The Economic and Financial Crimes Commission (EFCC) has arrested two suspects in connection with the alleged N1.3 trillion crypto investment scam involving Crypto Bridge Exchange (CBEX). The crackdown is part of an ongoing investigation into one of Nigeria’s biggest cryptocurrency frauds in recent times.
A senior EFCC official revealed that the suspects are currently assisting investigators as the agency explores the origins of CBEX and its operations in Nigeria’s digital asset market. The CBEX crypto investment scam reportedly involves five individuals, including a British national and two Nigerian siblings, although their names are being withheld for now to avoid compromising the investigation.
“The EFCC Chairman, Ola Olukoyede, is personally overseeing the case,” said the source. “It’s a multi-layered probe involving how CBEX was set up, its funding sources, shell companies it worked through, and the roles played by financial institutions and the Corporate Affairs Commission (CAC).”
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Despite widespread panic among investors, the EFCC has assured the public that it is working swiftly and diligently to bring the culprits to justice.
Meanwhile, the Securities and Exchange Commission (SEC) has distanced itself from the CBEX platform, emphasizing that the company was never registered with the commission. Speaking during an interview on Monday, SEC Director-General Dr. Emomotimi Agama said, “We cannot regulate what we do not know. CBEX was not in our register, and at no time did it apply for licensing.”
Agama highlighted that the CBEX crypto investment scam has exposed the need for greater investor awareness. He cautioned that registration is fundamental to regulation and that any investment platform operating without SEC approval should be treated as a red flag.
“Some companies deceive the public by obtaining CAC certificates under false pretenses. But let it be known that CAC registration is not a license to offer investment services,” he said.
Agama also announced that SEC is working alongside the EFCC and other agencies to recover lost funds and prosecute all those involved in the CBEX crypto investment scam. He assured victims that any funds recovered will be returned to the investors.
In a stern warning to online influencers and bloggers promoting fraudulent investment platforms, Agama said the newly amended Investment and Securities Act (ISA) 2025 now imposes harsh penalties, including fines of up to ₦20 million and prison sentences of up to 10 years.
“Before investing in any scheme, Nigerians must consult certified financial advisors, lawyers, or stockbrokers. We are ramping up public education through podcasts and outreach programs, but citizens must also verify investment claims before committing their money,” he said.
The investigation continues, with more arrests likely as authorities deepen their probe into CBEX’s operations and its far-reaching impact on Nigeria’s financial ecosystem.
