SEC Says No Hope of Recovering N1.3 Trillion Lost to CBEX Ponzi Scheme

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has declared that there is little to no hope of recovering the N1.3 trillion allegedly lost to the collapsed CBEX investment platform, also known as Crypto Bridge Exchange.

Speaking in an interview with Sunday Vanguard, Dr. Agama disclosed that the SEC was not notified early enough about the platform’s operations, making any recovery efforts nearly impossible.

“There is nothing the Commission can do,” Agama stated bluntly, expressing concern that such a large-scale fraud involving over 600,000 investors managed to go unchecked for so long.

CBEX, which operated under ST Technologies International Ltd, had promised investors a 100% return on investment within 30 days—a clear hallmark of a Ponzi scheme, according to the Commission.

Agama said the Commission has now launched a more aggressive awareness campaign to educate Nigerians on the dangers of unrealistic investment promises. He emphasized that under the new Investments and Securities Act of 2025, any scheme promising unattainable returns is clearly illegal.

He urged Nigerians to report suspicious schemes early, as timely intervention can prevent widespread losses. “We must learn to act early. Once something sounds too good to be true, it usually is,” he warned.