The writing had always been on the wall for anyone that cares to notice but sadly in the case of the CBEX digital asset platform, which turned out to be a scam and officially crashed two days ago, all those inflation-burdened Nigerians who put their scarce money in it have been burned because now, they cannot get their investments back. This is why the Economic Financial Crimes Commission (EFCC) is fast-tracking its effort to capture a suspected Chinese ring that brought the pain about, by working with the International Criminal Police Organisation (Interpol), headquartered in France.

It appeared to be a distraught way to enter the Easter holiday, starting in two days – the way investors lost their hard-earned finances. Since Monday, 14 April 2025, in major southwest Nigeria cities like Ibadan in Oyo State, for example, there have been reports of looting at an office where CBEX operations were known to be housed.

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The anger there had to do with the fact that those who invested either $100 or higher, as it stands, will not be able to gain the 100 percent increase in their investment after the 30-day waiting time that was promised. It is the same feeling of getting duped in Africa’s largest city, Lagos State, where the people are often thought to be exceptionally smart, but even presumably street-wise Lagosians are ruing their losses, hence the EFCC’s assurance to all that everything could turn right eventually.

A month before the fraudulent digital asset platform crashed, the EFCC released a list of Ponzi schemes it thought Nigerians should be wary of, and so the agency feels justified that it had played its role. Spokesperson Dele Oyewale, as an interview guest on Channels Television’s breakfast programme, The Morning Brief, today confirmed being proactive.

In March, the Economic Financial Crimes Commission released a list containing 54 investment scams people ought to be wary of, although that didn’t include CBEX, which is strictly foreign and operates in the online space. Yet, when the victims started to experience a problem like their funds getting wiped off the trading app, it was the physical offices they besieged to exert pressure and express their grievances.

You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Mr. Ola Olukoyede, had cause to instruct us to alert Nigerians about 58 Ponzi scheme companies, says the spokesperson appearing on the breakfast show. He emphasised on the programme that we came out with a list, [which] shows that we’re proactive and we have our hands on what is happening.

Even though the citizens have failed to heed the early March warnings, the EFCC does not want to leave them to their problems. Oyewale assured that concerning this CBEX thing, we’re on it, although such a move has been going on in the background before the eventual crash.

Pyramid scams are not new in Nigeria, but it seems the citizenry won’t learn from past mistakes. The spate of citizens losing their money to online fraud has been put down to when the 2016 economic recession started. Ever since this period, many people have been struggling and have opened themselves up to investment ideas they normally wouldn’t have tried.

Although the victims of CBEX couldn’t help falling prey despite the warnings, the EFCC spokesperson said it would be irresponsible and unprofessional of the agency to say you have lost your money and there is nothing the commission can do about it; we’re already working with Interpol and we’re already working with our international development agencies to ensure that these people are brought to book.

Investors are going to get their money back, and we’re already working on that. All I’m saying is that this kind of thing could have been averted, but we’re not going to throw our hands up helplessly to say that there’s nothing the EFCC can do about it. No, we’re more responsible; we are more professional than that.

So, we’ve spread our wings; we’re talking to Interpol, we’re talking to all the necessary agencies across the world to be able to bring all the actors to book, and the investors are going to have their money back. It might not be in the short term, but I can assure you that the commission, as the leading anti-corruption agency in Nigeria, is not going to allow investors to just lose their money like that because they are not compliant. No. Escapism is not a solution to any problem.

True picture

The recent collapse of the CBEX digital asset platform has left thousands of Nigerians devastated, with many losing their hard-earned money to promises of unrealistic returns. CBEX, which guaranteed a 100 percent return on investment within 30 days, turned out to be a Ponzi scheme, vanishing with at least $847 million in investors’ funds. This unfortunate event highlights the growing prevalence of financial scams in Nigeria.

Ponzi schemes like CBEX are not new to Nigerians, though. Past scams such as MMM, Twinkas, and Ultimate Cycler have similarly preyed on individuals seeking quick financial gains. These schemes often lure victims with promises of high returns, only to collapse when new investments dry up.

Before investing, regulators urge running a thorough check. Anyone seeking to explore an investment opportunity is expected to verify the legitimacy of the platforms with regulatory bodies like the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

As Easter approaches on Friday and the holiday continues until the next three days after that, the pain of financial loss weighs heavily on many. Yet, this serves as a reminder to prioritise financial literacy and scepticism when faced with enticing offers. By staying informed and cautious, Nigerians can protect themselves from falling victim to scams and contribute to a safer financial environment.

One regretful investor, Dele Aina, who PUNCH Metro got hold of after a Lagos protest demanding the lost funds, emphasised the need for consciousness. My sister-in-law introduced this CBEX stuff to me just about three weeks ago. I registered, downloaded the app, and did all the verifications. An account was opened for me with $500.

They said they would trade with 2 percent of the money daily, and at the end of 45 days or less, I would receive 100 percent returns. My $500 was supposed to become $1,000.

People said they had withdrawn from it before. My wife kept pressuring me to do it instead of putting the money in a fixed deposit at the bank.

But about three days ago, we started hearing strange things. Suddenly, nobody could withdraw anymore. And then they cleared everybody’s money.

According to what Dele Aina had deduced, CBEX operators allegedly moved about ₦1.3trillion into a private wallet. This particular investor said he only believed in the “investment” at first because they had physical offices.

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Ayodele Johnson

Ayodelé is a Lagos-based journalist and the Content and Editorial Coordinator at Meiza. All around the megacity, I am steering diverse lifestyle magazine audiences with ingenious hacks and insights that spur fast, informed decisions in their busy lives.