EFCC and SEC Launch Nationwide Crackdown on Ponzi Schemes After N1.3 Trillion CBEX Crypto Collapse, Assure Nigerians of Fund Recovery
The Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) have declared a joint move to hunt down perpetrators of Ponzi schemes across Nigeria. This follows the sudden collapse of CBEX, a digital trading platform that promised investors 100% returns within 30 days, resulting in an estimated N1.3 trillion loss.
Speaking during a live interview on Arise TV on Wednesday, the Director-General of SEC, Dr. Emomotimi Agama, revealed that while the commission had not received formal complaints about CBEX, investigations would commence immediately.
“We sympathise with the victims. The law empowers us to track and bring these fraudsters to justice,” Agama said, noting that the SEC had consistently warned Nigerians against too-good-to-be-true investment offers. He emphasized the importance of due diligence and urged citizens to verify any investment platforms through SEC’s official channels.
Agama also disclosed that the Senate recently approved N10 billion to fund a nationwide market education campaign and expand SEC’s presence across the country to better engage and protect investors.
Meanwhile, the EFCC assured Nigerians that those who lost money to CBEX would be reimbursed. Appearing on Channels TV’s Morning Brief, EFCC spokesperson Dele Oyewale confirmed that the anti-graft agency had been monitoring CBEX prior to its collapse and is working with Interpol and international agencies to recover stolen funds and bring culprits to justice.
“We had already profiled the platform and warned Nigerians. Our intelligence is active, and we’re tracking all those involved,” Oyewale stated, adding that recovery may take time but the EFCC is committed to ensuring that no investor loses their money.
The CBEX platform reportedly began facing withdrawal issues over the weekend, and by Monday, angry investors stormed and looted the office of Smart Treasure, a subsidiary of CBEX, in the Oke Ado area of Ibadan, Oyo State.
Both agencies reiterated the need for Nigerians to report suspected Ponzi schemes promptly and stay informed through official regulatory channels.
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 and the Securities and Exchange Commission (SEC) have declared a joint move to hunt down perpetrators of Ponzi schemes across Nigeria. This follows the sudden collapse of CBEX, a digital trading platform that promised investors 100% returns within 30 days, resulting in an estimated N1.3 trillion loss.){kind=link}