Lagos, June 10, 2025 – In a development raising fresh concerns over online financial fraud, the notorious CBEX Ponzi scheme has reportedly resumed operations, luring previous victims and new participants with promises of fund recovery, at a fee.
Multiple reports circulating on social media and online forums indicate that operators of CBEX, which collapsed months ago after defrauding thousands of Nigerians, have begun reaching out to victims, claiming they can retrieve their lost investments. However, the catch is a mandatory $200 “processing fee” to facilitate the so-called refund.
Financial watchdogs and cybersecurity experts have since warned that this is another layer of deceit from the same network that ran the original scam, aimed at squeezing more money from already defrauded citizens.
A source close to Nigeria’s Economic and Financial Crimes Commission (EFCC), who spoke under anonymity, confirmed that the Commission is monitoring the resurgence of CBEX activities. “We are aware that the CBEX platform, which was never registered as a legitimate investment company in Nigeria, is attempting a comeback through fake refund offers,” the official said. “This is a classic scam tactic—known as a recovery scam, where fraudsters return to exploit their previous victims.”
CBEX had promised investors huge returns through cryptocurrency and foreign exchange arbitrage before its abrupt shutdown earlier this year, leaving many Nigerians stranded and out of pocket. The platform operated largely through WhatsApp and Telegram groups, where referrals and wallet balances were manipulated to give the illusion of profitability.
Cybersecurity analyst, Chukwuemeka Onuoha, described the latest ploy as “an exploitation of desperation.” According to him, “Scammers understand that victims want closure. By offering them hope of getting their money back for a fee, they exploit emotional vulnerability.”
Regulatory agencies, including the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), have repeatedly cautioned Nigerians to steer clear of unregistered investment platforms and Ponzi schemes.
Members of the public are advised not to pay any fee to CBEX or its representatives and to report any such solicitation to the nearest law enforcement agency or the EFCC through its official channels.
As financial scams continue to evolve, Nigerians are urged to verify the legitimacy of any investment platform and seek professional guidance before parting with their money.
