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| SEC announcement on CBEX crypto fraud victims |
On April 17, 2025, SEC DG Emomotimi Agama said the Commission is powerless to help victims recover their funds . He noted no legal path exists to trace or retrieve the lost N1.3 trillion .
CBEX, known as Crypto Bridge Exchange and ST Technologies International Ltd, vanished suddenly on April 14 . The unregistered platform had operated under names like Smart Treasure and Super Technology to mask its true nature .
The scheme promised a full 100 percent return in 30 days to lure deposits. Such an offer defies market logic and Nigeria’s 27.5 percent interest norm . About 600,000 investors across Nigeria lost access once withdrawals stalled .
An Abuja journalist said he joined on April 4 with N500,000. He watched his balance climb to N616,000 but lost all when the platform crashed . He warned that family savings and church cooperative funds also vanished in similar scams.
Preliminary SEC probes found CBEX staged fake offices and ran glossy ads. These steps gave a false sense of legitimacy to unwary Nigerians . The panel noted no official registration was ever granted for digital‑asset trading .
Under the Investments and Securities Act 2025, Section 196 now lets the SEC freeze assets and prosecute unregistered schemes within days . The DG said the law will close gaps and deter copycat scams .
The EFCC says it joined forces with Interpol and global partners to track CBEX promoters . Spokesperson Dele Oyewale said the agency had profiled the scheme and worked even before public outcry began .
Oyewale stressed that unrealistic returns are a clear warning sign. He urged Nigerians to check platform licensing before investing . He added that recovered funds will return to investors, though timelines may stretch into months .
Financial analysts say the CBEX collapse shakes trust in crypto and digital assets. They call for tighter rules and public education on spotting Ponzi setups . Some urge regular drills on the SEC portal to keep scams in check.
Investors now face the harsh reality that lost funds may not come back. The SEC’s call for vigilance comes as regulators worldwide navigate digital‑asset oversight. This crisis underlines the need for clear rules and swift enforcement to protect savings.
The public is advised to use the SEC’s portal at www.sec.gov.ng/cmos to verify any investment platform’s status . Regulators say they will keep hunting bad actors until market safety is restored.