The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has officially announced that the Commission is unable to assist the estimated 600,000 Nigerians who recently fell victim to the CBEX investment scam, which vanished with an alleged ₦1.3 trillion belonging to unsuspecting investors.
CBEX, also known in full as Crypto Bridge Exchange, reportedly disappeared last Monday with huge sums of investors’ money after promising a highly unrealistic 100 per cent return within 30 days. The platform operated under the company name ST Technologies International Ltd and aggressively marketed itself as a legitimate digital asset trading and investment platform. Investigations have since revealed that the operation was entirely fraudulent.
Responding to inquiries from Sunday Vanguard regarding possible recovery options for affected investors, Dr. Agama admitted that the SEC is powerless in this particular situation. In his words: “There is nothing the Commission can do.” He lamented the scale of the scam and explained that unfortunately, no official report was filed to alert the SEC about the activities of the unregistered entity before it made away with the funds.
He added, “We are seriously worried that this kind of fraudulent operation was allowed to continue unnoticed for so long without any member of the public or victim drawing our attention to it earlier. It highlights the urgent need for greater investor awareness and public vigilance, which is why we have intensified our enlightenment campaigns, urging Nigerians to report suspicious schemes immediately for prompt action.”
Dr. Agama further issued a strong warning to Nigerians about the dangers of falling for investment platforms and schemes that promise guaranteed profits or extremely high returns in a short period. He emphasized that such offers are key characteristics of Ponzi schemes, noting that the SEC, under the Investments and Securities Act, 2025 (ISA), categorically defines such operations as fraudulent.
He explained, “The ISA clearly states that when an investment firm or platform makes financial promises that are clearly unattainable or unrealistic, it should be treated as a Ponzi scheme. Investors need to be careful, especially when enticed with outrageous offers that sound too good to be true.”
Preliminary investigations conducted by the SEC revealed that CBEX operated under multiple aliases, including Smart Treasure and Super Technology, using aggressive advertising, promotional campaigns, and digital media strategies to create a deceptive sense of legitimacy. The Commission confirmed that neither CBEX nor its associated platforms were registered or licensed to operate a digital assets exchange or solicit funds from the Nigerian investing public.
Citing Section 196 of the Investments and Securities Act, 2025, the SEC noted that it would continue collaborating with relevant law enforcement agencies to investigate, identify, and prosecute the promoters and affiliates of CBEX. Enforcement actions would be pursued to hold those responsible accountable for defrauding thousands of Nigerians.
The Commission urged Nigerians to avoid investment opportunities that promise suspiciously high and guaranteed returns, advising the public to always verify the registration status of any investment scheme or company by visiting the official SEC Nigeria website before committing their funds. This, according to Dr. Agama, remains one of the most effective safeguards against falling victim to fraudulent financial operations.
He concluded with a call to action, stating, “We are committed to protecting investors and ensuring the integrity of our financial markets. However, the public must be proactive in reporting dubious activities promptly to enable regulatory authorities to intervene before significant damage is done.”