The CBEX Ponzi Scheme in Nigeria: A Comprehensive Report

Background – What Was CBEX and How Did It Operate?

CBEX (variously called Crypto Bridge Exchange Smart-Treasures, Crypto Bank/Business Exchange, etc.) was a fraudulent cryptocurrency investment platform that operated as a Ponzi scheme in Nigeria​. It presented itself as an AI-powered digital asset trading platform where users could buy and sell crypto, promising “100% returns in 30 days” (about 3.5% profit per day) with purported low risk​. In reality, no actual trading or “AI” was taking place – early investors were paid with funds from new investors, in classic Ponzi fashion​. The scheme’s name “CBEX” deliberately echoed the China Beijing Equity Exchange (a legitimate Chinese state-owned financial exchange), which misled many into thinking it had official backing​. Its promoters even claimed CBEX was registered in Canada, but Canadian records showed no such company (the closest match was a defunct firm)​. In truth, CBEX was not registered with Nigerian regulators and operated outside the law​.

Operationally, CBEX recruited investors through a website and mobile app that mimicked legitimate crypto trading dashboards (similar to Binance)​. Users would deposit money (Naira, often converted to cryptocurrency) into their CBEX accounts and see their balances “grow” at the promised rate​. The platform encouraged reinvestment and referrals – it offered referral bonuses (e.g. a 12% boost in “trading signals” for bringing in new members), which helped it spread virally​. CBEX advertised a pseudo-compound interest model (claiming an AI traded a small percentage of funds twice daily) to appear sustainable​. In reality, withdrawals were paid from incoming deposits, and once new inflows slowed, the scheme would inevitably collapse.

Timeline of Events: Inception to Collapse

The following is a timeline of CBEX’s rise and fall in Nigeria, from its inception to its ultimate collapse:

Who Was Behind the CBEX Scheme?

One striking aspect of CBEX was the obscurity of its true operators. According to the EFCC, CBEX was run by a group of foreign nationals working with Nigerian collaborators​. The scheme was widely believed to be Chinese-owned or based – likely because of the name “CBEX” (mirroring a Chinese state exchange) and other claims​. In reality, the masterminds kept their identities well-hidden. No formal company named “CBEX” was registered in Nigeria, and the offices that opened locally were essentially front operations without traceable directors​. EFCC spokesperson Dele Oyewale noted that CBEX operated “solely online, with no verifiable physical presence,” and any apparent offices (e.g. in Ibadan or Lagos) were not officially registered branches​.

A man named Yahaya Ibrahim had been portrayed as the CEO of CBEX, even claiming the company was headquartered in Canada​. However, investigations found no Canadian registration for CBEX, indicating this was a fabricated persona or alias​. The real orchestrators likely used such frontmen and fake identities to deflect attention. Reports suggest unidentified foreign nationals (possibly from East Asia) were involved in running the online infrastructure, while Nigerian partners promoted the scheme on the ground​. These local promoters acted as “team leads” or regional coordinators, hosting seminars and recruiting investors, effectively functioning as the salesforce of the Ponzi scheme​.

In summary, the leadership of CBEX was shadowy. There were no known bona fide executives or audited financials. The scheme’s credibility hinged on stolen legitimacy (using the name of a Chinese government entity) and the testimonies of early Nigerian promoters who benefited initially. As of the collapse, those behind CBEX have not been publicly named by authorities; they remain at large, under investigation by EFCC and INTERPOL​.

How CBEX Attracted and Deceived Investors

CBEX employed a variety of deceptive methods to lure investors in Nigeria:

• Outlandish Guaranteed Returns: The promise of “100% return on investment in one month” was CBEX’s chief selling point​. Such a high, “risk-free” ROI was a classic red flag, but it attracted tens of thousands hoping to double their money quickly. CBEX advertisements and agents repeatedly emphasized this guaranteed doubling of funds every 30 days.

• High-Tech and Legitimate Façade: The scheme was dressed up in the trappings of a genuine fintech startup. It claimed to leverage artificial intelligence algorithms for crypto trading and compound interest strategies to generate profits​. The CBEX platform’s slick website and app UI, modeled after reputable crypto exchanges, gave a false sense of professionalism​. In their Lagos office, CBEX even displayed fake certificates – one victim noted they hung up what looked like a Nigerian Stock Exchange certificate and an “EFCC certificate” on the wall – to “leave no room for doubts”​.

