The Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) have vowed to dismantle Ponzi schemes nationwide following the collapse of CBEX, a digital assets platform that allegedly defrauded investors of N1.3 trillion.
Speaking on Arise TV, SEC Director-General Emomotimi Agama pledged to track down the platform’s operators, while urging Nigerians to verify investment schemes through official channels. He revealed that no formal complaints had been received about CBEX but assured investigations would begin.
The EFCC also confirmed it had been monitoring CBEX before the outcry and assured investors that efforts were underway—with Interpol’s support—to recover funds.
Both agencies emphasized increased public education, with the SEC receiving N10 billion for investor awareness campaigns.
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