Excitement As 2 Arrested Over N1.3tr CBEX Scam
THECONSCIENCE NG reports that the Economic and Financial Crimes Commission (EFCC) has arrested two suspects in connection with the alleged loss of approximately N1.3 trillion linked to Crypto Bridge Exchange (CBEX), a digital asset trading platform.
While four Nigerians, including two siblings, have reportedly been connected to CBEX, the EFCC has yet to officially disclose any names. A British national has also been implicated, though investigations into his role are still ongoing.
According to insider sources, EFCC operatives suspended Friday’s public holiday to continue working on the high-profile investigation. A top official confirmed that a significant breakthrough had been made with the arrest of two key suspects.
“We have begun preliminary investigations with the two suspects. It’s a multi-layered probe into how CBEX entered Nigeria’s digital asset space,” the source revealed.
EFCC Chairman, Ola Olukoyede, who returned to the country on Thursday, is said to be personally overseeing the investigation.
“So far, five individuals, including a Briton, are under surveillance. We’re being cautious to avoid missteps in profiling. It’s too early to release identities, but the suspects are assisting us in unraveling how CBEX was established, who funded it, the secondary companies involved, and the role of institutions like the Corporate Affairs Commission (CAC),” the source added.
The EFCC is also investigating the involvement of certain financial institutions and the regulatory oversight mechanisms that may have failed.
SEC Reacts: CBEX Not Registered, Claims of Regulation Baseless
In response to growing public concern, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, clarified that CBEX was never registered with the commission and was therefore not subject to SEC oversight.
“The SEC was unaware of CBEX’s operations until recently. We regulate only registered institutions. Without registration, regulation is practically impossible,” Dr. Agama said in a media interview on Monday.
He dismissed claims that CBEX was in the process of seeking certification from the SEC.
“Such assertions are totally untrue—in capital letters,” he emphasized. “That alone is a red flag. No institution can operate first and seek SEC licensing later.”
Dr. Agama noted that some companies exploit gaps by registering with the CAC under misleading classifications, giving the false impression of legitimacy.
“They may innocently receive certificates from the CAC, but not for offering investment services,” he explained.
SEC Ramps Up Awareness, Warns Influencers
Dr. Agama urged Nigerians to be cautious and always verify investment platforms before committing funds.
“If you’re uncertain about an investment, consult a financial advisor, lawyer, stockbroker, or licensed investment professional,” he advised. “Investments are serious matters and must be treated as such.”
He also defended the SEC’s public engagement efforts, highlighting recent initiatives including a new podcast and nationwide financial literacy campaigns.
On the possibility of restitution, Agama confirmed that CBEX is under investigation and that the SEC is collaborating with other agencies to recover funds and prosecute the culprits.
“Whatever can be recovered will be returned to affected investors. The perpetrators will be brought to justice,” he assured.
He also issued a stern warning to media practitioners and social media influencers promoting unregistered investment schemes.
“If you’re a blogger or influencer promoting fraudulent platforms, be aware of the new Investment and Securities Act (ISA) 2025. It imposes a N20 million fine and up to 10 years imprisonment for such actions.”
