Posted by Samuel on Tue 15th Apr, 2025 - tori.ng
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match to CBEX in the Canadian business directory is a now-defunct entity named "CBEX Capital Corp," whose license was revoked a year ago.
Severel distraught Nigerians are currently expressing great distress over the loss of their investments in CBEX, a platform now suspected to be a Ponzi scheme.
It was earlier 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 registered in Canada as a crypto trading exchange. However, checks by SaharaReporters on Canadian business registry platforms reveal that CBEX is not officially registered 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match to CBEX in the Canadian business directory is a now-defunct entity named "CBEX Capital Corp," whose license was revoked a year ago.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 user account balances and rendered many investments worthless.
After the collapse, affected users 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 registered 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 registered, 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 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."