Why Is Cbex Trending In Nigeria?

In recent weeks, “Cbex” has surged across Nigerian social media platforms, drawing attention from hopeful investors and skeptical observers alike.
Since Friday, there have been concerns over the operations of the platform, with some users warning that it showed signs of being a Ponzi scheme.

The growing concerns followed the platform’s instability, with many users fearing that their money is now stuck.

What Is Cbex and Why Is It Trending?

Cbex presents itself as a digital investment platform, offering users the opportunity to earn large profits through cryptocurrency and forex trading. Cbex caught people’s attention by sharing flashy success stories and using a “bring-a-friend” system where users earn more by inviting others. This helped the platform spread like wildfire. For many Nigerians trying to escape the daily grind and make quick cash, the promise of fast, juicy profits felt like a lifeline. But behind the sweet talk, there’s little to no info about who’s really running the show or how the money is being managed — and that’s got financial experts and regulators seriously worried.

Is Cbex a Ponzi Scheme?

While Cbex has not been officially labeled a Ponzi scheme by Nigerian authorities, its operational model exhibits characteristics commonly associated with such fraudulent schemes.
The Securities and Exchange Commission (SEC) of Nigeria has consistently warned the public about investment platforms that promise unrealistic returns without transparent business models.

Stories of Individuals Affected

Numerous Nigerians have shared their experiences with Cbex, many of which are cautionary tales.

@introvertdey on X says My neighbor gave his wife 1.2 million Naira. She put it in CBEX. He found out today and has been out of home since morning. She’s sad and doesn’t know what’s next.

Also @yeankhr on X said Cant even blame people who lost their money to Cbex. Everyone is trying to stay afloat in this country, it’s the mess we put ourselves in. If another one drops tomorrow, people will still rush it.

Similarly, an X user @wit_sender advised Dear Nigerians,I know the economy is a mess, but y’all should learn from this CBEX SCAM! Stop investing on any platform that comes with a trade like scheme, jeez how can you put your entire life worth on a platform you can’t hold anyone responsible for ?. These stories underscore the potential dangers of investing in unregulated platforms that lack accountability.

What Is the SEC Saying?

In a statement on Sunday, the SEC clarified that, in accordance with the ISA 2025 recently signed by President Bola Ahmed Tinubu, it is now an offence for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.

The commissioner noted that “Under the newly enacted legislation, the Securities and Exchange Commission (SEC) is now empowered to regulate a broader scope of market activities as Section 3(3)(b) of the Act explicitly mandates the commission to “register and regulate securities exchanges, commodity exchanges, virtual and digital asset exchanges, and other market venues.”
 

Earlier, the commissioner had said promoters and operators of Ponzi schemes, under the new law, face a jail term of 10 years or more and a minimum fine of N20 million

When it comes to money-making platforms like this, it’s super important not to dive in headfirst. A little homework and healthy doubt can save you from big regrets. Staying sharp and asking the right questions could be the difference between growing your money and kissing it goodbye.