The Economic and Financial Crimes Commission (EFCC) and the International Criminal Police Organisation (INTERPOL) have launched a high-stakes investigation into the collapse of Crypto Bridge Exchange Smart-Treasures (CBEX), a digital investment platform implicated in what appears to be Nigeria’s costliest financial scam.
Following the crash of CBEX, it has been reported that over N1.3 trillion ($840 million), was lost by thousands of investors who had placed their funds in the digital platform.
The development had been trending across all social media platforms with many Nigerians leaking their wound of what appears to be another ponzi-related scam.
Pan-Atlantic Kompass had reported that 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.
Investors on the platform were dealt a major blow on April 14, 2025, when CBEX abruptly shut down, disabling withdrawals and wiping account balances. Investors were further shocked when the platform demanded additional “verification fees” of $100–$200 to access funds, a move widely seen as a final attempt to extort victims.
Reacting to the development, Oyewale confirmed that the commission had already commenced an investigation into the scheme before its eventual collapse.
He explained that efforts were underway to arrest both the local and international operators behind the fraudulent scheme.
“We are actively working to handle the CBEX situation. We will collaborate with other regulatory agencies to ensure that Nigerians are protected from this kind of scheme. We will do our job—where recovery is possible, we will recover; where prosecution is possible, we will prosecute.
“Overall, we will do our best. Additionally, there are similar frauds across the country that people are unaware of, and we are working to uncover them. We are on the local collaborators while we are partnering with INTERPOL to trace the foreign operators,” he stated.
Oyewale further warned Nigerians to exercise caution before committing funds to any financial entity not duly registered with regulatory bodies.
“We urge the public to verify any investment opportunity with the CBN and SEC before engaging. The EFCC remains committed to safeguarding the public from predatory operators and ensuring a corruption-free economic environment,” the statement added.
The CBEX collapse has drawn comparisons to the infamous Mavrodi Mundial Moneybox (MMM) scam, which defrauded millions of Nigerians in 2016. Like MMM, CBEX operated as a Ponzi scheme, relying on new investor funds to pay returns to earlier participants.
After MMM’s crash, Ultimate Cycler took root in Nigeria before it collapsed with investors’ funds trapped.
MBA Forex Trading and Capital Investment Limited, Twinkas, D9 Club, Famzhi Interbiz Limited, Red King’ Chinmark Group, Brisk Capital, and Ovaioza Farm Produce Storage are some of the Ponzi schemes that have defrauded thousands of Nigerians of funds amounting to billions of Naira.
