CBEX, registered with the Corporate Affairs Commission in 2024 and the EFCC’s anti-money laundering unit in 2025, promised 100% returns in 30 days via AI trading. Following its collapse, the EFCC declared eight individuals wanted, including Adefowora Abiodun, who surrendered for questioning. The SEC labeled CBEX illegal, warning against unregulated platforms. Despite this, new investors are joining, lured by quick-profit promises. Old accounts remain under audit, with promoters claiming only N126 billion was lost, not N1.2 trillion, and refuting fraud allegations.
Also, old investors on CBEX can trade but not withdraw their funds due to an ongoing audit by the UK government, expected to finish in 30 to 60 days. Starting June 25, investors will be able to withdraw up to 50% of their remaining capital. After June 25, they can withdraw $400 from the remaining $800, with the rest available by August 25. However, withdrawal will not be possible without completing the required verification process. The Nigerian Financial Intelligence Unit (NFIU) flagged CBEX and similar platforms like eWealth Connect and WWCoin as high-risk, citing unrealistic returns and Ponzi-like traits.