|By Adejumo Adekunle-
CBEX Crash: EFCC Says Nigerians Ignored Warnings
Over ₦1.3tn Lost as Digital Trading Platform Collapses
The Economic and Financial Crimes Commission (EFCC) has said that many Nigerians neglected repeated warnings against using digital trading platforms like CBEX, which recently crashed, leading to the loss of over ₦1.3 trillion in investors’ funds.
Speaking during an interview on Channels Television, EFCC spokesperson Dele Oyewale said the Commission had earlier cautioned the public against engaging with Ponzi-style online investment platforms, including CBEX.
“You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Mr. Ola Olukoyede, directed us to alert Nigerians about 58 Ponzi scheme companies. We published the list, showing that we were proactive and aware of the ongoing scams,” Oyewale said.
He stressed that the Commission had taken deliberate steps to enlighten Nigerians, warning them to stay clear of digital trading schemes not licensed or recognized under Nigerian law.
CBEX, a Chinese-run online trading platform, reportedly shut down on Monday, leaving thousands of Nigerians unable to access their accounts or withdraw funds. Videos circulating online show devastated investors crying over their losses.
Oyewale clarified that CBEX has no legitimate presence in Nigeria.
“This business venture is a Chinese digital trading company with no jurisdictional link to Nigeria. The so-called offices in Ibadan and other cities are not functional—everything operates online,” he added.
The EFCC official explained that while the public demanded answers following the crash, the Commission had been actively monitoring, alerting, and educating citizens on the dangers of online criminal investments well before the CBEX collapse.
He also referenced the Investment and Securities Act 2025, which criminalizes any unlicensed digital trading activity in Nigeria. The new Act, he noted, is designed to clamp down on illegal investment ventures and protect citizens from fraud.
“With the Act in place, no digital trading platform can operate legally without proper licensing and compliance. We’ve done our part by empowering the public with information; it’s up to Nigerians to guard their investments wisely,” Oyewale emphasized.
The Commission urged Nigerians to verify the legitimacy of any investment platform before committing funds and warned that more unregulated schemes may still be operating.