• False Association and Registration Claims: To appear trustworthy, CBEX misrepresented its affiliations and legal status. It branded itself as “China Beijing Equity Exchange” in some online channels, misleading investors via name confusion​. Promoters also claimed CBEX was registered overseas (e.g. in Canada) and had the backing of major international firms, none of which was true​. In Nigeria, CBEX was not registered with the SEC or CBN, making its operations illegal​ – a fact concealed from investors.

• Aggressive Social Media Marketing: CBEX’s growth was fueled by savvy use of social media and influencer marketing. Popular Nigerian influencers (especially on Instagram and TikTok) were paid to flaunt “proof” of earnings – posting screenshots of hefty withdrawals, and videos of themselves enjoying newfound wealth (e.g. waving bundles of cash)​. These posts often went viral, convincing many ordinary Nigerians that CBEX was the real deal. The scheme’s hype was amplified by countless testimonials in Facebook groups, WhatsApp broadcasts, and Telegram channels dedicated to investment opportunities.

• Referral and Multi-Level Incentives: The operators turned victims into recruiters. CBEX had a referral program that rewarded members for bringing in others – not only with direct commissions, but with bonuses like increased “AI trading signals” or higher payout rates for those with many downlines​. This gamified pyramid structure incentivized investors to evangelize CBEX to family, friends, colleagues, and church members. Trust in personal networks was weaponized; people were more likely to join upon a friend’s recommendation. One Web3 analyst noted how CBEX’s model “weaponised trust”, turning “ordinary people into accidental recruiters.”​.

• Community Seminars and Offices: To target less tech-savvy investors, CBEX held free seminars and workshops. Victims recount that “seminars [were] conducted every Wednesday and Saturday” at the CBEX offices, which were “lavishly furnished” to impress attendees​. These in-person events in Lagos (Ikeja, Egbeda) and elsewhere lent a veneer of legitimacy – after all, a physical office full of staff and attendees gives the impression of an established business. By early 2025, CBEX reportedly even opened new offices (e.g. another in Ikeja and one in Ikorodu) to accommodate its growing user base​.

• Early Payouts and Testimonials: As with most Ponzi schemes, early investors did receive payouts, which were heavily publicized to draw in others. Some who joined in late 2024 withdrew large sums in the first few months. For instance, an investor shared that his friend “withdrew $11,000… in front of me”, which convinced him the platform was genuine​. These success stories – sometimes orchestrated by the scammers – created a frenzy, where people rushed to invest so as not to “miss out.”

• Exit Scam Tactics: In its final days, CBEX employed a cruel exit strategy: it told users their accounts were under review and they needed to pay a “verification fee” to withdraw funds​. The platform promised that a $100–$200 verification payment would unlock withdrawals and even yield an extra bonus (e.g. an additional $1,000)​. This ruse tricked many desperate investors into throwing in more money even as the scam was unraveling, right up until the platform went dark.

By combining these methods, CBEX cultivated an image of a cutting-edge, reliable investment program, duping a vast number of Nigerians. It exploited the “get-rich-quick” allure and the economic anxieties of the populace – as one observer noted, “such offers are clear red flags,” but in a country with high inflation and unemployment, even unrealistic promises found eager takers​.

Scale of the Fraud: Victims and Money Lost

CBEX’s collapse has been catastrophic in scale, ranking among the largest Ponzi schemes Nigeria has ever seen. While exact figures are still being verified, estimates from official sources and media reports are staggering:

• Number of investors affected: Roughly 300,000 to 600,000 people in Nigeria (and some in the diaspora) were involved in CBEX by the time it crashed​. A detailed investigation by BusinessDay Nigeria indicated over 600,000 Nigerians were defrauded in just the scheme’s final 9 months of operation​. Even conservative estimates (EFCC cites “hundreds of thousands”) make it clear that the victim count runs into six figures, cutting across various demographics.

• Total money lost: At least ₦1.3 trillion in investors’ funds has vanished, according to early assessments​. Some experts put the figure higher, around ₦1.5 trillion (about $935 million)​. To put this in perspective, ₦1.3 trillion is roughly equivalent to $840 million USD (using an average exchange rate) – an unprecedented loss for a single scam in Nigeria. It dwarfs infamous past schemes like MMM (2016) in sheer value. The EFCC quoted an even larger sum of N1.3 trillion (~$3 billion) in some appearances, but this may refer to potential liabilities; the commonly reported range is $800–900 million​. If confirmed, CBEX would indeed be Nigeria’s biggest Ponzi scam on record​, with losses exceeding all other reported Ponzi losses in the last decade combined.

