Abuja, Nigeria – CBEX, a digital investment platform, collapsed, leaving thousands of Nigerian investors with estimated losses of over N1.3 trillion. The platform operated without approval from the Securities and Exchange Commission (SEC), despite claims of legitimacy through supposed U.S. FinCEN and Canadian registrations.
FinCEN lists filers without verifying legitimacy, and Canadian authorities found no record of a valid CBEX firm. CBEX promised investors unusually high returns, around 100% in 30 days. An estimated 250,000 to 300,000 Nigerians invested in the platform.
The Economic and Financial Crimes Commission (EFCC) has listed CBEX among suspicious schemes and plans to collaborate with Interpol to track down masterminds. Under Nigeria’s Investment and Securities Act (ISA 2025), operators of Ponzi schemes face up to 10 years in prison and a N40 million fine if convicted.
The CBEX collapse adds to Nigeria’s growing list of financial scams, with the Nigeria Deposit Insurance Corporation (NDIC) disclosing that Nigerians lost N911.45 billion to Ponzi schemes in the last 23 years.
