The Nigerian Senate has initiated a full-scale investigation into the rising wave of Ponzi schemes in the country, focusing on the recent collapse of Crypto Bullion Exchange (CBEX), a digital investment platform alleged to have defrauded Nigerians of over ₦1.3 trillion.
This resolution followed a motion presented by Senator Adetokunbo Abiru (Lagos East), who raised alarm over the growing trend of financial fraud disguised as investment opportunities. He cited previous cases like MMM Nigeria (2016) and MBA Forex (2020), noting that CBEX is the latest in a pattern of exploitative schemes that have destroyed lives and eroded public trust.
During debate on the motion, lawmakers expressed grave concern over the devastating effects of the CBEX collapse, which they said have led to severe financial losses, emotional trauma, family crises, and in extreme cases, suicides.
The Senate criticized the failure of regulatory bodies, including the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC), for not taking timely action to stop CBEX despite its extensive operations and online visibility.
A joint Senate committee has been tasked with conducting a comprehensive investigation, including public hearings with stakeholders and victims. The committee is expected to submit its findings within one month.
This move by the National Assembly aims to strengthen investor protection, close regulatory loopholes, and restore public confidence in Nigeria’s financial ecosystem
