…My wife pushed me into it, victim recounts ordeal
…I lost over $7,000, says another victim
By Olasunkanmi Akoni
Irate investors in the early hours of yesterday stormed the office of Crypto Bridge Exchange Smart-Treasures, widely known as CBEX, located at 166, Idimu Road, Seliat Bus Stop in Egbeda-Idimu area of Lagos State, breaking into the premises in search of officials in charge of the crashed trading platform, with yet to be ascertained billions of money.
This came the Economic and Financial Crimes Commission, EFCC, said individuals who invested in the CBEX digital trading platform would get their money back.
CBEX is an artificial intelligence-powered cryptocurrency trading platform that allows users to buy and sell digital assets with promises of “100 per cent returns every month.”
When Vanguard visited the office at Egbeda, Alimosho Local Government Area of the state, angry investors in their large number, invaded the premises as early as 9a.m., broke into the offices after forcing their way through the main gate but could not gain access into the main office.
The office, which usually bubbles with activities has remained deserted as no staff or security could be seen on sight.
Armed policemen, including Rapid Response Squad, RRS, who have been drafted to the area from Lagos State Police Command from Idimu Area “M’ later arrived the scene in their patrol vans about 10a.m., to maintain order, as well as to prevent a possible breakdown of law and order.
At press time, it could not be confirmed if there was arrest of suspects involved in the scam or the landlord of the building housing CBEX
Recall that tension rose last Friday when CBEX subscribers/investors started noticing that the platform had crashed, locking them out and making them unable to access their funds.
Responding to the CBEX experience, the Securities and Exchange Commission had reiterated that under the newly enacted Investments and Securities Act 2025, it was now illegal to operate any digital asset exchange or online forex trading platform in Nigeria without formal registration.
You’ll get your money back, EFCC tells victims
EFCC said it was already tracking the CBEX trading platform before the recent public outcry.
Speaking on Channels TV’s Morning Brief, yesterday, Dele Oyewale, spokesperson of the EFCC, said the anti-graft agency has been receiving numerous calls from Nigerians seeking information and remedies regarding CBEX.
He said before the recent outcry and calls, EFCC had profiled the platform and alerted Nigerians about potential ponzi schemes.
He said: “We were not waiting for Nigerians to call us before we started our work, of course, we have been working.
“We were not beaten by what actually happened. Our dragnet is wide, our intelligence is very effective, and we were tracking that digital trading platform.
“We were tracking it, we profiled quite a number of things concerning the platform. You will recall that March 11, this year, the executive chairman of the EFCC, Mr. Ola Olukoyede, had called to instruct us to alert Nigerians.”
The spokesperson recalled that about 58 ponzi scheme companies were listed by the commission in March for Nigerians to be wary of.
He said: “That shows that we are proactive and we have our hands on what is happening. So concerning this investigation, we were on it, it’s not that we didn’t know.
“We’ve been alerting Nigerians about ways and means of how to separate themselves from this kind of shenanigans.
“Before the calls came, we were working, while the calls are coming, we are working. And even after the calls, we are still working.
“The essential thing is that, of course, we are going to recall some of the things that Nigerians should be looking out for, you know, concerning this kind of investment schemes and all of that.”
I lost over $7,000, says victim
Meanwhile, yesterday, Vanguard observed some victims in tears, who claimed to had lost millions of money on the crashed CBEX trading platform.
One of the victims, who simply identified himself as Mr. Segun, about 35 years, lamented the situation calling on relevant authorities to come to the victims’ aid.
According to Segun, “How do I start now.? This place is being used as their office for the crypto trading business called CBEX.
“I was actually confused initially because you see online one China Inner Beijing Equity Exchange and you see another CBEX, which is this one, Crypto Bridge Exchange Smart-Treasures. They promised AI technology assisted crypto trading and in 30 days we get 100 per cent returns of investment being done in dollars.
“You bring in naira equivalent of dollars and put it into CBEX account for trading with huge returns of investment. The persons that introduced me has been on the platform for months before it crashed and gained huge amounts already. Someone, even built a house through it.
“In the office, they displayed Nigerian Security Exchange, NSE, certificate, EFCC certificate displayed on their wall, lavishly furnished office that leaves no room for doubts. They conduct seminars every Wednesday and Saturday, and filled up. They just opened another office at Ikeja. They have at Ikorodu as well.
“I joined not quite long ago with $1,700, about N1.7 million investment, now I am at crossroads. I got that money from a cooperative loan I collected with the plan of repaying after making my return.
”Someone I know lost over $8,000, others, $4,000, and so on, running into trillions of naira.
“We, use this opportunity to plead with governments and relevant authorities to get on top of this and protect the citizens they swore to protect.”
My wife pushed me into it
Another victim, said: “My wife actually pushed me into it. She advised me strongly to take advantage of it that I should withdraw my dormant savings in FirstBank and invest in CBEX. I did it, see where it landed me today. I thought I was smart before, but I have been scammed eventually.
“Though, a lot of people who joined earlier have made millions of naira from it. I was just being unfortunate.
“These Ponzi operators do have targets. Once they attain some level of percentage of money, they strike.
“I just realised why they (scammers) scam people now; the kind of money they saw within the little time they started, they did not believe they could realise it. Over a trillion naira was realised.
“I was convinced and confused because they were into crypto trading, which is a legitimate business. They said with crypto, if you put N1 million today you can also make N1 million immediately, making it N2 million in total and vice-versa.
“A pensioner died yesterday because of the loss. He just held his chest and passed. Also, a medical doctor is on bed over the loss, at Abule Egba-Ilepo General Hospital now. About 50 nurses are affected, I can tell you authoritatively.
“We learned that a victim, a woman, also committed suicide yesterday after learning of the crash. We learned that she obtained a loan and handed it to her husband to invest in CBEX. Even ICT experts, bankers were also victims.”
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