CBEX Scandal: Reps Raise Alarm over Collapse of N1.3trillion Crypto Scam
- The House of Representatives has finally reacted to the alleged crash of CBEX, a cryptocurrency platform that reportedly defrauded Nigerians of over N1.3 trillion
- Reports disclosed that CBEX was not registered with the Securities and Exchange Commission (SEC) but used the name of the China Beijing Equity Exchange, which has denied any link to the scheme and others in Nigeria
- The EFCC, Nigeria Police, and Interpol are now investigating the ponzi scheme as Reps call for enforcement of the new Investment and Securities Act (ISA), 2025, to protect investors
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Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.
FCT, Abuja - On Thursday, April 17, the House of Representatives leadership expressed concern over the collapse of a cryptocurrency investment scheme known as “CBEX,” which has reportedly defrauded unsuspecting investors of over N1.3 trillion.
Reps condemns CBEX crypto fraud in Nigeria
Source: Facebook
Legit.ng reported that CBEX's alleged crash has sparked outrage, mockery, and sorrow on Nigerian social media space with netizens sharing their experience through videos and comments.
The recent crash of the digital asset trading platform, that allegedly vanished with over N1.3 trillion, has once again exposed the vulnerability of Nigerians to fraudulent investment schemes.
In a statement issued on Thursday, House spokesman Akintunde Rotimi expressed the lawmakers’ sympathy for Nigerians affected by the fraudulent scheme, many of whom are now grappling with financial loss and uncertainty.
As reported by The Nation, Rotimi revealed that preliminary investigations showed the platform was not registered with the Securities and Exchange Commission (SEC) and had misleadingly adopted the name “CBEX.”
Source: UGC
He clarified that it has no ties to the China Beijing Equity Exchange, a legitimate equity trading institution that has publicly denied any involvement in digital asset trading or operations in Nigeria.
He said:
“This large-scale fraudulent scheme, which promised unrealistic returns and preyed on public trust, highlights the growing risks posed by unregulated digital investment platforms.
“The House notes that the Economic and Financial Crimes Commission (EFCC) and the Nigeria Police Force have already commenced coordinated investigations, working in concert with Interpol to track the perpetrators, safeguard investors, and recover withheld funds where possible.
“We urge these agencies to sustain swift and effective action in identifying, apprehending, and prosecuting the masterminds behind this massive financial crime.
“The House also underscores the importance of the recently enacted Investment and Securities Act (ISA), 2025, signed into law by President Bola Ahmed Tinubu.
“This landmark legislation – resulting from sustained legislative efforts across the 8th, 9th, and 10th Assemblies – strengthens the SEC’s enforcement powers, criminalises Ponzi schemes and related frauds, and introduces stricter penalties, including up to ten years’ imprisonment.
“Through these reforms, the investor protection responsibility of the SEC has been enhanced, reinforcing its mandate to shield Nigerians from fraudulent investment activities.”
Read more about CBEX:
- Full List: 11 most popular ponzi schemes Nigerians will never forget
- Hong Kong Govt's warnings on CBEX Nigerians should not have ignored as investment App freezes funds
- Man says CBEX mistakenly exposed itself, shares "evidence" online
- CBEX scandal: Buhari’s aide reacts as CBEX collapse
Video shows how OSBC allegedly promoted CBEX scheme
Meanwhile, Legit.ng reported that a viral video has exposed the Osun State Broadcasting Corporation (OSBC) for allegedly promoting the CBEX scheme.
CBEX officials reportedly gave airtime on a programme aired on OSBC to advertise the scheme as a poverty alleviation initiative, urging Nigerians to invest.
The video has attracted mixed reactions from Nigerians, as many criticised the OSBC for endorsing the investment platform that has reportedly crashed.
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Source: Legit.ng
