The economic and financial crimes commission has launched a full-scale manhunt for the masterminds behind CBEX Global Investment Ltd, a digital Ponzi scheme that allegedly wiped out over ₦1.3 trillion in investors’ funds.
The Digital Ponzi Scheme
CBEX Global Investment Ltd masqueraded as a blockchain trading company, attracting thousands of Nigerians with the promise of 100% return on investment in 30 days. The platform suspended withdrawals days before it disappeared, leaving users stranded.
Red Flags
- CBEX operated a fake crypto app showing false profits
- Promoted a nonexistent “CBEX Token” with no actual blockchain backing
- Used doctored documents claiming SEC approval
- Sent emails mimicking Binance and KuCoin
- Used influencers and hired actors as “staff” in shared office spaces in Abuja, Lagos, and Enugu
Global Collaboration
The EFCC, in collaboration with INTERPOL and the United States Federal Bureau of Investigation (FBI), has confirmed that they are working jointly to uncover the syndicate behind CBEX.
Recovering the Stolen Funds
- Over ₦78 billion has already been frozen in 36 Nigerian bank accounts
- ₦136 billion traced to foreign accounts in Dubai, Cyprus, and Seychelles is now the subject of diplomatic efforts
The Human Cost
The collapse of CBEX has sparked nationwide despair, with many victims speaking out about their experiences.
- Rukayat Bello, a 31-year-old NYSC corps member, lost her entire savings after investing in CBEX
- Pastor Uche Ogbodo invested ₦4.2 million from church building funds after CBEX hosted a flashy seminar
- Fatima Yusuf, a single mother, took a ₦2 million loan expecting monthly profits
CBEX’s Modus Operandi
A forensic briefing reveals that CBEX:
- Operated a fake crypto app showing false profits
- Promoted a nonexistent “CBEX Token” with no actual blockchain backing
- Used doctored documents claiming SEC approval
- Sent emails mimicking Binance and KuCoin
- Used influencers and hired actors as “staff” in shared office spaces in Abuja, Lagos, and Enugu
The Red Notices Issued
According to sources, INTERPOL has issued Red Notices for at least seven suspects, including:
- Chuka “Shadow” Nwoke, a crypto evangelist with failed fintech ventures in Estonia and UAE
- Adeola James, Nigerian-British developer believed to have designed CBEX’s backend and fake trading bots
- Fatima Isa, a financial coach with over 400,000 followers on Instagram, accused of laundering CBEX funds through crypto wallets
Mental Health Concerns
The collapse of CBEX has sparked a spike in depression and trauma among Nigerian victims, especially those under 35.
Financial Crimes and Regulatory Laxity
The SEC has since issued warnings that CBEX was unregistered, but many believe the alerts came too late.
- Dr. Segun Ayoola of the University of Lagos questioned why the SEC didn’t shut down the platform sooner
- The Central Bank of Nigeria (CBN) has denied involvement and is now working with fintech operators to tighten Know-Your-Customer (KYC) and anti-money laundering checks
Civil Society and Lawmakers Demand Action
Following public outcry, lawmakers and civil groups are calling for:
- Swift arrest and extradition of suspects
- A national compensation scheme for verified victims
- A Joint Fintech Regulatory Task Force
- Mandatory real-time registration of all digital investment platforms
Protest and Call to Action
The CBEX Victims Justice Network is organizing a peaceful protest in front of EFCC headquarters in Abuja.
“We are victims, not fools,” said Mrs. Ifeoma Arinze, a retired school principal. “They must publish all names involved. Let them not sweep this under the carpet like others.”
Financial Terrorism
The CBEX collapse has broken homes, destroyed careers, and shattered the public’s trust in Nigeria’s digital economy.
Regulatory Laxity and Social Media Exploitation
The CBEX saga exposes a dangerous vacuum in Nigeria’s fintech oversight, with many questioning how the government failed to act decisively. This is no longer a case of fraud. It is financial terrorism.
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