CBEX, a controversial investment scheme under investigation for allegedly defrauding Nigerians of over ₦1.2 trillion, has resumed operations despite a subsisting prohibition by the Securities and Exchange Commission (SEC) and an ongoing investigation by the Economic and Financial Crimes Commission (EFCC).
Nigerians were shocked to find the platform reactivated on social media and through private means, seeking new investments and promising returns through crypto-based businesses. The move is coming just weeks after the SEC had issued a public alert that CBEX was not licensed to operate business in the country and warning Nigerians to refrain from any dealing with the company.
EFCC sources confirmed that CBEX was still being investigated. Some of the individuals involved in the scheme are being investigated, and a foreigner who is believed to be one of the key masterminds has already been declared wanted. Properties allegedly purchased with investor funds are also being traced by the commission.
Flashback to March 2025, when CBEX abruptly shut down shop after thousands of users lodged complaints of frozen accounts and pilfered funds. The platform blamed “technical issues,” but investigations discovered that it did not have any regulatory approval and was operating outside financial laws.
Despite these red flags, CBEX’s recent comeback has drawn fresh attention from unsuspecting investors who do not know about the legal battle. Financial experts indicate the company’s comeback is a risky venture and could further ruin Nigerians if the regulators do not act quickly to enforce the ban.
The event has witnessed the SEC reaffirm that the operations of CBEX remain illegal, and anyone investing in the platform is doing so at their own risk. The commission urged Nigerians to verify any financial company’s status prior to investing.
EFCC officials report that they are expanding the investigation and will definitely arrest more suspects. The victims of the scheme have also been requested to come forward with evidence to assist the investigation.
The re-emergence of CBEX has challenged the regulation of finance in Nigeria and whether existing penalties are enough to deter fraudulent websites.
