just seven days and lost N500,000 to the scam. I have a friend who has been pressuring me to invest in CBEX since December last year and I have been resisting because of my experience with MMM.
“But he kept telling me and showing me how much he was making. So, I decided to give it a try and I got involved and finally transferred N500,000 on April 4. I was admitted into a Telegram group chat. Then the story began. The only luck I have is that my wife refused to be involved after I asked her to. I would have been in serious trouble by now.
“Immediately I got wind of troubles especially when people were locked out of the Telegram group, I tried to withdraw my money which had risen to N616,000 but I couldn’t”, he narrated.
[6:00 PM, 4/20/2025] Madam Julie.: Meanwhile, the Securities and Exchange Commission (SEC) has warned social media influencers and bloggers against promoting unregistered investment schemes.
SEC’s Director-General, Dr Emomotimi Agama, gave the warning in a notice issued on Sunday in Abuja.
He said the Commission was working closely with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other relevant government agencies to investigate and prosecute violators.
According to Agama, the recently enacted Investments and Securities Act (ISA) 2025 specifically targets promoters of unregistered investment schemes.
He urged celebrities, influencers, and bloggers to avoid endorsing such ventures or face legal consequences.
“The law also covers influencers and bloggers who promote fraudulent schemes, with clear penalties, including imprisonment,” Agama stated.
“We are using this opportunity to warn such individuals to immediately desist from promoting unregistered entities.”
He reiterated that the SEC had the capacity, expertise, and legal backing to combat Ponzi schemes and protect the investing public.
“We have dealt with similar schemes in the past and will continue to do so, leveraging the powers of the ISA 2025 to safeguard investors and develop the capital market,” he added.
Agama cited the recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over N1.3 trillion, as a wake-up call.
He described CBEX’s promises of doubling investments within a month and its false claims of global partnerships as clear indicators of fraud.
“The collapse of CBEX underscores the urgency of our crackdown. We are shutting down their operations, and the promoters will face the full weight of the law,” he said.
He urged Nigerians to always verify the authenticity of any investment opportunity with the SEC before committing funds, cautioning that “if it sounds too good to be true, it probably is.”
Agama reaffirmed the commission’s commitment to investor protection and market development, encouraging citizens to consult licensed professionals and avoid get-rich-quick schemes.
“The SEC has also established dedicated departments to monitor market activities and conduct inspections aimed at detecting irregularities early.
“These proactive measures are designed to prevent large-scale frauds like CBEX from recurring,” he said.
He concluded by highlighting the significance of the ISA 2025, describing it as a major step forward in securing the Nigerian investment landscape and building a resilient financial market.
CBEX or Crypto Bridge Exchange, an unregistered online trading platform disappeared last Monday with about N1.3 trillion invested by about 600,000 investors.
CBEX, which operated under ST Technologies International Ltd, lured its victims with 100 per cent returns on investment after 30 days.
Asked if there was anything the Commission could do to help victims recover their money in part or in full, Dr Agama said: “There is nothing the Commission can do”.
He however expressed concern that Nigerians continued to invest in an unregistered digital entity without drawing the attention of the Commission.
“We are worried that this went on for long without anyone drawing our attention to it. That is why we are doing more enlightenment and asking people to come forward to report this for early detection.
How Nigerians Can Identify a Ponzi Scheme
He warned Nigerians against investing their money in Ponzi Schemes, saying such schemes make promises that are not real.
“You can identify a Ponzi Scheme when an entity makes offers that appear certainly untrue and are bogus.
He explained further, “The definition we have in the ISA (Investments and Securities Act, 2025) tells you that when an investment firm makes any promise that is almost unattainable, you will know that that is a Ponzi scheme”.
SEC disclosed that preliminary investigations have revealed that CBEX engaged in promotional activities to create a false perception of legitimacy, in order to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.
The Commission stated that CBEX, which also operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology, had held itself out as a digital asset trading platform, offering high returns to investors in Nigeria.
According to the SEC, “The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function within the Nigerian capital market.
The SEC emphasized that under the provisions of Section 196 of the Investments and Securities Act 2025, the Commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against the CBEX, its affiliates and promoters.
“The Commission uses this medium to remind the public to refrain from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models”.
Prospective investors are advised to verify the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them”, the SEC added.
Confessing to the scam, a Victim
narrated how he got involved in the doomed platform.
An Abuja-based journalist said that he invested N500,000 on April 4, 2025, with the hope of receiving N1 million after 30 days.
The journalist who requested not to be named said: “I was involved for just seven days and lost N500,000 to the scam. I have a friend who has been pressuring me to invest in CBEX since December last year and I have been resisting because of my experience with MMM.
“But he kept telling me and showing me how much he was making. So, I decided to give it a try and I got involved and finally transferred N500,000 on April 4. I was admitted into a Telegram group chat. Then the story began. The only luck I have is that my wife refused to be involved after I asked her to. I would have been in serious trouble by now.
“Immediately I got wind of troubles especially when people were locked out of the Telegram group, I tried to withdraw my money which had risen to N616,000 but I couldn’t”, he narrated.
[6:00 PM, 4/20/2025] Madam Julie.: Meanwhile, the Securities and Exchange Commission (SEC) has warned social media influencers and bloggers against promoting unregistered investment schemes.
SEC’s Director-General, Dr Emomotimi Agama, gave the warning in a notice issued on Sunday in Abuja.
He said the Commission was working closely with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other relevant government agencies to investigate and prosecute violators.
According to Agama, the recently enacted Investments and Securities Act (ISA) 2025 specifically targets promoters of unregistered investment schemes.
He urged celebrities, influencers, and bloggers to avoid endorsing such ventures or face legal consequences.
“The law also covers influencers and bloggers who promote fraudulent schemes, with clear penalties, including imprisonment,” Agama stated.
“We are using this opportunity to warn such individuals to immediately desist from promoting unregistered entities.”
He reiterated that the SEC had the capacity, expertise, and legal backing to combat Ponzi schemes and protect the investing public.
“We have dealt with similar schemes in the past and will continue to do so, leveraging the powers of the ISA 2025 to safeguard investors and develop the capital market,” he added.
Agama cited the recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over N1.3 trillion, as a wake-up call.
He described CBEX’s promises of doubling investments within a month and its false claims of global partnerships as clear indicators of fraud.
“The collapse of CBEX underscores the urgency of our crackdown. We are shutting down their operations, and the promoters will face the full weight of the law,” he said.
He urged Nigerians to always verify the authenticity of any investment opportunity with the SEC before committing funds, cautioning that “if it sounds too good to be true, it probably is.”
Agama reaffirmed the commission’s commitment to investor protection and market development, encouraging citizens to consult licensed professionals and avoid get-rich-quick schemes.
“The SEC has also established dedicated departments to monitor market activities and conduct inspections aimed at detecting irregularities early.
“These proactive measures are designed to prevent large-scale frauds like CBEX from recurring,” he said.
He concluded by highlighting the significance of the ISA 2025, describing it as a major step forward in securing the Nigerian investment landscape and building a resilient financial market.