CBEX, a digital investment platform, has discreetly resumed operations in Nigeria despite ongoing investigations into its alleged N1.2 trillion digital investment fraud. The platform, which collapsed on April 14, 2025, had promised investors a 100% return within 30 days through AI-driven trading.
CBEX is allowing new users to register, trade, and withdraw funds, while existing investors are still unable to access their frozen accounts. An insurance verification process and external audit of the company's financial records are underway to determine the total amount lost. Existing investors will be able to withdraw their funds starting from June 25, 2025, after the audit is concluded by a UK-based insurance firm.
The Economic and Financial Crimes Commission (EFCC) is investigating CBEX's operations, and a foreign national, Elie Bitar, has been declared wanted in connection with the alleged fraud. The Securities and Exchange Commission (SEC) has deemed CBEX illegal, and the EFCC has confirmed an ongoing investigation into its activities. The platform's decision to reopen has raised concerns about investor protection and regulatory oversight.
Over 600,000 Nigerians reportedly invested in the scheme and lost N1.2 trillion after it collapsed. The platform's administrators claim that the funds are insured, but the actual amount lost is still under review by auditors in the UK.
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