By Comfort Olayinka
The House of Representatives has expressed grave concern over the collapse of a fraudulent cryptocurrency investment scheme, CBEX, which has defrauded thousands of Nigerians of over ₦1.3 trillion in what is fast becoming one of the largest scams in recent memory.
In a strongly worded statement from the Office of the House Spokesman, Rep. Akin Rotimi, Jr., the lawmakers extended heartfelt sympathy to affected citizens and vowed to support ongoing efforts by the EFCC, Nigeria Police Force, and Interpol to track, apprehend, and prosecute the masterminds behind the scam.
The House revealed that CBEX falsely used the name of the China Beijing Equity Exchange, which has denied any link to the platform or involvement in digital asset operations in Nigeria. Preliminary investigations suggest the operation was an elaborate Ponzi scheme, luring investors with unrealistic returns.
Highlighting the role of regulation, the House applauded the enactment of the Investment and Securities Act (ISA), 2025, which empowers the SEC to crack down on such schemes. The law criminalises Ponzi operations and imposes penalties of up to ten years’ imprisonment for promoters of unregistered investment schemes.
Chairman of the House Committee on Capital Market and Institutions, Rep. Solomon T. Bob, stressed the need for enhanced public awareness:
“Fraudsters thrive where ignorance prevails. Financial literacy is not optional; it is essential.”
The House also issued a warning to influencers and public figures who promote unregulated platforms, reminding them of their legal responsibilities under the new law.
Calling for a unified national effort, the House urged media, schools, faith-based groups, and civil society to join in boosting financial education and shielding Nigerians from predatory traps.
Reaffirming its Legislative Agenda, the 10th Assembly pledged continued support for strong capital market reforms and investor protection initiatives aimed at securing the financial well-being of all Nigerians.
