The House of Representatives on Thursday expressed deep concern over reports of the crash of a fraudulent cryptocurrency investment scheme – CBEX, calling for an urgent crackdown by all security agencies on the perpetrators of the economic crime.
Chairman, House Committee on Media and Public Affairs, Akin Rotimi, in a statement expressed the House’s sympathy to Nigerians experiencing distress due to the complex scam.
Rotimi emphasised that the Investment and Securities Act (ISA), 2025, which was approved by the National Assembly and enacted into law has made Ponzi schemes and similar frauds illegal, imposing harsher penalties, including potential imprisonment for up to 10 years.
According to him, “Preliminary findings indicate that the platform, which is not registered with the Securities and Exchange Commission (SEC), deceptively adopted the name “CBEX”.
He highlighted that CBEX may not be affiliated with the legitimate China Beijing Equity Exchange.
“This large-scale fraudulent scheme, which promised unrealistic returns and preyed on public trust, highlights the growing risks posed by unregulated digital investment platforms.
“The House notes that the Economic and Financial Crimes Commission (EFCC) and the Nigeria Police Force have already commenced coordinated investigations, working with Interpol to track the perpetrators, safeguard investors, and recover withheld funds where possible.
“We urge these agencies to sustain swift and effective action in identifying, apprehending, and prosecuting the masterminds behind this massive financial crime.”
The House also underscores the importance of the recently enacted Investment and Securities Act (ISA), 2025, signed into law by President Bola Tinubu.
Decisions made under desperation made many of the crypto currency newbies fall into the wrong hands, I was once a victim too, but with the recommendations and referral gotten from friends, I was able to retrieve my funds from a bogus Investment platform that deprived me of withdrawing my funds and were instead persuading me to invest more.