KEY POINTS

• EFCC partners with Interpol to hunt CBEX operators and recover funds for defrauded Nigerian investors, promising prosecutions.
• Investigations reveal the platform falsely claimed Canadian registration and exploited name similarity with China’s legitimate CBEX exchange.
• Violent protests erupted in Ibadan after the platform collapsed, while SEC warns Nigerians against unregistered investment schemes.

The Economic and Financial Crimes Commission (EFCC) has initiated a global manhunt for operators of the collapsed CBEX digital trading platform, promising to recover funds for thousands of defrauded Nigerian investors.

EFCC spokesperson Dele Oyewale revealed that the anti-graft agency is collaborating with Interpol to track down the perpetrators.

“We are working with Interpol to ensure these people are brought to book and investors get their money back,” Oyewale stated. “We have spread our wings internationally and will not rest until justice is served.” The spokesperson acknowledged that while refunds may take time, the commission remains committed to ensuring victims recover their investments.

CBEX elaborate deception unravels

Investigations by SaharaReporters have exposed shocking details about CBEX’s fraudulent operations. Despite claims of being a Canadian-registered crypto exchange, checks with Canadian business registries show no active company under that name. The only matching entity, CBEX Capital Corp, had its license revoked a year ago.

The platform appears to have deliberately exploited confusion with China’s legitimate Beijing Equity Exchange (CBEX), a state-owned enterprise. Many Nigerian investors reportedly mistook the platform for being backed by the Chinese government due to search engine results favoring the authentic Chinese entity.

The scandal turned violent this week when angry investors stormed CBEX’s Ibadan office, looting equipment and furniture. Eyewitnesses described scenes of chaos as frustrated account holders, some of whom lost life savings, vented their anger over suddenly wiped-out balances.

Nigeria’s Securities and Exchange Commission (SEC) has reiterated warnings about unregistered platforms. SEC DG Emomotimi Agama emphasized: “If it is not registered, it is illegal.” While not naming CBEX directly, the timing clearly referenced the unfolding scandal.

Financial analysts estimate total losses could exceed ₦20 billion, with many victims being civil servants, traders and pensioners lured by promises of 50% monthly returns. The EFCC has established dedicated desks to process complaints from affected investors.