Some Nigerians have taken to social media to express frustration over the recent crash of a high-yield investment platform, CBEX, which netizens have widely described as “MMM Pro Max.”
LEADERSHIP reports that a group of angry individuals stormed the CBEX office in the Oke-Ado area of Ibadan, Oyo State, on Monday evening, looting furniture and other items after the digital trading platform reportedly crashed.
A Nigerian woman identified as Bolarinwa has also trended online after revealing to reporters that she invested her entire life savings, along with funds borrowed from friends, into the scheme after hustling in Libya.
Speaking in pidgin English, she said, “I invested 200 dollars, which I collected from all my friends; all the money was 1,200.
“I go to Libya to work, no work, fighting… see my hands. I came back, and my neighbour told me that the programme on the ground now (CBEX) would help me; I should go and find the money. The small money I bring from Libya I join am.”
Bolariwa explained that despite initial hesitation, peer pressure and desperation pushed her into the investment.
“I did not want to do it. She (my neighbor) collect the money, I saw the money she collected. She said I should join it, that it will make the money times two. So I do it,” she added.
CBEX promised users a 100% return on their investments within one month, exclusively dealing in U.S. dollars. But like many Ponzi schemes before it, the platform crashed without warning.
Multiple users found the platform inaccessible, and withdrawal attempts failed. Within hours, investors logged in only to find their account balances wiped to zero.
The sudden collapse of CBEX has now reignited discussions about financial literacy, regulation, and online investment scams in Nigeria.
The Securities and Exchange Commission (SEC) has issued a public statement, invoking the newly signed Investments and Securities Act, 2025 (ISA 2025).
The commission declared that operating an online foreign exchange or digital asset investment platform in Nigeria without formal registration is illegal.
“By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services,” the SEC said in its Sunday statement.
The Act empowers the SEC to regulate virtual and digital asset exchanges, commodity exchanges, and other investment platforms under Section 3(3)(b), expanding its scope to prevent such schemes from operating unchecked.
SEC’s Director General, Dr. Emomotimi Agama, described ISA 2025 as a “landmark step” toward a safer, more transparent investment environment.
“The ISA 2025 has given the commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence.
“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market.”
The commission also reminded the public that operating a Ponzi scheme now carries a minimum penalty of N20 million, with 10 years or more jail terms under the new law.
“N20 million is not the entire penalty. It is just part of the sanctions to be meted out. Promoters of these schemes will face the full weight of the law,” Agama stressed.
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