Cbex crash: the pyramid scam that cost the Nigerians more than 1.3 Billion de Nairas

Written by Kosisochukwu Charity Ani

On Tuesday April 15, 2025, a real nightmare struck thousands of Nigerians who invested millions of nairas in an online pyramidal scam called CBEX. This digital investment platform, active since July 2024, promised its users a return on investment (king) of 100 %, provided that they recruit other investors.

China Beijing Equity Exchange, better known as CBEX, was not the first Ponzi type scam in Nigeria. The country has experienced several similar cases promising fast and considerable gains. The sudden collapse of CBEX has aroused strong reactions among investors, causing frustration, criticism and generalized concerns, with losses estimated at more than 1.3 Billion de Nairas. Many rushed to the registered office of CBEX in the state of Oyo and elsewhere in the country, destroying the goods they found there.

CBEX presented itself as a global investment and financial exchange platform affiliated with the Chinese government. However, from 2024, the real Beijing Equity Exchange had denied any link with CBEX, denouncing a usurpation of its name. Arrived in Nigeria in July 2024, CBEX had opened offices in Ibadan, Oyo State, where its registered office was. This physical office and its alleged international affiliation made the platform credible in the eyes of the Nigerians, encouraging them to invest and sponsor their loved ones.

The office, employees, false registration certificates and alleged international affiliation aimed to give the appearance of a serious company with Nigerian employees and a real head office. CBEX claimed to have offices in Canada and elsewhere in the world, publishing online for false documents, such as registration with Fincen in the United States. In reality, no real office existed outside Nigeria. A certain Yahaya Ibrahim pretended to be the CEO of CBEX, although his true identity remains unknown. The deception worked perfectly: investors believed to finance a specialized company, especially in cryptocurrency trading via an advanced artificial intelligence system.

According to Business Insider Africa , around 300,000 Nigerians have invested at least $ 100 in CBEX. The large number of investors is explained by a sponsorship system promising a return on investment of 100 % in 30 days. CBEX falsely displayed American recording documents and claimed to be approved by Securities and Exchange Commission (SEC). The system required members to leave their funds on the platform without withdrawal for 30 to 45 days to obtain their bonus or commission. Any withdrawal led to the immediate loss of these advantages. This mechanism allowed CBEX to freely use the CBEX Decrash Funds: the pyramid scam which cost Nigerians more than 1.3 Billion de Nairas
written by Kosisochukwu Charity

On Tuesday April 15, 2025, a real nightmare struck thousands of Nigerians who invested millions of nairas in an online pyramidal scam called CBEX. This digital investment platform, active since July 2024, promised its users a return on investment (king) of 100 %, provided that they recruit other investors.

China Beijing Equity Exchange, better known as CBEX, was not the first Ponzi type scam in Nigeria. The country has experienced several similar cases promising fast and considerable gains. The sudden collapse of CBEX has aroused strong reactions among investors, causing frustration, criticism and generalized concerns, with losses estimated at more than 1.3 Billion de Nairas. Many rushed to the registered office of CBEX in the state of Oyo and elsewhere in the country, destroying the goods they found there.

CBEX presented itself as a global investment and financial exchange platform affiliated with the Chinese government. However, from 2024, the real Beijing Equity Exchange had denied any link with CBEX, denouncing a usurpation of its name. Arrived in Nigeria in July 2024, CBEX had opened offices in Ibadan, Oyo State, where its registered office was. This physical office and its alleged international affiliation made the platform credible in the eyes of the Nigerians, encouraging them to invest and sponsor their loved ones.

The office, employees, false registration certificates and alleged international affiliation aimed to give the appearance of a serious company with Nigerian employees and a real head office. CBEX claimed to have offices in Canada and elsewhere in the world, publishing online for false documents, such as registration with Fincen in the United States. In reality, no real office existed outside Nigeria. A certain Yahaya Ibrahim pretended to be the CEO of CBEX, although his true identity remains unknown. The deception worked perfectly: investors believed to finance a specialized company, especially in cryptocurrency trading via an advanced artificial intelligence system.