• Geographical reach: The fraud primarily impacted investors across Nigeria’s states. It was most popular in urban centers like Lagos (which was CBEX’s “epicentre”) and other southwest states (e.g. Oyo, where Ibadan has many victims)​. However, thanks to online outreach, victims hail from various regions, including professionals and traders in Abuja, Port Harcourt, Enugu, etc., who joined remotely. Reports also suggest some foreign investors (possibly Nigerians in the diaspora or other Africans) put money in CBEX​, though the vast majority of victims are local Nigerians.

• Duration of the scheme: CBEX ran its Nigerian operations for roughly 9–12 months at full scale. It was active through late 2024 and into early 2025, with the most aggressive growth occurring in a 9-month window before the crash​. It’s notable that in under a year, it amassed over a trillion naira in deposits – highlighting how fast Ponzi schemes can snowball in the age of social media.

• Typical investment size: Investors ranged from small savers to wealthy individuals. Many put in sums on the order of ₦500,000 to ₦5,000,000 (a few hundred to several thousand dollars). For instance, one media report cited 300,000 investors averaging about $2,800 each in losses​. There were also bigger players – some people invested tens of millions of naira, and syndicates or cooperatives pooled money into the scheme. At the same time, college students or low-income earners may have put in smaller amounts (tens of thousands of naira), hoping to build wealth quickly.

• Profits paid out (early investors): It’s difficult to quantify, but early entrants did withdraw profits in the initial months. Those who cashed out early essentially were paid with later investors’ money. A portion of the ₦1.3 trillion would have been redistributed as “returns” before the collapse. However, by the end, most participants lost far more than they ever withdrew.

In summary, the scale of CBEX’s fraud is enormous – not just in naira value, but in the breadth of lives affected. The scheme penetrated deep into the middle class and working class of Nigeria, fueled by hope and desperation. As one Nigerian outlet summed up, “the staggering scale – over ₦1.4 trillion – of this swindle has left a trail of broken dreams and shattered lives”​.

Table: Key Metrics of the CBEX Ponzi Scheme

Victims’ Experiences and Testimonials

The human impact of the CBEX scam has been devastating. Victims span different backgrounds – professionals, retirees, students, traders – all united by stories of financial ruin and heartbreak. Below are a few personal accounts and testimonials that illustrate the toll:

• Life Savings Wiped Out: “Owo mi ti lo” – “My money is gone.” That was the cry of Rasheedah, a caterer from Lagos who invested her entire savings of ₦2.5 million into CBEX​. She, like thousands of others, believed the promise of AI-powered trading and is now left with nothing but regret.

• Debt and Impending Homelessness: Olubiyi Ojewale put in money he couldn’t afford to lose – his annual house rent savings (around $300) – hoping to double it for rent and profit​. “I am finished,” he said, explaining that with CBEX’s crash on April 15, he has no way to pay his rent and is “scared [he] will be homeless soon.”​ He bitterly wishes he had simply paid the landlord instead of chasing quick gains.

• Entire Family Fortunes Lost: One man (a bank retiree) invested all his retirement benefits into CBEX, and even convinced his wife to put in her ₦ money – together they invested about $7,000 each. “Now, we are ruined. Everything we laboured for is gone,” he lamented, filled with guilt for dragging his wife into the scam​.

• Relationships Strained by Referrals: The referral aspect has torn relationships. Fola Olaoye, for example, convinced his landlord and the landlord’s son to join. He put in $600 (≈₦1 million), and they contributed $1,000 and $600 respectively​. All three saw their funds vanish, and now Fola is “avoiding calls from [his] landlord”, afraid of eviction and the anger he’ll face​. Similarly, Chidinma Okeke, a single mother, referred her own brother and even her pastor into CBEX; she lost ₦1.5 million, and they blame her for their losses, leaving her distraught​.

