CBEX Resumes Operations Amid EFCC Crackdown and N1.3 Trillion Scam Allegations

CBEX Resurfaces, Seeks New Investors Despite Ongoing Probe into ?1.3 Trillion Scam

The controversial investment platform CBEX has quietly resumed operations, allowing new users to register and trade—even as investigations into an alleged ?1.3 trillion Ponzi scheme continue.

Just weeks ago, CBEX blocked investor withdrawals, sparking outrage and leading the EFCC and Securities and Exchange Commission (SEC) to begin clamping down on its promoters. The crash reportedly impacted over 600,000 Nigerians.

Despite this, recent reports claim the platform is now accepting new deposits and promising account restoration for previous investors—if they "top up" their accounts with additional funds. The new rules reportedly include:

• Old investors with under $1,000 must deposit $100 to restore their balance.
• Those with over $1,000 must deposit $200.
• No withdrawals are currently allowed for existing investors.

According to sources, CBEX is undergoing an external audit by a UK insurance company, with withdrawals for old investors expected to resume June 25, pending the audit’s conclusion. CBEX also claims it’s trying to “regain trust” and demonstrate that trades on its platform are “insured.”

Red Flags and Official Warnings

CBEX offered users 100% returns in 30 days via alleged AI-powered crypto trading. It was registered with the Corporate Affairs Commission (CAC) and EFCC’s Special Control Unit Against Money Laundering—but not with the SEC, the only legal body authorized to regulate investment schemes in Nigeria.

SEC Director General Dr. Emomotimi Agama reiterated that CAC registration does not legitimize any investment platform and warned that CBEX is operating illegally.

“The new Investment and Securities Act (ISA) 2025 provides stiffer penalties. Fraudsters will face fines of at least ?20 million and up to 10 years in prison,” Agama said.

EFCC Launches Arrests and Manhunt

As part of its ongoing crackdown, the Federal High Court in Abuja ordered the arrest of six CBEX promoters, including:

• Johnson Oteno
• Israel Mbaluka
• Joseph Michiro
• Serah Michiro
• Adefowora Olanipekun
• Adefowora Oluwanisola
• Emmanuel Uko
• Seyi Oloyede

In a new development, Adefowora Abiodun, a prominent CBEX trader, surrendered himself to the EFCC for questioning. The agency has also declared foreign national Elie Bitar wanted for his alleged role in the crypto fraud.

Is CBEX Trying to “Cash Out” One Last Time?

Analysts and investors remain skeptical of CBEX’s sudden return, with many seeing it as a last-ditch effort to extract more money from desperate investors.

“Any platform that asks you to deposit more to recover your own capital is a scam,” a former CBEX investor said.

Despite CBEX’s claims of ongoing audits and insurance verification, financial experts warn Nigerians to avoid reinvesting or joining the scheme, citing clear signs of a Ponzi structure and lack of regulatory approval.