NewStats: 3,262,192 , 8,176,435 topics. Date: Sunday, 01 June 2025 at 10:28 AM 58o39

How Ponzi Scheme CBEX Misled Nigerians With Fake Canadian Ties, Stolen Identity Of Chinese Government Firm

Many Nigerians are currently lamenting the loss of their investments in a suspected Ponzi scheme operated by CBEX.

SaharaReporters reported that angry investors stormed the firm's office in Ibadan, the Oyo State capital, carting away various items including tables, chairs, and other office equipment.

This report takes a closer look at the controversial company at the centre of the growing outrage.

CBEX, which operates as a digital trading platform, is reportedly ed in Canada as a crypto trading exchange. However, checks by SaharaReporters on Canadian business registry platforms reveal that CBEX is not officially ed in Canada—despite the company’s Chief Executive Officer, Yahaya Ibrahim, reportedly claiming that it is headquartered there.

The closest match to CBEX in the Canadian business directory is a now-defunct entity named "CBEX Capital Corp," whose license was revoked a year ago.

Further investigation suggests that the name “CBEX” may have misled Nigerian investors. The acronym is originally associated with the China Beijing Equity Exchange, a platform owned by the Chinese government used for mergers, acquisitions, and restructuring of state-owned enterprises.

It remains unclear why the Nigerian version of CBEX adopted the same name. This may have contributed to the false impression that the platform was backed by the Chinese government, especially as online searches for "CBEX" essentially lead to the legitimate Chinese state-run entity.

Checks of digital footprints of the name "CBEX" link to the Chinese-owned government firm, which may have misled many Nigerians who may have checked the digital footprints of CBEX before trusting to invest.

SaharaReporters had earlier detailed how, following the collapse of the CBEX platform, a group of enraged individuals looted its office in the Oke-Ado area of Ibadan, Oyo State. The attack, which took place on Monday evening, involved mobs forcibly entering the premises and removing furniture and equipment.

According to eyewitnesses, the incident was triggered by the platform's sudden crash, which reportedly wiped out balances and rendered many investments worthless.

After the collapse, affected s expressed grief and frustration on social media, sharing stories of lost funds and failed hopes.

Responding to the situation, Nigeria’s Securities and Exchange Commission (SEC) reiterated that any platform not ed with the SEC is considered illegal. During a virtual session with fintech stakeholders on Monday, SEC Director General Emomotimi Agama stated: "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 ed, it is illegal.”

While he did not directly mention CBEX, the timing and context strongly suggested he was referring to the controversy.

On X (formerly Twitter), a with the handle @mrsean_Okwute commented: "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 , @Rukkie339, posted: "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."

https://saharareporters.com/2025/04/15/how-ponzi-scheme-cbex-misled-nigerians-fake-canadian-ties-stolen-identity-chinese

Rogues. Irrespective of how polished these stupud schemes are, people should know the signs of fraudulents money doubling scheme. Any money increase or gain revolves around service or product. No genuine businessman somewhere will share a business return (or prospect of it) with the public when are unusually high. These people now playing victims knew well but participated with the hope they can escape before it crashes.

Nigeria government should charge the Nigeria Police, EFCC and DSS and make sure they arrest every foreigners behind CBEX and bring them to Nigeria for trial.

Nigerians are too much in hurry to make quick money.

Na give and take.... Some gained while some lost

😂

Add a rustic touch to your outfit with thisamy fleming clothing echoing the charm of Amy Fleming’s Heartland attire.

I keep believing that the government has hands in this schemes to mop up monies from people's hands..
Cos these SCHEMERS (SCAMMERS) so have mind to even on radio station programs without any government bodies/agencies to censor such acts..
How won't people fall for it

Na God go punish CBEX

Make we rest na .. ..greediness is the main cause...After I lost 500k to MMM that year I sworn never to engage in any related scheme, my cousin tried to lure me to crowd1 but I gave him 50k to invest for me till now I didn't hear from him again about crowd1 he kept changing the topic till I let it slide

Nope! Rather most of these subscribing to this schemes are obsessed with insatiable greed for something they know is a risk or gamble.

Islie:
How Ponzi Scheme CBEX Misled Nigerians With Fake Canadian Ties, Stolen Identity Of Chinese Government Firm



https://saharareporters.com/2025/04/15/how-ponzi-scheme-cbex-misled-nigerians-fake-canadian-ties-stolen-identity-chinese

It does not take way that Nigerians are greedy and gullible

If an offer appears too good to be true , it is a scam

Mopolchi:
Na God go punish CBEX

Did God tell Nigerians to be greedy and gullible

2 million gone but we move

Gbam

If another Ponzi come out I go do, I'll keep doing it until the end of time .....

Three days to two weeks of cheap content on Nairaland. Na him that one ask wetin need improvement for the forum. After the census, he don run back to Twitter. Mscheew.

Nothing concern u with how I risk or spend my money....or is it your money?

I have no pity for all of you! U all saw the signs but ignored it cos of ur greed. Na cardiac attack go kill many of u

Islie:
How Ponzi Scheme CBEX Misled Nigerians With Fake Canadian Ties, Stolen Identity Of Chinese Government Firm



https://saharareporters.com/2025/04/15/how-ponzi-scheme-cbex-misled-nigerians-fake-canadian-ties-stolen-identity-chinese

Using people's money to trade crypto is crazy. Regardless, they couldn't have lost all the funds at once. They are just a bunch of thieves that took advantage of gullible Nigerians.

Seunomobo:
2 million gone but we move

Seunomobo:
If another Ponzi come out I go do, I'll keep doing it until the end of time .....

Easy come.... Easy Go

Kpele

Mopolchi:
Na God go punish CBEX

Na they are a tool to punish the greedy ones ... So they have done the job of God leaving you to your own desire.... When your heart gets hardened

Mopolchi:
Na God go punish CBEX

But they are already billionaires.

Nigerian regulatory bodies seem to be accomplies for allowing those ponzi schemes to operate unchecked.

Its not bad to invest in ponzi,just try to be an early bird investor.There are thousands of people cbex made millionaires.

People bought cars,houses,lands from it.

Every investment has it own risk.
There are people who still wish and pray for the owner of cbex because of what they got

Only fools would fall for that actually.

No one is victim here, they all know what the final outcome will be.

You no stake game for Sportybet come tell me sey you no know wetin go be the outcome.

Lol what do you mean Misled Nigerians...


Na Ibadan People Dem Misled even for Lagos people hardly know what CBex is....

I have a ponzi investment that still pays, have been paying me since 2018, DM or quote me if you need connect