How CBEX deceived Nigerians with fake Canadian ties, fraudulent identity Of Chinese Govt

A wave of frustration and anger is sweeping through Nigeria as many citizens lament the loss of their investments in a suspected Ponzi scheme run by CBEX, a digital trading platform that has now collapsed.

According to reports by SaharaReporters, furious investors stormed the CBEX office in Oke-Ado, Ibadan, carting away office furniture and equipment such as tables and chairs.

This incident followed the sudden crash of the platform, which wiped out users’ account balances and left their investments worthless.

CBEX had presented itself as a digital asset exchange allegedly registered in Canada. However, investigations by SaharaReporters revealed that CBEX is not listed in any Canadian business registry.

The only related entity found was “CBEX Capital Corp,” a now-defunct company whose license was revoked over a year ago. Despite this, CBEX’s CEO, Yahaya Ibrahim, is reported to have claimed the company was headquartered in Canada.

Further complicating matters, the name “CBEX” is originally associated with the China Beijing Equity Exchange, a legitimate government-owned platform used for managing mergers and acquisitions of state-owned enterprises in China.

It is unclear why the Nigerian CBEX chose this name, but it may have created a misleading impression that the platform was connected to the Chinese government.

Online searches for “CBEX” mostly direct users to the Chinese-run exchange, which may have convinced many Nigerians of the platform’s credibility before they invested.

Following the platform’s crash, social media was flooded with sorrowful posts as users shared stories of how they lost their savings and hard-earned money.

The outrage led to the physical attack on the company’s office in Ibadan, with mobs breaking in and looting the premises.

The Securities and Exchange Commission (SEC) of Nigeria has again warned Nigerians against investing in unregistered trading platforms. During a virtual meeting with fintech operators on Monday, SEC Director General Emomotimi Agama commented on the situation, although he did not mention CBEX directly.

He said, “Recently, a post went viral concerning a certain platform and its activities. The fallout includes news of its closure and financial losses. I want to be very clear: if it is not registered, it is illegal.”

On social media platform X, reactions continued to pour in. A user identified as @mrsean_Okwute said, “I’m just hearing the name CBEX. So Nigerians fell for another scam again? Now I understand why politicians have the nerve to do what they do. Some Nigerians really lack awareness.”

Another user, @Rukkie339, wrote, “The streets are quiet, CBEX really did a number on investors. Never get involved in any investment promising 100% ROI. It’s a clear scam. Reach out to friends and family, console, don’t mock. It’s a tough time that leads to dark thoughts.”

As the dust settles, questions remain about how such a platform managed to gain trust and collect vast amounts of money from unsuspecting Nigerians. Authorities continue to investigate, while victims hope for recovery and justice.