According to Business Insider Africa, around 300,000 Nigerians have invested at least $ 100 in CBEX. The large number of investors is explained by a sponsorship system promising a return on investment of 100 % in 30 days. CBEX falsely displayed American recording documents and claimed to be approved by Securities and Exchange Commission (SEC). The system required members to leave their funds on the platform without withdrawal for 30 to 45 days to obtain their bonus or commission. Any withdrawal led to the immediate loss of these advantages. This mechanism allowed CBEX to freely use investor funds. No one knew precisely the origin of the promised yields, and when the withdrawals slowed down in early April 2025, CBEX introduced "verification" costs of 100 or 200 dollars to unlock user accounts. Some investors paid for these costs in the hope of recovering their money, but all the funds were finally emptied, leaving each user with a balance of 0.

Unlike CBEX claims, the platform has never been approved by Nigerian dry, violating the law which requires the official recording of investment platforms. CBEX ignored these obligations for almost a year, exhibiting fictitious recordings with Fincen and the Canadian authorities, which proved to be completely unfounded.

Following its collapse, the Committee on Economic and Financial Crimes (EFCC) announced its intention to collaborate with Interpol in order to find the system officials, including those likely to have fled abroad. In Nigeria, organizing or participating in a pyramid scheme is a serious violation of fraud and money laundering. The EFCC has identified CBEX as one of the many doubts currently under investigation.

From MMM in 2016 to MBA Forex, Racksterli, Loom, Cbex and about fifty other scams, each fraudulent system seems to follow a similar scheme: appearance in difficult economic times, unrealistic promises of high performance, temporary payments, exploitation of confidence via social validation and digital attraction, then disappearance with investors' money. CBEX thus swept away more than 1.3 Billion de Nairas, but also the personal data of investors such as their address, telephone number, banking verification number (BVN) and national identity documents, collected during registration.

The fall of CBEX brutally recalls the persistent vulnerability of the Nigerians in the face of these financial scams, exacerbated by economic despair and regulatory gaps. Beyond the massive financial loss, the real drama lies in the destruction of public confidence and the violation of personal data. It is now crucial for authorities, regulators and civil society to strengthen investor education, improve regulatory managers and guarantee that managers are brought to justice. Staying vigilant and strengthening repression are essential to prevent another cbex from redoing surface.

s investors. No one knew precisely the origin of the promised yields, and when the withdrawals slowed down in early April 2025, CBEX introduced "verification" costs of 100 or 200 dollars to unlock user accounts. Some investors paid for these costs in the hope of recovering their money, but all the funds were finally emptied, leaving each user with a balance of 0.

Unlike CBEX claims, the platform has never been approved by Nigerian dry, violating the law which requires the official recording of investment platforms. CBEX ignored these obligations for almost a year, exhibiting fictitious recordings with Fincen and the Canadian authorities, which proved to be completely unfounded.

Following its collapse, the Committee on Economic and Financial Crimes (EFCC) announced its intention to collaborate with Interpol in order to find the system officials, including those likely to have fled abroad. In Nigeria, organizing or participating in a pyramid scheme is a serious violation of fraud and money laundering. The EFCC has identified CBEX as one of the many doubts currently under investigation.

From MMM in 2016 to MBA Forex, Racksterli, Loom, Cbex and about fifty other scams, each fraudulent system seems to follow a similar scheme: appearance in difficult economic times, unrealistic promises of high performance, temporary payments, exploitation of confidence via social validation and digital attraction, then disappearance with investors' money. CBEX thus swept away more than 1.3 Billion de Nairas, but also the personal data of investors such as their address, telephone number, banking verification number (BVN) and national identity documents, collected during registration.

The fall of CBEX brutally recalls the persistent vulnerability of the Nigerians in the face of these financial scams, exacerbated by economic despair and regulatory gaps. Beyond the massive financial loss, the real drama lies in the destruction of public confidence and the violation of personal data. It is now crucial for authorities, regulators and civil society to strengthen investor education, improve regulatory managers and guarantee that managers are brought to justice. Staying vigilant and strengthening repression are essential to prevent another cbex from redoing surface.