- Nigerians Lose N1.3tn As EFCC, Interpol Sweep Into Action
- Despite SEC, EFCC’s Warnings, Nigerians Still Fall Prey
- List Of 58 Illegal Ponzi Scheme Emerges, As Angry “Investors” Vandalise, Loot CBEX Offices
It is a case of pain, anguish and tears as Nigerians took to their various social media platforms to lament their losses after a Ponzi digital asset trading platform, known as Crypto Bridge Exchange (CBEX), crashed and allegedly swept over N1.3 trillion from investors’ accounts on Monday, April 15, 2025.
The crash triggered widespread outrage as distraught investors flooded social media platforms like X and TikTok, sharing stories of vanished life savings and unpaid loans.
According to a user on TikTok, he called on popular Social Media crusader, VeryDarkMan to come to his aid as he reportedly lost over N5m to the scheme.
Another user, identified as Mrs Bola, who recently returned from Libya, was also left heartbroken and devastated after losing all her savings to the trading platform.
READ ALSO: Court Strikes Out Falana, Falz’s Defamation Suit Against VeryDarkMan
Speaking through tears, Mr Bola revealed that she personally invested around $400 in thse platform. In addition to her contribution, friends pooled in more funds, bringing the total amount lost to over $1,000.
She recounted the immense hardship she faced while living in Libya, trying to survive and save money. The loss, she said, has shattered her hopes, especially after struggling to rebuild her life upon returning to Nigeria.
The crash of CBEX is the latest in the history of failed Ponzi Schemes in Nigeria.
From MMM to Ultimate Cycler to Twinkas and D9 Club, from Nospecto, Galaxy Transport and Chinmark Group, the list is endless leaving devastated and frustrated Nigerians in their wake after crashing.
In a disturbing statistic, the Nigeria Deposit Insurance Corporation (NDIC) estimated that by 2022, Nigerians had lost N911.45 billion to Ponzi schemes and related frauds over 23 years, with N300 billion lost in the five years post-MMM.
In the case of CBEX, the red flags were there for all to see, but they were clearly ignored. Despite widespread use, CBEX was never registered with Nigeria’s Securities and Exchange Commission (SEC), violating the Investment and Securities Act (ISA) 2025.
The Chief Executive Officer CEO Yahaya Ibrahim claimed that CBEX was a Canadian-registered crypto exchange, but evidence to support this claim was lacking. In reality, its operations were mainly focused within Nigeria.
Warnings by regulatory agencies and financial crimes control agencies like the Security and Exchange Commission (SEC), and the Economic and Financial Crimes Commission (EFCC) have gone unheeded.
Earlier, SEC outlawed unregistered operations of digital asset exchanges and online foreign exchange (FX) trading platforms under the new Investments and Securities Act (ISA) 2025.
In a statement issued over the weekend, the SEC warned that operating without formal registration is now a punishable offense.
READ ALSO: CBEX Investors Cry Foul Over Sudden Account Empties
“By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the Commission to carry out the business of online foreign exchange trading platforms or related services,” SEC said.
“Any business entity with the plan of setting up a business in any of this area is advised to visit the HOD DRM Department of the Commission for further directive on how to register with the Commission to avoid sanctions.
“Under the newly enacted legislation, the Securities and Exchange Commission (SEC) is now empowered to regulate a broader scope of market activities as Section 3(3)(b) of the Act explicitly mandates the Commission to “register and regulate securities exchanges, commodity exchanges, virtual and digital asset exchanges, and other market venues.”
Speaking on the development, Emomotimi Agama, SEC’s director-general (DG), described the ISA 2025 as a transformative move for Nigeria’s capital market.
“The ISA 2025 has given the Commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms,” he said.
Agama reaffirmed the commission’s commitment to supporting innovation while maintaining strict oversight.
“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” Agama said.
With ISA 2025 now in force, the DG advised stakeholders in the financial and investment ecosystem to familiarise themselves with the new provisions and ensure full compliance.
Similarly, EFCC, in a recent fraud advisory alerted Nigerians on the operations of 58 companies posturing as investing entities and defrauding innocent Nigerians of their hard-earned money.
The anti-graft agency warned that the companies are neither registered with the Central Bank of Nigeria, CBN, nor the SEC.
The financial crimes regulatory agency then went on to list 58 illegally operating companies:
Wales Kingdom Capital, Bethsaida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech, Green Eagles Agricbusiness Solution Limited, Richfield Multiconcepts Limited, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network), Letsfarm Integrated Services, Bara Finance & Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, (Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited,) and Crowdyvest Limited.
Others are: Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and Oxford Gold Integrated, Skapomah Global Limited, MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU.Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment & Works Limited.
The rest include: Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, NISL Ventures Limited & Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.
The EFCC assures the public of its vigilance and proactive monitoring of every entity and player in the nation’s economic space to safeguard the public from opportunistic and predatory operators and use the instrumentality of its anti-corruption mandate to stimulate growth in the economy.
Meanwhile, a group of furious investors stormed the CBEX office located in the Oke Ado area of Ibadan, Oyo State, last night, ransacking the premises and looting everything they could carry — including couches, tables, AC units, and other valuables — after the platform reportedly crashed.
A viral video currently circulating on social media captures the moment a large crowd descended on the CBEX office in Ibadan, Oyo State, looting various items in retaliation. In the footage, people can be seen carting away furniture, AC units, office equipment, and other belongings.
Similarly, EFCC has disclosed that it has launched an investigation into the activities of CBEX and will collaborate with International Police units to bring the perpetrators to book.
