“We can’t recover N1.3tn lost to CBEX scam”—SEC

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, says the commission cannot help victims of the CBEX scam recover their funds.

Agama disclosed this during an interview on ARISE NEWS on Monday April 21, adding that CBEX wasn’t registered with the Commission at any point.

Earlier, Diaspora Digital Media (DDM) reported that CBEX, also called Crypto Bridge Exchange, vanished on Monday April 17, taking N1.3 trillion from nearly 600,000 Nigerian investors without warning or trace.

The platform, operated by ST Technologies International Limited, promised investors unrealistic 100 percent returns within 30 days of initial investment deposits.

When asked if SEC could help victims recover their funds, Agama responded, “There is nothing the Commission can do.”

He expressed concern that Nigerians invested heavily in an unregistered platform without alerting the SEC before the fraudulent activities got worse.

“We are worried this went on unnoticed. That’s why we urge early reports and increased awareness for timely regulatory intervention,” Agama said.

He warned Nigerians against Ponzi schemes, saying such platforms typically make deceptive and unrealistic promises to unsuspecting members of the public.

Agama added, “You can identify Ponzi Schemes by their bogus claims. Any promise sounding unattainable is likely a fraudulent investment scheme.”

The SEC said preliminary investigations revealed CBEX used aggressive promotions to falsely build legitimacy and attract unsuspecting Nigerian investors nationwide.

According to SEC, CBEX also operated under names like ST Technologies International, Smart Treasure, and Super Technology without formal regulatory approval.

“The Commission clarifies that CBEX and its affiliates were never licensed to operate within Nigeria’s capital market or solicit public funds.”

The Commission stated that Section 196 of the ISA 2025 allows enforcement collaboration with law enforcement against CBEX and its promoters.

“The public must avoid platforms offering guaranteed unrealistic returns.

“Always verify any investment platform’s status via our official SEC portal.”

The Commission  urges Nigerians to report suspicious investment schemes early to prevent further financial damage and protect national economic integrity.

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