The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has disclosed that there is nothing the Commission can do to help the estimated 600,000 Nigerians who lost their money in the recent CBEX scam.
CBEX, also known as Crypto Bridge Exchange, disappeared last Monday with approximately ₦1.3 trillion invested by unsuspecting members of the public. The platform operated under ST Technologies International Ltd and promised investors 100 per cent returns in just 30 days-an offer now confirmed to be bogus.
Responding to a question from Sunday Vanguard about the possibility of restitution for the victims, Dr. Agama said bluntly:
"There is nothing the Commission can do." He expressed regret that such a massive operation was able to continue unnoticed, stressing that no one had drawn the Commission's attention to the unregistered platform early enough.
"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.
Dr. Agama 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," he explained.
Preliminary investigations by the SEC 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.
The SEC 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 affirmed that it would 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 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.
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