By all accounts, CBEX was the golden ticket — at least, that’s how it was sold. Fast returns, crypto-backed investments, sleek platforms, and testimonials from supposed “early winners.” But today, CBEX is silent. Its website is down. Phones go unanswered. And thousands of Nigerians are left with nothing but empty wallets and unanswered questions.
For many, the dream turned into a nightmare overnight. But now, the Economic and Financial Crimes Commission (EFCC) is stepping in with a message for the victims: your money is not gone forever. In a public statement this week, the EFCC confirmed that it has launched a full investigation into CBEX, and it is actively tracing the funds and digital assets tied to the failed investment platform. “We are working tirelessly to recover stolen funds and ensure restitution,” said an EFCC spokesperson. “It may not be immediate, but victims will get their money back.”
How CBEX Lured Nigerians In. CBEX isn’t the first flashy investment scheme to crash and burn — and unfortunately, it probably won’t be the last. But what made this one so damaging was how convincingly it presented itself. It marketed heavily on social media, with influencers flaunting screenshots of fat payouts. Webinars, referral bonuses, and promises of crypto expertise all painted a picture of legitimacy.
People poured in their savings. Some even borrowed to invest. Then — nothing. No more returns. No more withdrawals. The platform froze, then vanished. The EFCC says it has received hundreds of petitions from individuals across Nigeria. Some lost a few thousand naira. Others, hundreds of thousands or even millions. For many, the emotional toll is just as damaging as the financial one — feelings of shame, betrayal, and anger are common.
“I told my family this was our chance,” said Chinedu, a 34-year-old teacher in Enugu who invested N750,000. “Now they think I was careless. I feel like I failed them.” Social media groups formed for investors have now turned into support networks, as victims share updates and try to make sense of what happened.
According to the EFCC, several key individuals connected to CBEX have already been arrested. Investigators are combing through bank accounts, crypto exchanges, and digital wallets linked to the scheme. Some funds have been frozen, though the agency has not yet disclosed how much.
Recovering stolen money isn’t quick or simple — especially when it involves crypto. There are legal processes, international cooperation, and verification procedures involved. But the agency insists it has done this before, and will do it again. EFCC Chairman Ola Olukoyede stressed, “We are not just focused on punishing the criminals, but making sure victims are not abandoned.”
The EFCC urged victims to formally report their cases, providing transaction details, receipts, and any other evidence. This helps build a stronger case and ensures they are part of the restitution process when funds are recovered. It’s a slow process, and for many already struggling financially, waiting is a bitter pill. But for now, this may be the only path forward.
The CBEX saga is another painful reminder of how easily people can be misled when hope meets desperation. Nigeria’s unstable economy, high unemployment, and the rising popularity of crypto have created a perfect storm for get-rich-quick schemes. While authorities continue to chase down fraudsters, there’s also a growing need for public education on financial literacy and online scams. Investment should be based on solid research — not promises that sound too good to be true.
There’s still no timeline. No concrete figure of how much will be returned. But for many CBEX victims, the EFCC’s statement is the first piece of good news they’ve had in weeks. “I just want to believe something can come out of this,” said Fatima, a university student who lost her tuition fees to the platform. “Even if I get part of my money back, at least it’s not all gone.”
The road ahead won’t be easy. But the EFCC says one thing clearly: this is not the end of the story.
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