• Tragic Consequences – Health and Lives: The fallout has been literally deadly for some. Reports emerged that a pensioner collapsed and died from the shock of losing his life savings, upon hearing of the CBEX crash​. In another case, a woman who had taken a loan and gave the money to her husband to invest committed suicide when she learned it was all gone​. A doctor in Lagos reportedly suffered a mental breakdown and was hospitalized after the loss, and “about 50 nurses” were said to be among those affected in one hospital community​. The scheme’s implosion has led to suicide attempts, severe depression, and health crises as people grapple with losing their futures. “So many people attempted suicide because of this,” an anonymous victim told The Sun, describing how CBEX “toyed with our minds.”​

• Mortgaging the Future: Many victims borrowed heavily to invest, assuming they could repay once the profits rolled in. One Mr. Segun (35) took a cooperative loan of ₦1.7 million to put into CBEX​. Now he is deeply in debt with no way out, as that money has disappeared​. Another young man who had just returned from the UK sunk $15,000 meant to start a business into CBEX after seeing his friend’s successful withdrawal​. “Now, everything is gone,” he said. “I thought I was smart... I didn’t believe it at first, but I saw proof. I withdrew my money and put it back in. Sadly, our money is gone.”​

• Communal Losses: The ripple effect means entire communities were hit. In one instance, a church treasurer convinced 13 members of her women’s group to invest their cooperative funds (₦4.8 million total) in CBEX, believing it would uplift them all​. After the crash, those women call her daily, crying – and she is overwhelmed with guilt and sleepless nights. Similar stories are echoed in offices, marketplaces, and campuses where friends roped friends into the scheme.

These accounts underscore that CBEX’s victims were not merely “greedy” or foolish – many were ordinary people seeking better opportunities in a tough economy. As one observer noted, some investments were born out of “desperation to improve [one’s] financial situation due to very harsh economic realities”​. The psychological trauma is widespread. Victims describe feeling betrayed and humiliated; some cannot even bring themselves to explain the situation to their families. Lives have been upended – dreams of home ownership, education, or retirement dashed in an instant.

Regulatory and Law Enforcement Responses

The collapse of CBEX has drawn intense scrutiny from Nigerian regulators and law enforcement agencies, prompting a flurry of responses:

• Securities and Exchange Commission (SEC): The SEC Nigeria has been vocal since the scam was exposed. CBEX was not registered with the SEC, making it an illegal operation​. Just days before CBEX’s collapse, the SEC issued a general warning urging Nigerians to avoid any trading or investment platform not registered under the newly enacted Investments and Securities Act (ISA) 2025​. After the fact, Dr. Emomotimi Agama, the SEC’s Director General, emphasized that under ISA 2025 it is now a criminal offence to operate an online investment or forex trading platform without SEC licensing​. He clarified that no one had filed a formal complaint about CBEX with the SEC prior to the collapse (indicating how the scheme flew under the radar), but assured that the Commission would investigate and “hunt down” those behind it​. The law provides for up to 10 years imprisonment for perpetrators of such unlicensed investment fraud​. SEC has pledged to work closely with other agencies to track the operators, freeze assets, and bring charges as appropriate.

• Economic and Financial Crimes Commission (EFCC): The EFCC is leading the law enforcement inquiry. Even before CBEX imploded, the EFCC claims it had been profiling and monitoring the platform based on intelligence​. (EFCC had earlier in March 2024 and March 2025 warned the public about Ponzi schemes generally, and listed dozens of suspect entities​.) Once the collapse happened, the EFCC swiftly announced a full-scale investigation into what it called a ₦1.3 trillion crypto fraud​. According to EFCC spokesperson Dele Oyewale, the Commission is collaborating with the International Criminal Police Organization (INTERPOL) to trace both local and international suspects involved​. “We had our intelligence before the incident… now the major actors and their collaborators will be brought in,” Oyewale said, indicating that both foreign operators and Nigerian facilitators of CBEX are under the radar​. The EFCC has formed special teams to follow the money trail (which likely involves cryptocurrency transactions) and is working with foreign law enforcement to identify the masterminds. They are also encouraging victims to come forward and lodge reports, to aid in evidence gathering.

