We Can’t Help You Recover Your Money over CBEX Scam,.Says SEC DG

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has said there was nothing their organisation can do to help the estimated 600,000 Nigerians who lost their money in the recent CBEX scam to recover their money.

The CBEX scam, which operated under the guise of a digital asset-trading company, promised investors a whopping 100 per cent return on their investment in just 30 days.

However, the platform disappeared last Monday, taking with it an estimated N1.3 trillion invested by unsuspecting members of the public.

Responding to a questions, Dr. Agama expressed regret that the massive operation was able to continue unnoticed for so long without anyone drawing the Commission’s attention to it.

“We are worried that this went on for long without anyone drawing our attention to it. That is why we are doing more enlightenment and asking people to come forward to report this for early detection,” he stated.

The SEC has warned Nigerians to be wary of investment opportunities that promise guaranteed or unrealistic returns, labeling such models as clear indicators of Ponzi schemes.

“The definition we have in the ISA (Investments and Securities Act, 2025) clearly tells you that when an investment firm makes any promise that is almost totally unattainable, you will know that that is clearly a Ponzi scheme,” Dr. Agama explained.

Preliminary investigations by the SEC have revealed that CBEX engaged in aggressive marketing and promotional activities to create a false sense of legitimacy.

The platform, operating under various aliases including Smart Treasure and Super Technology, portrayed itself as a digital asset-trading company to lure investors.

However, the SEC has clarified that neither CBEX nor its affiliates were registered to operate as a digital assets exchange or solicit funds from the Nigerian public. Citing Section 196 of the Investments and Securities Act, 2025, the Commission has affirmed that it will be working with relevant law enforcement agencies to pursue enforcement actions against CBEX, its promoters, and affiliates.

In a stern warning to the public, the SEC has urged Nigerians to avoid schemes that promise unrealistically high returns and to verify the registration status of any investment platform on its website before making financial commitments.

“We want to warn the public to be careful and to do their due diligence before investing in any platform,” Dr. Agama said.

In a bid to prevent similar incidents in the future, the SEC has launched a public awareness campaign to educate Nigerians about the dangers of Ponzi schemes and the importance of investing in registered and regulated platforms. The Commission has also urged Nigerians to report any suspicious investment activities to its offices or to the relevant law enforcement agencies.