Angry investors recently stormed the CBEX office in Ibadan, Oyo State, in a frenzy, carting away various items including tables and chairs. Many Nigerians are lamenting significant losses from what is suspected to be a Ponzi scheme operated by CBEX.
This report takes a closer look at the controversial company at the center of the growing outrage.
CBEX operates as a digital trading platform and claims to be registered in Canada as a cryptocurrency trading exchange. However, checks by SaharaReporters on Canadian business registry platforms reveal that CBEX is not officially registered in Canada, despite assertions from the company’s Chief Executive Officer, Yahaya Ibrahim, that it is headquartered there. The closest match found in the Canadian business directory is a now-defunct entity named “CBEX Capital Corp,” whose license was revoked a year ago.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 that facilitates mergers, acquisitions, and the restructuring of state-owned enterprises. It remains unclear why the Nigerian version adopted this name, but it may have contributed to the false impression that the platform was backed by the Chinese government, especially since online searches for “CBEX” predominantly lead to the legitimate Chinese state-run entity.
Digital footprints linking the name “CBEX” to the Chinese government firm may have misled many Nigerians who conducted their due diligence before investing.
SaharaReporters previously detailed how, following the collapse of the CBEX platform, enraged individuals looted its office in the Oke-Ado area of Ibadan on Monday evening. Mobs forcibly entered the premises and removed furniture and equipment after the platform’s sudden crash reportedly wiped out user account balances, rendering many investments worthless.
Eyewitnesses reported that the attack was triggered by the platform’s unexpected failure, leading to widespread anger and despair among affected users, who took to social media to share stories of lost funds and shattered hopes.
In response to the situation, Nigeria’s Securities and Exchange Commission (SEC) reiterated that any platform not registered with them 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 registered, it is illegal.” Although he did not directly mention CBEX, the timing and context strongly suggest he was referring to the controversy.
On X (formerly Twitter), a user 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 user, @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.”