• Recovery of Funds: A critical question is whether victims will ever get their money back. The EFCC has tried to sound an optimistic note – Oyewale assured that “investors are going to get their money back”, citing the new legal provisions that make it easier to prosecute and recover assets from such scams​. However, this assurance should be viewed with caution; Ponzi scheme recoveries are notoriously difficult, especially if funds have been moved off-shore or into untraceable channels. Nonetheless, EFCC says it is engaging experts (including crypto forensic experts) to trace the funds possibly laundered through bank accounts and crypto wallets​. Notably, there was speculation that the stolen funds were sitting in a cryptocurrency wallet (Tron) believed to belong to CBEX, but independent analysts later suggested that wallet might be an exchange’s pool and not directly the scammers’ stash​. The true whereabouts of the money remain under investigation.

• Police and Security Agencies: The Nigerian Police have been involved primarily to maintain public order. Following the unrest at CBEX offices in Ibadan and Lagos, police units were deployed to secure those sites and prevent further breakdown of law and order​. The police have also indicated they will cooperate with EFCC in tracking any local agents of the scheme. Thus far, there have been no publicized arrests of CBEX staff or agents; many of the on-ground operators apparently fled or went into hiding as the scheme collapsed. The police did question the landlords of some office locations and are trying to trace anyone who might have been involved in renting those premises for CBEX​.

• Government and Lawmakers: The incident has triggered discussions about stricter oversight. The timing was notable: the Investment and Securities Act 2025 was just signed into law, strengthening the SEC’s hand against such schemes​. Lawmakers and government officials have pointed to CBEX as a case study in why these regulations are needed. They urge that future Ponzi operators be proactively shut down before wreaking havoc. There is also talk of better public financial literacy campaigns, to inoculate citizens against “too good to be true” investments.

• Regulatory Introspection: Some critics have asked whether regulators could have acted sooner. The EFCC defended itself, stating it “continuously advised Nigerians” and that it “cannot be blamed” because warnings were issued​. Indeed, EFCC had warned the public multiple times (it had an ongoing anti-Ponzi sensitization drive, and as noted, listed various firms in an advisory). The SEC, on the other hand, admitted it was unaware of CBEX’s activities until the collapse (no complaints were lodged)​, reflecting how well the scheme managed to operate under the radar by relying on private chat groups and word-of-mouth. The lack of a specific early warning on CBEX has been a point of contention, given its enormous scale. Moving forward, authorities are aiming to improve surveillance of online investment offerings and to respond faster to red flags (for example, monitoring domain registrations and advertising that target Nigerians with unrealistic financial promises).

In summary, Nigerian authorities have responded to CBEX with a mix of investigative action and public reassurance. The EFCC’s probe (with INTERPOL’s help) is ongoing and is the main avenue for any justice or recovery​. The SEC is leveraging new laws to crack down on any similar operations and has reiterated that any entity like CBEX is unlawful​. While these efforts are in motion, it will likely take time to see results – international scams are complex to unravel. In the meantime, regulators are using the CBEX debacle as a cautionary tale, doubling down on advice to the public: “Any business promising 100% returns in 30 days is unrealistic…such offers are clear red flags.”​.

Media Coverage and Public Awareness

The CBEX Ponzi scheme has received extensive media coverage and ignited public discourse across Nigeria:

• News Media Reports: In the wake of the collapse, virtually all major Nigerian news outlets featured the story prominently. Newspapers like Vanguard, The Nation, Punch, and The Guardian ran headlines on the “CBEX scandal”, detailing the huge losses and chaotic fallout. For example, Vanguard reported on the mob of investors that stormed CBEX’s Lagos office and shared victims’ stories of losing thousands of dollars​. The Nation published in-depth pieces, including an investigative report “Inside the ₦1.3tr CBEX scam that left thousands bankrupt,” which humanized the crisis with interviews and analysis​. Many outlets described CBEX as “Nigeria’s biggest Ponzi scheme to date,” emphasizing its record scale​. Television media also jumped on the story – Channels TV and TVC News hosted discussions and interviews, including with EFCC officials, to shed light on how CBEX operated and collapsed (Channels Television’s Morning Brief interviewed EFCC’s spokesperson on April 16​). The breadth of coverage helped alert even those who hadn’t heard of CBEX before – turning it into a national lesson on the dangers of Ponzi schemes.

