Igbo Region

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CBEX crash

All you need to know about the Ponzi scheme that duped Nigerians

On Tuesday, the digital investment platform CBEX suddenly collapsed, with reports indicating that investors incurred losses amounting to over N1.3 trillion.

The incident has sparked widespread reactions, with users expressing frustration, criticism, and concern.

Many stormed the CBEX office in Oyo State to destroy their belongings.

•How CBEX started
CBEX claimed to be a global platform and was said to be linked to a government-owned business in China. However, Beijing Equity Exchange, in a statement released in 2024, denied any affiliation with the Ponzi scheme.

In reality, the genuine Beijing Equity Exchange had no connection with CBEX and even warned people about the theft of its name.

CBEX emerged in Nigeria around July 2024, with a rented office in Ibadan, Oyo State. This was designed to give the impression that it was a serious company with a physical headquarters.
A man named Yahaya Ibrahim presented himself as CBEX’s CEO, but his true identity remains unclear.

•Where CBEX operated
CBEX primarily operated in Nigeria, attracting Nigerian investors eager for get-rich-quick opportunities.

Despite claims of offices in Canada and ties to China, these were never substantiated. CBEX displayed random certificates online, such as a US FinCEN registration. Meanwhile, no real branches existed outside Nigeria.

•Who invested in CBEX?
There was no evidence of real venture capital firms or banks backing CBEX. The investors were mostly ordinary people.

To deceive its users, CBEX falsely displayed documents to appear legitimate, including supposed U.S. registrations.

Contrary to CBEX’s claims, the Securities and Exchange Commission stated that it had never approved CBEX.

•CBEX’s finances
Users claimed that CBEX promised a fixed monthly return on investment of around 100% in 30 days. The returns came from new deposits made by later investors.

While some reports claimed Nigerians lost up to ₦1.3 trillion (over $800 million), crypto analysts believe the actual amount deposited was likely a few million dollars. CBEX, however, did not disclose its revenue.

•How CBEX operated
According to CBEX, the AI bot traded twice a day and made about 3% daily profit, showing users fake charts and balances with no real trading behind the scenes.

Referrals earned bonuses, so people were encouraged to bring in more members to earn commissions.

To get their bonuses, users often had to wait 30–45 days before withdrawing any funds. If they tried to withdraw earlier, they would face significant penalties. This gave CBEX time to keep funds on the platform and attract more deposits.
As withdrawals slowed in early April 2025, CBEX introduced a “verification fee” of $100 or $200 to unlock user accounts.

•Legal and regulatory issues
CBEX was never approved by the SEC, which is against Nigerian law, as investment platforms are required to register. CBEX ignored these regulations.
CBEX touted U.S. FinCEN and Canadian registrations. However, FinCEN does not verify legitimacy; it only lists those who file. Canada also had no record of a valid CBEX firm.

Running a Ponzi scheme can lead to charges of fraud and illegal collection of money in Nigeria. The Economic and Financial Crimes Commission listed CBEX among dozens of suspicious schemes.
Following its collapse, the EFCC announced it would collaborate with Interpol to track down the masterminds, including those possibly hiding overseas.

•IGNORANCE KILLS

The judge asked the killer of former Egyptian President, Anwar Sadat, "Why did you kill Sadat?"

He said to him, "Because he is secular!"

The judge replied: "What does secular mean?"

The killer said: "I don't know!"

In the case of the attempted assassination of the late Egyptian writer, Naguib Mahfouz, the judge asked the man who stabbed Naguib Mahfouz, "Why did you stab him?"

The terrorist said: "Because of his novel - The children of our neighbourhood."

The judge asked him: "Have you read this novel?"

The criminal said: "No!"

Another judge asked the terrorist who killed the Egyptian writer F***j Fara: "Why did you murder F***j Fouda?"

The terrorist replied: "Because he is unfaithful!"

The judge asked him: "How did you know he was unfaithful?"

The terrorist replied: "According to the books he wrote."

The judge said: "In which of his books did you know he is unfaithful?"

The Terrorist: "I haven't read his books!"

Judge: "How?"

The terrorist replied: "I can't read or write!"

Hate never spreads through knowledge. It always spreads through ignorance. This is how societies pay the price of ignorance.

Ignorance is the reason we hate others based on what we heard about them (in most cases without evidence), not what we know.

Don't hate anyone because of what they told you about him or her.

Remember, Someone's enemy is not your enemy & can be your friend or helper in future cases.

Let's love one another 🙏

Lord, as we go through this Thursday, we ask for Your protection over us and our loved ones. Keep us safe from harm and surround us with Your angels. Thank You for being our shelter and defender.
In His name we pray. Amen🙏

Living a good life is a subjective concept that can vary from person to person, but here are some general principles that can help:

Physical Well-being
1. Take care of your body: Engage in regular exercise, eat a balanced diet, and get enough sleep.
2. Practice self-care: Make time for activities that bring you relaxation and joy, such as meditation, reading, or spending time in nature.
3. Stay hydrated: Drink plenty of water and limit your intake of sugary drinks and processed foods.

Emotional Well-being
1. Cultivate positive relationships: Surround yourself with people who support and uplift you.
2. Practice gratitude: Reflect on the things you're thankful for each day, no matter how small they may seem.
3. Develop emotional intelligence: Learn to recognize and manage your emotions, and be empathetic towards others.

Personal Growth
1. Set goals and work towards them: Identify what you want to achieve and take small steps towards your goals.
2. Continuously learn and improve: Read books, take courses, and seek out new experiences that challenge you.
3. Practice mindfulness: Stay present in the moment and focus on what you can control.

Purpose and Meaning
1. Discover your values and passions: Reflect on what matters most to you and what brings you joy.
2. Find ways to make a positive impact: Volunteer, donate to causes you care about, or pursue a career that aligns with your values.
3. Cultivate a sense of purpose: Identify your long-term goals and work towards them.

Financial Stability
1. Live below your means: Spend less than you earn and save for the future.
2. Invest in yourself: Spend money on education, skills, and experiences that will benefit you in the long run.
3. Build an emergency fund: Save enough to cover unexpected expenses and avoid debt.

Community and Relationships
1. Nurture your relationships: Invest time and effort in building strong relationships with family and friends.
2. Get involved in your community: Volunteer, join clubs or organizations, and participate in local events.
3. Practice active listening: Listen to others, ask questions, and show genuine interest in their lives.

Mindset and Attitude
1. Practice optimism: Focus on the positive aspects of life and expect good things to happen.
2. Develop a growth mindset: Believe that you can learn and grow, and view challenges as opportunities for growth.
3. Cultivate a sense of humor: Laugh often and find the humor in life's situations.

Remember, living a good life is a journey, not a destination.
It's about making progress, learning, and growing, and finding happiness and fulfillment along the way.

[𝕠𝕓𝕚𝕠 𝕟a𝕥𝕚o𝕟]

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Ise wu otu, uwa mara anyi mma 🙏