In the wake of the CBEX collapse, numerous investors have encountered difficulties accessing their funds. Despite seeing balances reflected in their accounts, withdrawing these funds has proven impossible without adhering to the platform's new deposit requirements. According to reports, investors must deposit $200 to withdraw amounts exceeding $1,000 and $100 for lesser sums. Investigations reveal that while the Economic and Financial Crimes Commission (EFCC) has arrested suspects linked to the scheme, many victims remain unable to recover their investments. The EFCC continues its probe into this and other pyramid schemes, warning Nigerians about the dangers of greed-driven investments.
Months after CBEX halted operations, leaving over 1.3 trillion naira ($809,000) unaccounted for, affected investors face a daunting predicament. Although some see their money reflected in inactive accounts, they cannot access it. Authorities advise caution against re-engaging with such platforms, emphasizing thorough research before committing funds. In June 2025, Ola Olukoyede, EFCC Chairman, disclosed ongoing investigations into 58 similar schemes, urging vigilance against deceptive promises of rapid wealth accumulation.
The Federal Bureau of Investigation (FBI) cautions against rushing into investment opportunities without due diligence. It highlights Ponzi schemes' reliance on new investor money to pay earlier participants, creating an illusion of stability. Victims often see account balances reflecting promised returns, but withdrawal barriers expose the scam's true nature. To safeguard potential investors, the FBI recommends consulting independent financial advisors and reporting suspicious activities to relevant authorities.
Nigeria's Securities and Exchange Commission (SEC) also issued warnings identifying red flags associated with fraudulent schemes. These include unrealistic return promises, demands for personal information, pressure to act swiftly, and secretive operational practices. Experts stress understanding investment mechanisms and verifying business legitimacy before committing funds. They warn against engaging with platforms offering guaranteed profits or requiring payments exclusively in cryptocurrency.
As authorities continue pursuing justice for CBEX victims, the broader message remains clear: prudent financial decisions require skepticism, research, and professional guidance. Avoiding tempting yet dubious investment schemes is crucial to protecting one's assets in an increasingly complex financial landscape.