Angry investors stormed the CBEX trading platform’s office in Ibadan on April 13, 2025, looting the premises after the company’s sudden collapse left thousands of Nigerians without their savings. CBEX, which promised high returns through cryptocurrency and forex trading, is now the latest in a series of Ponzi schemes that have defrauded Nigerians of over ₦500 billion in recent years.
The Securities and Exchange Commission (SEC) had previously warned against unregistered investment platforms offering unrealistic returns. Despite this, CBEX attracted a large number of investors through aggressive marketing and endorsements by local influencers. The Economic and Financial Crimes Commission (EFCC) has identified 58 illegal investment operators, including CBEX, and is pursuing legal action against them.
Victims of the CBEX collapse, some of whom invested their life savings, are now demanding accountability and restitution. Many have reported that CBEX’s operators have gone into hiding, further fueling public outrage. The incident has sparked renewed calls for stricter regulation and enforcement to protect investors from fraudulent schemes.
Financial experts emphasize the importance of due diligence before investing, advising the public to verify the registration status of investment firms with the SEC and the Central Bank of Nigeria. They also caution against schemes that promise unusually high returns with little or no risk.
The CBEX debacle has reignited discussions about the need for financial literacy and investor education in Nigeria. Stakeholders are urging the government to implement comprehensive awareness campaigns to help citizens recognize and avoid Ponzi schemes.
As investigations continue, authorities are working to trace the assets of CBEX and its operators to recover funds for defrauded investors. The EFCC has assured the public of its commitment to bringing the perpetrators to justice and preventing similar occurrences in the future.
The CBEX incident serves as a stark reminder of the dangers of unregulated investment platforms and the importance of vigilance in financial dealings.
