The House of Representatives has expressed deep concern over the reported collapse of a fraudulent cryptocurrency investment platform, “CBEX,” which has allegedly defrauded thousands of Nigerians of more than ₦1.3 trillion.
In an official statement signed by the House Spokesman, Rep. Akin Rotimi Jr., on Thursday, the House extended heartfelt sympathy to victims of the scheme, many of whom are now facing significant financial hardship and emotional distress.
The lawmakers clarified that the platform, which is not registered with the Securities and Exchange Commission (SEC), misleadingly adopted the name “CBEX,” falsely implying affiliation with the China Beijing Equity Exchange — a legitimate institution that has since disclaimed any connection to cryptocurrency or operations in Nigeria.
“This large-scale fraudulent scheme, which promised unrealistic returns and preyed on public trust, highlights the growing risks posed by unregulated digital investment platforms,” the House stated.
To address the crisis, the House called for sustained and coordinated investigations by the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and Interpol, who have reportedly begun joint efforts to trace the perpetrators, recover funds, and secure justice for affected Nigerians.
The House also underscored the significance of the newly signed Investment and Securities Act (ISA), 2025, which strengthens the powers of the SEC, criminalises Ponzi schemes and related financial crimes, and introduces tougher penalties — including up to ten years’ imprisonment.
Rep. Solomon T. Bob (PDP, Rivers), Chairman of the House Committee on Capital Market and Institutions, emphasised the importance of financial education and early warning systems in curbing future fraud.
“We must continue to confront financial fraud with the full weight of the law. But beyond enforcement, we must invest in public awareness. Financial literacy is not optional; it is essential in building a resilient, inclusive economy. Fraudsters thrive where ignorance prevails,” he stated.
The House urged Nigerians to be cautious and verify all investment opportunities through the SEC and other relevant regulatory agencies. It also issued a stern reminder to celebrities, influencers, and public figures of their civic and legal responsibility, noting that under the new ISA, promoting unregistered investment schemes can lead to legal consequences for aiding consumer deception.
In a broader call to action, the House invited schools, religious institutions, media organisations, and civil society groups to join efforts in promoting financial literacy as a national priority.
Reaffirming its commitment to Agenda 4 of the 10th Assembly’s Legislative Agenda (2023–2027), focused on Economic Growth and Development, the House vowed to continue championing policies and laws that protect Nigerian investors and promote a transparent, secure, and inclusive capital market.
