The controversial CBEX investment platform, widely identified as a Ponzi scheme, has reportedly resumed operations and is now demanding a payment of $200 from Nigerians who previously lost money through the platform.
This latest development has triggered widespread concern among financial analysts and consumer protection advocates, who warn that the scheme is attempting to exploit its previous victims a second time.
According to multiple reports circulating on social media and online forums, CBEX has reactivated its website and communication channels, reaching out to former investors with promises of fund recovery. The platform is allegedly requesting that users pay a $200 “activation” or “recovery” fee in order to reclaim funds they lost when the scheme abruptly collapsed months ago.
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CBEX originally gained traction in Nigeria by advertising itself as a cryptocurrency and digital investment platform offering unusually high returns within short timeframes. Thousands of Nigerians, lured by promises of substantial profits, invested in the scheme. However, the platform abruptly went offline earlier this year, locking users out of their accounts and making all funds inaccessible.
The Economic and Financial Crimes Commission (EFCC) had previously warned Nigerians about CBEX and similar unregulated digital investment schemes. At the time, EFCC officials stated that CBEX bore all the characteristics of a classic Ponzi operation, including lack of transparency, unrealistic returns, and no verifiable source of revenue.
With the platform now reportedly resurfacing, financial experts are cautioning Nigerians against making any further payments to the operators. They argue that the $200 recovery fee is another tactic by the scammers to extract more money from unsuspecting victims under the false promise of restitution.
Consumer rights advocates have also raised alarm about the latest move by CBEX, calling on regulatory agencies to intervene swiftly. According to them, the resurgence of the scheme highlights the ongoing risks faced by Nigerian investors in the largely unregulated online financial space.
Victims of the initial CBEX collapse have taken to social media to express frustration and confusion over the renewed demands. While some are considering paying the requested amount in the hope of recovering their lost investments, others have warned their peers to remain vigilant and avoid further losses.
CBEX’s operators remain largely anonymous, and their identities have yet to be confirmed by law enforcement agencies. The platform has no physical presence in Nigeria and has not been registered with the Securities and Exchange Commission (SEC), which regulates investment schemes in the country.
The SEC has not yet issued a formal statement on the reported resumption of CBEX operations. However, in past advisories, the commission has reiterated that only licensed investment platforms are legally permitted to solicit funds from the Nigerian public.
As of Wednesday, efforts to trace the current digital footprint of CBEX suggest the scheme may be operating through cloned websites, Telegram groups, and WhatsApp broadcasts, urging victims to “act quickly” before an alleged recovery deadline expires. Experts warn that such urgency is a common tactic used by fraudsters to pressure individuals into making hasty financial decisions.
Security agencies are being urged to track down the perpetrators behind CBEX’s renewed activity and bring them to justice. In the meantime, members of the public are strongly advised not to engage with the platform or pay any fees in the name of recovering funds.
CBEX’s return highlights a broader issue of financial literacy and regulatory enforcement in Nigeria, as fraudulent investment schemes continue to prey on economic hardship and limited access to formal banking services. Authorities are expected to increase public awareness efforts and crackdown on similar digital fraud schemes in the months ahead.
