Just in: The Nigerian House of Representatives is raising serious alarms over a massive crypto scam called “CBEX” that has reportedly duped thousands of Nigerians. According to early estimates, the fraud has swallowed over ₦1.3 trillion, leaving many investors in deep financial trouble.
This fake investment platform used the name “CBEX” to mislead people into thinking it was linked to a trusted Chinese company, the China Beijing Equity Exchange. But this legit organization has denied any involvement with crypto or digital asset trading in Nigeria. The scammers took advantage of the name and made bold claims, offering huge returns with almost no risk – a major red flag in any investment.
This situation highlights the real dangers of unregulated cryptocurrency platforms and fake online investment schemes. As crypto and digital finance keep growing in popularity, so do the risks tied to them. That’s why the House is urging top agencies like the Economic and Financial Crimes Commission (EFCC), Nigeria Police Force, and even Interpol to speed up their investigations. Their goal is to find the scammers, recover stolen funds, and bring those responsible to justice.
In response to rising crypto scams and financial fraud, Nigeria recently passed a stronger law called the Investment and Securities Act (ISA) of 2025. Signed by President Bola Ahmed Tinubu, this law gives more power to the Securities and Exchange Commission (SEC) to act against Ponzi schemes and unregistered financial operations. It even allows for prison terms of up to 10 years for anyone caught running or promoting such frauds.
This act is part of a larger push by the government to protect investors and promote safer investment environments. Rep. Solomon T. Bob, who chairs the House Committee on Capital Market and Institutions, stressed that battling fraud is not just about law enforcement — it’s also about public education. He pointed out that scammers usually target people who don’t fully understand how investments work. That’s why financial literacy is so important.
To avoid falling victim to future scams, the House is urging Nigerians to double-check any investment opportunity with the SEC before putting in their money. If a platform promises unrealistic profits with no risk, that’s usually a sign that it’s a scam.
Social media influencers, celebrities, and other public figures are also being warned. Promoting these fake platforms could now make them legally responsible for misleading the public. The new ISA makes it clear that anyone who helps promote an unlicensed investment scheme could face legal consequences.
The House is also calling on schools, churches, mosques, and media outlets to step up and help spread awareness. Building a nation that understands how to manage money and avoid scams is key to economic growth.
This focus aligns with the 10th Assembly’s goals for 2023 to 2027, especially Agenda 4, which is centered on economic development. By pushing for safer, more transparent capital markets, the House says it remains committed to protecting the financial well-being of everyday Nigerians.