The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has stated that the Commission cannot assist victims of the CBEX (Crypto Bridge Exchange) scam in recovering their lost investments.
Dr. Agama made the disclosure while responding to inquiries about the collapse of CBEX, an unregistered online trading platform that reportedly vanished with over ₦1.3 trillion belonging to approximately 600,000 Nigerian investors.
“There is nothing the Commission can do,” Agama told newsmen, when asked if the SEC had any plan to help victims recover their money, in part or full.
Okay.ng reports that CBEX, operating under the name ST Technologies International Ltd, lured unsuspecting investors by promising a 100% return on investment within 30 days—a red flag common with Ponzi schemes.
The platform abruptly shut down operations last Monday, triggering panic and outrage among investors across the country.
Dr. Agama expressed concern over the growing trend of Nigerians investing in unregulated platforms without notifying 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,” he said.
The SEC boss warned Nigerians to avoid Ponzi schemes and unlicensed investment platforms, stressing that they often make unrealistic promises and operate without proper regulatory oversight.
