CBEX, which operated under the guise of a crypto and forex trading service, reportedly promised unrealistic returns, some as high as 100% in just 30 days. The platform had physical offices in key cities,s including Abuja, Lagos, and Ibadan, making its sudden shutdown all the more shocking to thousands of Nigerian investors who can no longer access their funds.
EFCC spokesperson Dele Oyewale confirmed that investigations into the platform had already been ongoing before its collapse. He emphasized that the agency is determined to trace the perpetrators and, where possible, recover stolen funds and bring those responsible to justice.
Social media has since erupted with public outrage and disbelief, with many questioning how such a scheme could gain traction so easily. Financial analysts have warned that get-rich-quick promises remain a red flag, especially in unregulated markets.
The Securities and Exchange Commission (SEC) has renewed calls for caution, urging Nigerians to verify investment platforms through official regulatory channels. The agency reiterated that under new legislation, it is now illegal for any digital trading platform to operate without proper registration.
