In the murky underworld of digital finance, a devastating storm has struck — and its name is CBEX, a crypto trading platform that lured thousands of Nigerians with promises of wealth, only to leave them devastated and penniless.
Now, the Economic and Financial Crimes Commission (EFCC) is leading a high-stakes international pursuit to track down the masterminds behind the scheme and recover stolen investments. What began as a glittering promise has unraveled into one of Nigeria’s most shocking financial scandals in recent memory.
EFCC spokesperson Dele Oyewale, in a charged interview on live television, issued a stern assurance: “We are working with Interpol to bring the perpetrators to justice and recover investors’ funds. This will not go unanswered. We’re not helpless — we’re on the move.”
According to Oyewale, the commission is already engaging global law enforcement networks to trace those responsible for orchestrating the multi-million-dollar fraud. Although recovery won’t be immediate, the EFCC insists it will not rest until justice is served.
CBEX claimed legitimacy through a supposed Canadian headquarters — a claim now proven false. Official checks reveal no registered business by that name in Canada. The closest entity, CBEX Capital Corp, was deregistered over a year ago. Investigators say this may have been a calculated misdirection.
Even more alarming, the name “CBEX” is identical to the China Beijing Equity Exchange, a legitimate institution backed by the Chinese government. Online searches for “CBEX” often point to the real Chinese entity, misleading investors into believing the Nigerian platform was government-affiliated or internationally endorsed.
This deception appears to have worked — until the collapse.
When the CBEX platform crashed and investors saw their account balances vanish, fury erupted. In Ibadan’s Oke Ado district, mobs of defrauded users stormed the company’s local office. Witnesses described chaotic scenes as furniture and electronics were looted in broad daylight — a physical manifestation of the emotional and financial destruction left in the scheme’s wake.
Heartbreaking testimonials have flooded social media. Many victims — from struggling workers to hopeful entrepreneurs — say they invested everything. For some, CBEX represented a way out of poverty. For others, it was a dream of financial freedom that quickly turned into a nightmare.
Nigeria’s Securities and Exchange Commission (SEC) has since issued a firm reminder: any investment platform not registered with the commission is illegal. During a virtual session with fintech stakeholders, SEC Director-General Emomotimi Agama emphasized the risks, alluding to the CBEX fiasco without naming it directly.
“If it is not registered, it is illegal,” he stated. “We’ve seen the devastating fallout. We urge Nigerians to be cautious.”
Yet amid the ruins, a sliver of hope remains. The EFCC has promised to pursue every lead, chase every suspect, and reclaim stolen funds wherever possible. “We are committed,” said Oyewale. “This may take time, but we are going to do our job — and we won’t let the victims down.”
The CBEX saga is more than just a crypto collapse — it’s a stark warning about the seduction of quick wealth, the cost of unchecked ambition, and the enduring hope for justice in a digital age where appearances can be dangerously deceiving.
