CBEX: The Nigerian Ponzi Scheme That Promised the Moon and Delivered Tears
In April 2025, Nigerians were blindsided by the collapse of CBEX, a digital asset trading platform that vanished with an estimated ₦1.3 trillion (approximately $847 million) of investors’ funds.
The Allure of Quick Riches
CBEX enticed investors with promises of a 100% return on investment within 30 days, a rate that should have raised immediate red flags. The platform operated without registration from the Securities and Exchange Commission (SEC), making it an illegal entity in Nigeria.
The Role of Influencers and Social Media
Social media influencers played a significant role in promoting CBEX. Through sponsored posts and testimonials, they painted a picture of a legitimate investment opportunity, urging their followers to invest. This widespread endorsement led many to believe in the platform’s credibility.
The Aftermath
The crash has left thousands of Nigerians in financial ruin. Many are now seeking justice, with the Economic and Financial Crimes Commission (EFCC) investigating the matter.
Lessons Learned
The CBEX debacle serves as a stark reminder of the dangers of “too good to be true” investment schemes. Nigerians are urged to exercise caution and conduct thorough research before investing in any platform.
Edited by Komolafe Ayodele
