CBEX, Investors money not recoverable, say EFCC.

     The Director General of the Security and Exchange Commission (SEC), Dr Emomotimi Agama has explained that there is nothing the Commission can do to help victims of the CBEX scam recover their lost investments.CBEX or Crypto Bridge Exchange, an unregistered online trading platform vanished last Monday with about N1.3 trillion invested by about 600,000 investors.CBEX which had operated under ST Technologies International Ltd lured its victims with a 100 percent returns on investment after 30 days.Asked by Sunday Vanguard if there is anything the Commission can do to help victims recover their money in part or in full, Dr Agama said: “There is nothing the Commission can do”.He however expressed concern that Nigerians continued to invest in an unregistered digital entity without drawing the attention of the Commission.“We are worried that this went on for long without anyone drawing our attention to it. That is why we are doing more enlightenment and asking people to come forward to report this for early detection.How Nigerians can identify a Ponzi Scheme  He warned Nigerians against investing their money in Ponzi Schemes, saying such schemes make promises that are not reaTrouble for Investors! N1.3 Trillion Gone in CBEX ScamOh no! Bad news for a lot of people in Nigeria. A company called CBEX, or Crypto Bridge Exchange, has disappeared with a huge amount of money – about N1.3 trillion! This is money that about 600,000 people invested, hoping to make more. But now, it looks like that money is gone for good.     The people in charge of watching over investments in Nigeria, called the Security and Exchange Commission (SEC), have said they can't do anything to get the lost money back for the people who invested. That's a really sad thing to hear.Dr Emomotimi Agama, who is the head of the SEC, said that they are very worried that this CBEX thing went on for so long without anyone telling them about it. He said they are trying harder now to teach people about these kinds of scams and asking them to report anything that looks suspicious early on.What is CBEX and What Did They Promise?CBEX was an online place where people could trade things like cryptocurrencies. They weren't officially registered to do this in Nigeria. This company, which also went by the names ST Technologies International Ltd and Smart Treasure/Super Technology, told people they could get a 100 percent return on their investment in just 30 days! That means if you put in N100,000, they promised you would get N200,000 back in a month. This kind of promise is usually too good to be true, and in this case, it was.     They used promotions to make people think they were a real and trustworthy company. They wanted people to believe them so they would put their money in. Sadly, many people did.How to Spot a Scam Like CBEX (A Ponzi Scheme)The SEC wants everyone to be careful and not put their money into these kinds of scams, which are often called Ponzi schemes. Dr Agama explained that you can usually tell it's a Ponzi scheme when a company promises you returns that seem impossible or just not real.The law in Nigeria, called the Investments and Securities Act 2025, says that if an investment company promises you something that is almost definitely not going to happen, then it's likely a Ponzi scheme.So, be very careful if someone promises you very high returns in a very short time with little or no risk. It's probably a trick!What the SEC is Doing NowEven though the SEC can't get the lost money back, they are not just sitting around. They have started looking into CBEX and working with the police and other law enforcement to take action against the people who ran this scam.     The SEC wants to remind everyone that CBEX and the companies it used were never allowed to operate as a digital asset exchange or ask the public for investments in Nigeria.     They are telling people again to be very careful and not invest in any company that promises returns that sound too good to be true or uses a system where they need to bring in more people to pay the old investors (that's another sign of a Ponzi scheme).     The SEC also wants people to check if an investment platform is registered with them before giving them any money. You can do this on their website: www.sec.gov.ng/cmos. It's always better to be safe than sorry!A Victim Shares His Sad StoryA journalist in Abuja shared his story of how he lost N500,000 in just seven days to the CBEX scam. He didn't want his name to be used.He said that a friend had been trying to get him to invest in CBEX since December of last year. He was hesitant because he had lost money in a similar scam before, called MMM.But his friend kept showing him how much money he said he was making. So, on April 4, 2025, the journalist decided to try it out and invested N500,000. He was added to a group chat on Telegram. That's when things started to go wrong. He said the only good thing was that his wife didn't invest after he asked her to. If she had, they would be in even bigger trouble.     He said that as soon as he heard that people were having problems and were being locked out of the Telegram group, he tried to take his money out. By then, his investment had grown to N616,000, but he couldn't withdraw it. His money was stuck, and now it seems it's gone.This story shows how easily people can be tricked, even when they have been warned before. The promise of quick and easy money can be very tempting.Why This Happened and What Can Be LearnedIt's really sad that so many people have lost so much money. This CBEX scam highlights a few important things:People need to be more careful: When something sounds too good to be true, it probably is. Promises of 100 percent returns in 30 days are very unrealistic in the world of investments.Check who you are investing with: Always make sure that the company you are investing with is registered and allowed to operate in Nigeria. The SEC's website is a good place to check this.Report suspicious activities early: If you see a company making crazy promises or doing things that don't seem right, tell the SEC or other authorities as soon as possible. This could help prevent others from losing their money.Don't give in to pressure: Sometimes, friends or family might pressure you to invest in something. It's okay to say no, especially if you have doubts. Your hard-earned money is important.Learn from past mistakes: The journalist in this story had a bad experience with MMM before but was still convinced to try CBEX. It's important to remember past losses and be even more cautious.The Big PictureThe loss of N1.3 trillion is a huge blow to the many Nigerians who invested. It can have a big impact on their lives and the economy. It also shows that there are still many people who are vulnerable to these kinds of scams, despite warnings and past incidents.The SEC is trying to do more to educate the public, but everyone needs to take responsibility for being careful with their money.In Simple Words: Be Smart About Your Money!Losing money like this is very painful. The CBEX scam is a harsh reminder that you should always be very careful about where you put your money. If someone promises you unbelievably high returns quickly, be very suspicious. Always check if the company is registered with the SEC. Don't let the fear of missing out (FOMO) make you do something risky. Your financial security is important.Let's hope that the authorities can catch the people behind this scam and that lessons are learned so that something like this doesn't happen again on such a large scale. For now, the thousands of victims are left with a very heavy heart and empty pockets. It's a sad situation, and it reminds us all to be wise and cautious with our investments