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Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), said the commission could not recover the N1.3 trillion lost in the CBEX scam involving 600,000 Nigerian investors.
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CBEX is an unregistered digital trading platform that runs under various names, including ST Technologies International Ltd, attracts victims with 100% return in 30 days.
Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), announced that victims of the collapse of the CBEX platform will not be able to recover their investment, which is estimated to be N1.3 trillion.
“The committee can’t do anything about the lost funds,” Dr. Agama told Sunday’s Pioneer, explaining that CBEX has never been registered or regulated by the SEC. The platform operates under the name ST Technologies International Ltd and provides an unrealistic return on investment, attracting over 600,000 unsuspecting Nigerians.
“We worry that this has lasted for a long time and no one has caught our attention,” Dr. Agama added. “That’s why we’re doing more enlightenment and asking people to come forward to discover this early.”
According to the SEC survey, CBEX promises to get 100% return in just 30 days and has produced a false view of legitimacy through active promotion. The committee said CBEX also operates under the name of smart treasures and super technology and has never obtained permission to trade digital assets or seek public investments.
Dr. Agama warned: “When the offer provided by an entity is certainly untrue and false…it is obviously a Ponzi scheme, you can be sure of the Ponzi scheme.” He stressed that investors must verify registrations for any platform on the SEC website before the transaction.
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Meanwhile, an Abuja-based journalist recounted how he lost N500,000 in a week after he finally succumbed to his peer investment. “I was admitted to a telegraph team. Then the story began…I tried to withdraw the money that had risen to N616,000, but I couldn’t do it,” he said.
The SEC assured the public that it will cooperate with law enforcement agencies under Article 196 of the Investment and Security Act 2025 to take enforcement actions against CBEX and its sponsors.