• Viral Social Media and Videos: On social media, CBEX’s downfall was the trending topic through mid-April 2025. Nigerians took to Twitter (X), Facebook, and particularly TikTok to express shock, sympathy, and anger. Videos of distraught investors circulated widely. In one widely shared TikTok clip, dozens of people are seen gathered outside a CBEX office, crying and shouting after finding the premises empty – a visceral display of the public’s agony​. WhatsApp and Telegram groups that once buzzed with CBEX investment tips transformed overnight into forums for grief and recrimination, with thousands of messages cursing the scheme’s operators​. Some users posted screenshots of their wiped account balances showing “$0.00”, captioned with heartbreak emojis and warnings to others.

Angry CBEX investors converged at the company’s Lagos office after the collapse, as captured in a viral video (Egbeda, Lagos, April 2025)​. Scenes of frustrated crowds and looted offices spread widely on social media.

• Public Commentary and Debate: The CBEX saga has sparked widespread debate on why such scams repeatedly find fertile ground in Nigeria. On one side, there’s public sympathy – many recognize that economic hardship and limited investment options drive people into these schemes. As one commentator wrote, “their investments were often born out of desperation… due to very harsh economic realities.”​ On the other side, a chorus of criticism has emerged, castigating victims for not heeding past lessons. “So Nigerians fell for another scam again?” a popular influencer tweeted in disbelief, referencing how soon this came after earlier Ponzi failures​. Memes and jokes also surfaced – some social media users mocked CBEX investors by posting memes of “dashed hopes”, while others countered that such ridicule was cruel. Influencers and financial experts took to blogs and radio shows urging better financial literacy. Notably, the conversation extended to why authorities haven’t clamped down on Ponzi schemes effectively. Op-ed pieces (like one in Vanguard by Ikechukwu Amaechi) argued that lack of enforcement and penalties has emboldened scammers, and called for holding perpetrators accountable so as to break the cycle​.

• Comparison to Past Scams: Media coverage often contextualized CBEX against previous Ponzi schemes. Outlets recalled the infamous MMM (Mavrodi Mondial Moneybox) crash of 2016, which cost Nigerians an estimated ₦18 billion, and more recent ones like MBA Forex (2020) or Chinmark (2022). The consensus was that CBEX eclipsed all of them in sheer size​. This led to discussion on how Ponzi schemes have evolved – for example, using cryptocurrency as a new lure. The Guardian ran a feature listing “five ways to spot a scam” (citing hallmarks like guaranteed returns, pressure to recruit, unregistered operators, etc.)​, essentially attempting to educate readers so that CBEX’s story is not repeated.

• Government/Regulator Media Statements: Both the EFCC and SEC used the media to amplify their messages. Press releases and TV interviews by these agencies were covered widely. EFCC’s public stance – “we warned Nigerians, we have been proactive”​ – was reported in news articles, partly to fend off criticism. The SEC’s reminders about the new law and the need to verify any investment’s registration were also disseminated through media channels​. This media blitz by regulators is an attempt to leverage the attention on CBEX to prevent future scams.

Overall, the public awareness of Ponzi schemes has likely never been higher than it is now post-CBEX. For days, CBEX was the top trend on Nigerian Twitter, and news coverage even spilled onto international platforms (with outlets like TRT Afrika and allAfrica covering the story for a broader audience)​. The images of angry crowds and shattered lives have left an impression. Time will tell if this translates into a lasting skepticism toward such schemes, but at least in the short term, CBEX has become a cautionary tale etched in Nigeria’s collective memory.

Current Status and Ongoing Investigations

As of the time of this report (April 2025), CBEX is completely defunct and the focus has shifted to investigation and accountability:

• CBEX Platform: The CBEX website and trading app remain offline and inaccessible. Attempts to visit its domain(s) return errors – the operators have effectively pulled the plug. All official communication channels (Telegram groups, WhatsApp lines, customer support contacts) were silenced or deleted on April 15, 2025 when the scheme went under​. There have been no statements or messages from the perpetrators. In other words, CBEX as an entity has vanished; what remains are just the shell offices and the data trails it left behind.

• Physical Offices: The known CBEX offices in Nigeria (such as the Lagos Egbeda office and the Ibadan office) are now under lock. After the incidents of looting, police took control of these premises​. By April 17, the Lagos State Police and Oyo State Police had secured the sites to prevent any further vandalism or theft of possible evidence. These offices are likely being treated as crime scenes; investigators may search them for documents or hardware that could provide clues (though given reports that they were mostly empty when investors stormed them, the operators possibly cleared out in advance). The landlords of the properties may face questioning to trace who rented the spaces and paid the rent​. Essentially, the physical footprint of CBEX in Nigeria is being examined for leads, but otherwise the offices are non-operational.

