In a shocking turn of events, the CBEX scam resurfaces, preying once again on desperate Nigerians who lost millions in a massive Ponzi scheme earlier this year.
Reports emerging on Wednesday have revealed that CBEX, a Ponzi scheme that defrauded over 600,000 Nigerians of an estimated N1.3 trillion ($800 million) in April 2025, has resumed operations nationwide, cloaking its deceit in promises of restored investments.
It was gathered that some officials of the CBEX Ponzi scheme have reached out to some of their victims over a purported recovery of their lost investments.
According to reports, the CBEX scam resurfaces now with a new tactic: requiring victims to deposit $200 for accounts with balances over $1,000, or $100 for lesser amounts, to purportedly restore access to their funds.
An individual who posted on his X (@badperson135) said: “As I speak to you now, your fellow Nigerians are depositing $100 to $200 on CBEX for account verification to process withdrawals on the 26th of June.
“Telegram tagged the group as SCAM. We never learn, do we ?”
This comes after CBEX, which promoted itself as a high-yield digital trading platform, lured investors with promises of 100% returns on investment within just 30 days.
Operating primarily in U.S. dollars, the platform gained traction in Nigeria through aggressive social media campaigns and word-of-mouth endorsements.
Between July 2024 and its collapse in April 2025, it was reported that CBEX attracted an estimated 300,000 investors.
However, on April 14, 2025, investors on the platform were dealt a major blow when CBEX abruptly shut down, disabling withdrawals and wiping account balances.
Following the development, the Economic and Financial Crimes Commission (EFCC) announced the arrest of suspects in connection with the scheme, noting that funds were traced to at least three to four countries.
The EFCC chairman, Ola Olukoyede made this revelation while speaking with the press in May 2025.
He revealed that two suspects have already been arrested, while others remain on the run.
However, he failed to disclose the identity of those arrested, saying: “We have gone far. We have made a reasonable arrest.“We are not going to give out much because we don’t want the process to be disrupted. We are still after quite several people we have declared wanted.”
Recall also that a Federal High Court sitting in Abuja had issued a warrant for the arrest and detention of six promoters of the collapsed CBEX. Justice Emeka Nwite granted the orders following an ex parte application filed by the EFCC.
Those named in the EFCC’s motion include: Adefowora Abiodun Olanipekun, Emmanuel Oku, and four other individuals accused of using a company, ST Technologies International Limited, to promote CBEX and solicit cryptocurrency investments from unsuspecting Nigerians.
