The House of Representatives has urged the Economic and Financial Crimes Commission and the Nigeria Police Force to intensify investigations towards apprehending and prosecuting the masterminds of the ponzi cryptocurrency investment scheme known as “CBEX.”
House Spokesman Akin Rotimi says Parliament extends empathy to citizens currently facing distress after funds estimated to exceed ₦1.3 trillion were trapped following the collapse of the scheme.
He says the fraudulent scheme, which is not registered with the Securities and Exchange Commission, highlights the growing risks posed by unregulated digital investment platforms.
The House also underscores the importance of the recently enacted Investment and Securities Act, 2025, signed into law by President Bola Tinubu which strengthens the Securities and Exchange Commission’s enforcement powers and criminalises Ponzi schemes.
Parliament advises Nigerians to exercise utmost caution and verify all investment opportunities with the SEC and other regulators.
The green chamber also advises celebrities and influencers not to promote unregistered investment schemes, as this could make them liable for assisting financial scams.