The digital trading platform that defrauded investors of N1.3 Trillion

Co-Written with Osajimere Osatolor

On Monday, 14th of April, 2025, the digital investment platform (CBEX) suddenly collapsed. It became the latest in a string of large-scale investment scams in Nigeria.

The investors lost approximately ₦1.3 trillion, according to reports, which left thousands of Nigerians in tears. Many ended up regretting giving it a try. Some wondered if they had learned nothing from MMM and blamed themselves. But, here's how it all started: 

CBEX emerged in Nigeria around July 2024. With an office in Ibadan, Oyo State, Nigeria as their physical headquarters, they also conducted operations through affiliates, namely ST Technologies International Limited and Smart Treasure/Super Technology. The office was designed to give the impression that it was an ideal company and for people to easily believe them. 

CBEX was said to be linked to a government owned business in China (Beijing Equity Exchange). Beijing Equity Exchange made a statement in 2024, saying they don't have any affiliation with “The Ponzi Scheme”. They even went ahead to warn people about the theft. But clearly some still didn't listen to them. It then attracted individuals who were eager to get rich real quick. 

According to some researchers, Yahaya Ibrahim was said to be the CEO of CBEX. According to its investors, CBEX's goal was to help individuals earn substantial profits by trading cryptocurrencies using an advanced Artificial Intelligence system. In order to lure more individuals to themselves, CBEX displayed random certificates online such as US FinCEN registration, which made them gain more credibility, despite not having a branch in Nigeria. The platform’s promotion by early investors and some influencers also convinced some initially skeptical people to invest in CBEX.

According to CBEX, The AI bot traded two times per day which made about 3% profit, showing investors fake charts and balances. Investors were required to log in on a daily basis to their profit and bring new members on board. And some investors said they needed to refer up to 12 people to withdraw their investments. This increased the rate of investors per day. To withdraw their bonuses, they needed to wait for 30-40 days. This gave CBEX maximum time to keep funds on the platform and attract more investors to themselves. According to BIA (Business Insider Africa), “an estimated 250,000 - 300,000 Nigerians invested in CBEX. The large number of investors was attributed to its referral system.” 

There was no evidence of a real venture or banking system backing up CBEX. They were just normal individuals whose aim was to scam people. The investors said CBEX promised a fixed monthly return of investment of about 100% in 30 days. However, the SEC (Security and Exchange Commission) stated that they never approved CBEX and it was not licensed to operate in the Nigerian market. Nigerians just believed what they saw and heard.

While some reporters claimed Nigerians lost up to ₦1.3 trillion, which is over $800 million. On the other hand, CBEX refused to disclose the exact revenue. Withdrawal began to slow down in April 2025, and this led to widespread panic. Users reported that CBEX locked its means of communication with investors, which were Whatsapp groups and Telegram channels. CBEX introduced a verification fee of $100 -$200 in order for users to unlock their account. It was at that moment it began to get suspicious. 

However, EFCC already said they would work with Interpol to track them down wherever they might be hiding. So many Nigerians are currently in tears and lamenting. 

The resulting anger led some angry investors to loot CBEX offices in Ibadan and Lagos. Many more investors took to social media to express their anger and frustration concerning their losses.

Nonetheless, many people are counting on EFCC to get their money back, while others have lost hope. Would there be any chance of people getting their money back?