- Dr. Emomotimi Agama, Director General of the SEC, stated that no restitution will be provided to the 600,000 Nigerians affected by the CBEX cryptocurrency fraud.
- The fraudulent scheme, known as Crypto Bridge Exchange (CBEX), was managed by ST Technologies International Ltd.
Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), has announced that the Commission is unable to offer any restitution to the estimated 600,000 Nigerians affected by the recent CBEX cryptocurrency fraud.
The scheme, operated under the name Crypto Bridge Exchange (CBEX) and managed by ST Technologies International Ltd, vanished last Monday, taking with it roughly ₦1.3 trillion in public investments. CBEX lured investors with the promise of doubling their money within 30 days—an offer now confirmed to be a scam.
Speaking to Sunday Vanguard, Dr. Agama expressed deep concern over the scale of the fraud but emphasized that the SEC’s hands are tied. “There is nothing the Commission can do,” he stated, noting that the agency was not alerted to the operation in time to intervene.
He stressed the importance of early detection, calling on the public to report suspicious investment schemes promptly. “We are intensifying our public awareness campaigns and encouraging people to speak up early,” he added.
Dr. Agama issued a strong caution to Nigerians, advising them to be skeptical of investment schemes that guarantee unusually high returns. He explained that the Investments and Securities Act of 2025 defines such promises as hallmark traits of Ponzi operations.
Initial findings by the SEC revealed that CBEX used intense marketing strategies and operated under multiple names—such as Smart Treasure and Super Technology—to present itself as a legitimate digital asset firm and gain public trust.
However, the SEC confirmed that neither CBEX nor any of its related entities were licensed to function as digital asset exchanges or to solicit funds from investors in Nigeria.
Referencing Section 196 of the ISA 2025, the Commission stated that it would collaborate with law enforcement agencies to pursue legal action against those behind the operation.
In its final advisory, the SEC urged Nigerians to steer clear of get-rich-quick schemes and verify the licensing status of any investment platform through its official channels before investing.
