Reps Demand Swift Action Against CBEX Crypto Fraud, Warn Public on Unregulated Investments

The Nigerian House of Representatives is calling for immediate action against those behind the collapsed cryptocurrency investment platform, CBEX, which has reportedly defrauded citizens of over ₦1.3 trillion.

In a statement issued by House Spokesman Akin Rotimi, lawmakers urged both the Economic and Financial Crimes Commission (EFCC) and the Nigeria Police Force to ramp up investigations and ensure that those responsible for the scam face justice.

Rotimi emphasized that the CBEX platform operated without registration from the Securities and Exchange Commission (SEC), underscoring the dangers of unchecked digital financial schemes. The House expressed sympathy for the thousands of Nigerians affected by the collapse, many of whom are now facing serious financial hardship.

The lawmakers highlighted the significance of the new Investment and Securities Act, 2025, recently signed into law by President Bola Tinubu. The Act strengthens the SEC’s authority to crack down on fraudulent schemes and officially criminalizes Ponzi operations.

The House urged Nigerians to be vigilant and always verify investment opportunities with appropriate regulatory bodies. It also cautioned public figures, including celebrities and influencers, against endorsing unlicensed investment platforms, warning that such actions could expose them to legal consequences as enablers of fraud.