CBEX Ponzi Scheme: Nigerian Court Orders Arrest of Six Promoters in $1 Billion Crypto Fraud Case

CBEX Ponzi Scheme. StartSmart Nigeria reports that the Federal High Court in Abuja, presided over by Justice Emeka Nwite, has issued an arrest and remand order for six individuals allegedly behind the CBEX Ponzi scheme — a fraudulent cryptocurrency investment platform that has reportedly defrauded Nigerians of over $1 billion (₦1.3 trillion).

The order followed an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC). The suspects named in the motion include:

• Adefowora Abiodun Olanipekun
• Emmanuel Oku
• Four other unnamed defendants

⚠️ What Is the CBEX Ponzi Scheme?

The EFCC alleges that the accused persons operated through a company known as ST Technologies to promote the CryptoBank Exchange (CBEX) platform. Through CBEX, unsuspecting Nigerian investors were lured with promises of high returns from digital currency investments.

However, investigations have revealed that the scheme was nothing more than a classic Ponzi model, with no legitimate crypto trading operations behind it.

🔍 EFCC Promises Recovery of Funds with International Help

In a public statement, the EFCC assured Nigerians that it is taking decisive steps to recover the estimated ₦1.3 trillion lost to the CBEX scam. The anti-graft agency is also working with Interpol and other international law enforcement agencies to track the assets and bring all the perpetrators to justice.

🗣 “We are committed to recovering every kobo and ensuring justice is served,” an EFCC official stated.

💡 Why This Matters

The CBEX case is one of Nigeria’s largest cryptocurrency fraud scandals to date, and it raises serious concerns about unregulated digital investment platforms. It also highlights the importance of conducting due diligence before investing in any online financial opportunity.

✅ Tips to Avoid Ponzi Schemes in Nigeria

1. Verify platforms with SEC or EFCC alerts.
2. Be skeptical of guaranteed returns or “risk-free” investments.
3. Research company details and leadership before investing.
4. Avoid platforms that pressure you to recruit others.

📢 Final Thoughts from StartSmart Nigeria

As the crackdown on CBEX Ponzi scheme promoters continues, StartSmart Nigeria encourages Nigerians to stay informed and cautious when dealing with investment platforms — especially those promising unrealistic profits.

Stay tuned to StartSmart Nigeria for more updates on this and other major financial news stories in Nigeria.

Credit Newsonlineng.com