In what is now regarded as one of Nigeria’s largest Ponzi schemes, over ₦1.3 trillion has been lost by approximately 300,000 Nigerians to a fraudulent investment platform known as CBEX. The platform promised unusually high returns, up to 100% profit within 30 days, luring thousands of unsuspecting citizens into what turned out to be a well-orchestrated scam.
CBEX falsely branded itself as the China Beijing Equity Exchange, tricking people into believing it had ties to a legitimate Asian financial entity. However, Nigeria’s Securities and Exchange Commission (SEC) later confirmed that CBEX was not registered, nor was it authorized to solicit investments from the public…..CONTINUE READING
The platform accepted US dollar deposits and operated through various online channels, presenting a professional front until it suddenly shut down operations in April 2025, locking investors out of their accounts
Investigations by the Economic and Financial Crimes Commission (EFCC) and Nigeria Police have begun to uncover the masterminds behind CBEX. Though many identities remain under wraps due to ongoing investigations, leaked reports have identified several key promoters operating from major cities like Lagos, Abuja, and Ibadan.
These individuals used social media influencers and pseudo-financial advisors to promote the scam, offering referral bonuses and staged testimonials to drive credibility.
CBEX’s footprint stretches beyond Nigeria. Analysts have linked the scam to other international platforms like LWEX and PCEX, which previously operated in Hungary and Slovakia using similar models. Funds were funneled through crypto payment systems, particularly Huione Pay, a controversial financial network in Southeast Asia, now under scrutiny for facilitating illicit transactions.
With public outcry growing, the Nigerian House of Representatives has called for a full-scale probe and urged Interpol‘s involvement to track down the perpetrators. Under the new Investment and Securities Act of 2025, anyone found guilty of promoting or operating unregistered investment schemes could face up to 10 years in prison and a ₦20 million fine.
The SEC has urged Nigerians to remain vigilant and verify all investment offers via its official channels. Additionally, the government is warning celebrities and influencers to avoid endorsing questionable platforms, as they may be held criminally liable under the law.
The CBEX fraud in Nigeria is a chilling reminder of how quickly trust can be manipulated online. As authorities work to recover funds and prosecute those involved, Nigerians are urged to always conduct due diligence before investing.
