Posted by Nollywood Times | April 20, 2025
In a devastating blow to over 600,000 Nigerian investors, the Securities and Exchange Commission (SEC) has confirmed it cannot help victims recover the estimated ₦1.3 trillion lost to the now-defunct Crypto Bridge Exchange, popularly known as CBEX.
Dr. Emomotimi Agama, the recently appointed Director-General of the SEC, disclosed that CBEX was never registered or authorized to operate in Nigeria. According to him, the Commission received no formal complaints about the platform until it had already shut down operations and vanished with investors’ funds.
CBEX, which operated under ST Technologies International Ltd, lured investors with bold promises—offering 100% returns on digital assets within 30 days. The platform gained massive traction online and attracted thousands of unsuspecting Nigerians before collapsing in April 2025, leaving panic, heartbreak, and financial ruin in its wake.
Dr. Agama stated clearly, “There’s little the SEC can do in terms of fund recovery because CBEX was never under our regulatory purview. It was a classic case of investors dealing with an unregistered entity.”
The scam has triggered widespread public outcry, prompting the Economic and Financial Crimes Commission (EFCC) to launch an investigation.
Reports indicate that Interpol has joined the search for CBEX promoters, both locally and internationally.
While some investors still hold on to hope, the grim reality is setting in: their life savings may be gone for good. The SEC, meanwhile, is calling on Nigerians to verify the registration status of any financial platform before investing. “If it sounds too good to be true, it probably is,” Agama added.
This latest crypto scandal is a wake-up call, especially for young investors flocking to the digital asset space in search of quick returns. Regulation is catching up, but scammers are always one step ahead—making vigilance the first line of defense.
Also Read:
How to Verify Crypto Investment Platforms in Nigeria
Top 5 Red Flags in Crypto Scams
EFCC, SEC, and Interpol Collaborate Against Digital Fraud
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