• Investigation Progress: A joint investigation by EFCC and INTERPOL is ongoing. No arrests have been officially announced yet. It is suspected that the principal perpetrators are outside Nigeria (the reference to foreign nationals suggests they might be located in East Asia or elsewhere). EFCC is likely working through diplomatic channels to identify and locate those individuals. Local collaborators (Nigerian introducers and coordinators) are also under scrutiny; some may be hiding within the country. By launching a “global hunt” with Interpol support, Nigerian authorities signal their intent to follow leads across borders​. This could involve tracing server hosts, domain registrations, and crypto exchange accounts used by CBEX. The EFCC has experience collaborating on transnational fraud cases, so similar methods are being applied here.

• Legal Actions: Formal charges have yet to be filed, as the investigation is still in evidence-gathering phase. However, the EFCC will likely press charges under the Investment and Securities Act 2025 (for operating an unlicensed investment scheme) and under relevant fraud laws once suspects are in custody​. If any Nigerian promoters are caught, they could face prosecution for obtaining money under false pretenses, securities fraud, or related offences. It is also possible that the assets of known affiliates (like bank accounts of local agents) might be frozen preemptively. The Nigerian judiciary has handled Ponzi scheme cases in recent years (e.g. MBA Forex’s operators faced trial); similarly, we can expect court cases to emerge from the CBEX scandal in due course. Regulatory bodies might also pursue civil actions or sanctions – for instance, the SEC can levy fines or seek court orders against unregistered schemes and those aiding them​.

• Victim Redress: At present, victims have not received any compensation or refunds – sadly, this is expected, as recovery usually depends on catching the culprits and seizing assets. The EFCC has set up contact points for victims to submit complaints. Many have already done so informally via petitions and media channels. It’s important that they formally document their claims to aid the investigation. Any hope of reimbursement hinges on whether authorities can recover substantial funds from the scammers’ bank accounts or crypto wallets. Given the complexity, victims are bracing for a long wait. In some past scams, partial refunds were eventually distributed (for example, in the Mavrodi MMM case, a few assets were liquidated by courts, though most losses were never recovered). EFCC’s optimistic promise that “investors will get their money back”​ remains to be tested – it will likely require international cooperation to freeze funds in foreign banks or crypto exchanges. Notably, the mention of Binance in some media (Nigeria’s lawsuit against Binance for aiding illicit flows) suggests regulators might lean on major crypto exchanges to help trace or lock any CBEX-related funds​, though no specific link to Binance in this case has been confirmed yet.

• Ongoing Scams Monitoring: In the aftermath, regulators have intensified monitoring for other similar schemes. The EFCC hinted that “there are similar frauds across the country that people are unaware of, and we are working to uncover them.”​ This means CBEX’s collapse has likely triggered investigations into other suspicious high-yield investment programs. The goal is to prevent a domino effect or catch copycats that might try to capitalize on displaced CBEX investors. The public has been urged to report any such schemes immediately. The SEC is also likely scanning for any entities using crypto/forex buzz to attract investors without licenses.

• Public Sentiment Now: Currently, CBEX’s name is tarnished and widely recognized as a scam. It’s unlikely any new scheme could use that exact name again. However, there are concerns that the perpetrators might rebrand and attempt to lure victims anew (as has happened with some fraudsters who launch a new scheme after one collapses). This is why authorities are on high alert for any re-emergence or rebranding of CBEX. The multiple domain changes CBEX did in the past​ show the operators know how to pivot, so investigators are watching out for any trace of the same infrastructure being used elsewhere.

In conclusion, CBEX is effectively dead, and the focus is on investigation and prevention. The case is now a law enforcement matter with international dimensions. As of now, no justice has been served yet – the perpetrators remain unidentified publicly and at large. The success of the ongoing efforts will determine whether this saga ends with prosecutions and some recovery, or if CBEX will join the list of Ponzi schemes that disappeared without a trace of the stolen funds. Nigerian authorities seem determined not to let it be the latter, using the full extent of new laws and international partnerships to pursue the case​. For the thousands of victims, the wound is still fresh, and they await any news on the fate of those who defrauded them and the money they lost.