EFCC, SEC Gear Up To Expose And Dismantle Ponzi Networks Nationwide

In a statement released on Wednesday, SEC Director-General Dr. Emomotimi Agama reassured Nigerians that the commission would hunt down the operators behind CBEX, which promised 100% returns in just 30 days using artificial intelligence for crypto trading. The platform’s collapse on Monday has led to an estimated loss of N1.3 trillion for its investors.

Although Agama mentioned that SEC had not yet received formal complaints regarding CBEX, he confirmed the commission was fully aware of the situation. He stated, “At this moment, we have not received any formal complaints about CBEX, because if we had, the SEC team would have already taken action to identify those involved.”

He added that despite the absence of official complaints, SEC would investigate the matter and ensure the perpetrators are brought to justice. “We sympathize deeply with the victims, who are Nigerians. We will begin investigations to locate the individuals responsible and take decisive action,” Agama assured.

He also warned Nigerians about the risks of investing in suspicious schemes, noting that Ponzi schemes are not a new phenomenon and have existed since the 20th century. Agama advised Nigerians to verify investments through SEC’s resources, such as its website and telephone services, before making decisions.

In light of the CBEX incident, Agama highlighted that the Senate had recently approved ₦10 billion for SEC’s market education program, with plans to establish more offices across the country to protect Nigerians from fraudulent activities.

Meanwhile, EFCC spokesperson Dele Oyewale confirmed that the agency had been tracking CBEX even before the public outcry. He revealed that the EFCC had issued alerts in March regarding possible Ponzi schemes and had been monitoring the platform. “We were already profiling the platform and had received instructions from EFCC Executive Chairman, Mr. Ola Olukoyede, to warn Nigerians in March,” Oyewale said.