SEC Breaks Silence On CBEX

Amid rising panic over withdrawal issues, the SEC has finally spoken on the controversial investment platform, CBEX, sparking fresh concerns.

The Securities and Exchange Commission (SEC) has responded to growing concerns about digital platforms in Nigeria that are not registered.

One such platform, CBEX, has caught public attention after users reported problems withdrawing their money, sparking rumors that it may have shut down.

The SEC stated clearly that any investment or trading platform not officially registered with them is operating illegally. While they did not mention CBEX directly, the warning was issued during a recent online meeting with financial technology professionals. “Very recently, there has been a post that has gone viral around a particular platform and the activities of such platforms. And of course, the aftermath of it is further news of their closure and all of that. In fact, I was tagged in one of those messages. I want to state it very clearly. If it is not registered, it is illegal,” said Emomotimi Agama, the Director General of the SEC.

The alarm over CBEX started when users could not access their funds, leading many to fear that it was another Ponzi scheme. While some users believe the platform is still functioning, they blame the withdrawal issues on the platform’s internal policies. CBEX promotes itself as a high-return investment offering 100% profit in just 30 days. It only accepts investments in U.S. dollars and gives bonuses for referrals.

A review of SEC’s public database shows that CBEX is not registered with the Commission, which has increased public doubt about its legitimacy.

With the newly signed Investment and Securities Act (ISA 2025), the SEC now has stronger powers to control and penalize digital platforms that operate without registration. “Clear rules and regulations for digital asset platforms, including registration requirements to promote transparency and trust,” are now in place, according to Agama. This means the Commission can now go after those promoting scams, fake exchanges, or misleading cryptocurrency products.

Agama also warned public figures to be careful when promoting investment products. “It is important that even for celebrities, we must be cautious around what we do. Becoming influencers or introducing meme coins, that does not mean well for the generality of Nigerians, are not going to be tolerated,” he said.

Before now, the SEC had limited power to prosecute people behind Ponzi schemes. But with the ISA 2025, offenders can now be jailed for up to 10 years and fined N40 million. Agama expressed hope that this law will help the SEC clean up the investment space and rebuild trust. “This would also allow the Commission to get the ‘bad guys’ out of the way and making sure that people are more confident and happier to invest in the Nigerian market knowing fully well that the investor protection responsibility of the SEC has now been enhanced,” he added.
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