The Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) have pledged to dismantle Ponzi schemes across Nigeria, following the collapse of CBEX, a digital asset trading platform that reportedly defrauded investors of an estimated ₦1.3 trillion.
The commitment was made on Wednesday amid growing public outrage after CBEX, which promised 100% returns in 30 days via AI-powered crypto trading, abruptly shut down. Despite no formal complaints received yet, the SEC vowed to begin investigations into the platform and other fraudulent schemes.
Speaking during a live broadcast on Arise TV, SEC Director-General Dr. Emomotimi Agama expressed concern for victims and reaffirmed the agency’s resolve to pursue perpetrators.
“As of today, we have not received any official complaint regarding CBEX, but we sympathise with the victims,” Agama said. “We will begin tracking down those involved. The law empowers us to do so.”
He stressed that SEC had consistently warned Nigerians against investing in schemes that seem too good to be true and urged the public to verify the registration status of investment platforms via the SEC website or hotlines.
Agama also revealed the Senate recently approved ₦10 billion to fund a national market education programme, adding that the commission plans to expand its presence nationwide to improve public awareness.
On its part, the EFCC disclosed that it had been monitoring CBEX prior to its collapse and had already profiled the platform as suspicious.
Speaking on Channels TV’s Morning Brief, EFCC spokesperson Dele Oyewale said the commission had earlier identified 58 Ponzi-related entities and warned the public as early as March 11, following directives from EFCC Chairman Ola Olukoyede.
“We were already tracking the platform before the public outcry. Our dragnet is wide, our intelligence is sharp, and our operations proactive,” Oyewale said.
He further assured affected investors that efforts are underway to recover their funds.
“Let me be clear—investors will get their money back. We are working with Interpol and international development partners to bring the perpetrators to justice. It may take time, but the EFCC is committed to recovering the stolen funds.”
The spokesperson emphasized that fraud prevention is a shared responsibility and called on Nigerians to be vigilant and report suspicious investment schemes to the authorities.
The collapse of CBEX, which led to protests and the vandalisation of its Ibadan office earlier in the week, has reignited calls for tighter regulation and broader financial literacy efforts across Nigeria.
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