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The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, stated the Commission cannot recover the N1.3 trillion lost to the CBEX scam involving over 600,000 Nigerian investors.
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CBEX, an unregistered digital trading platform operating under various names including ST Technologies International Ltd, lured victims with false promises of 100% returns in 30 days.
The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has declared that victims of the collapsed CBEX platform will not be able to recover their investments, which total an estimated N1.3 trillion.
Speaking to Sunday Vanguard, Dr. Agama said, “There is nothing the Commission can do” about the lost funds, explaining that CBEX was never registered or regulated by the SEC. The platform operated under the name ST Technologies International Ltd and offered unrealistic investment returns, attracting over 600,000 unsuspecting Nigerians.
“We are worried that this went on for long without anyone drawing our attention to it,” Dr. Agama added. “That is why we are doing more enlightenment and asking people to come forward to report this for early detection.”
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According to SEC investigations, CBEX promised 100% returns in just 30 days and created a false perception of legitimacy through aggressive promotions. The Commission stated that CBEX, also operating under names such as Smart Treasure and Super Technology, was never licensed to trade digital assets or solicit public investments.
Dr. Agama warned, “You can identify a Ponzi Scheme when an entity makes offers that appear certainly untrue and are bogus… clearly a Ponzi scheme.” He emphasized that investors must verify any platform’s registration on the SEC’s website before transacting.
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Meanwhile, an Abuja-based journalist narrated how he lost N500,000 in one week after finally giving in to peer pressure to invest. “I was admitted into a Telegram group. Then the story began… I tried to withdraw my money which had risen to N616,000 but I couldn’t,” he said.
The SEC assured the public that it will collaborate with law enforcement under Section 196 of the Investments and Securities Act 2025 to take enforcement actions against CBEX and its promoters.
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