‘CBEX’ promised to double Nigerians’ money. Now over ₦1 trillion could be gone
- CBEX promised investors a 100% return on investment within 30 days, a classic sign of a Ponzi scheme.
- Users were required to recruit at least 12 people before being allowed to withdraw profits.
- The platform claimed to use artificial intelligence for trading, but the trading activity was found to be fake.
The collapse of CBEX underscores the urgent need for enhanced financial literacy and regulatory oversight in Nigeria. While the new Investment and Securities Act (2025) is a step in the right direction, it is crucial to implement comprehensive educational programs that empower individuals to recognize and avoid fraudulent schemes. Additionally, fostering legitimate investment opportunities can help mitigate the allure of high-risk Ponzi schemes.
