In an official statement released by the Office of the House Spokesman, Rep. Akin Rotimi, Jr., the House extended heartfelt sympathy to the victims and pledged its commitment to ensuring swift justice and investor protection.
The House of Representatives has expressed deep concern over the collapse of the fraudulent cryptocurrency investment platform, CBEX, which has defrauded thousands of Nigerians, with losses estimated at over ₦1.3 trillion.
In an official statement released by the Office of the House Spokesman, Rep. Akin Rotimi, Jr., the House extended heartfelt sympathy to the victims and pledged its commitment to ensuring swift justice and investor protection.
The statement emphasised that the CBEX scheme, falsely linked to the China Beijing Equity Exchange, was never registered with the Securities and Exchange Commission (SEC) and operated without legal backing in Nigeria.
“This large-scale fraudulent scheme, which promised unrealistic returns and preyed on public trust, highlights the growing risks posed by unregulated digital investment platforms,” the statement read.
According to the House, the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and Interpol have launched investigations to track the perpetrators, recover funds, and bring those responsible to justice. The House called for sustained and decisive action by the authorities to dismantle the syndicate behind the scam.
The House also hailed the recent enactment of the Investment and Securities Act (ISA) 2025, signed into law by President Bola Ahmed Tinubu. The Act enhances the powers of the SEC, criminalises Ponzi schemes and related frauds, and imposes stricter penalties, including imprisonment of up to ten years for offenders.
Rep. Solomon T. Bob (PDP, Rivers), Chairman of the House Committee on Capital Market and Institutions, underscored the importance of public awareness alongside legal enforcement.
“We must continue to confront financial fraud with the full weight of the law. But beyond enforcement, we must invest in public awareness. Financial literacy is not optional; it is essential in building a resilient, inclusive economy. Fraudsters thrive where ignorance prevails,” he said.
The House further urged Nigerians to be cautious when approached with investment offers and to verify all financial schemes with the SEC or relevant regulatory bodies. It warned celebrities and influencers against promoting unregistered investment platforms, citing new provisions in the ISA that hold promoters liable for aiding in financial misrepresentation.
In addition, the House called on schools, religious institutions, media, and civil society to champion a nationwide campaign for financial literacy and public protection against deceptive schemes.
Reaffirming its commitment under the 10th Assembly’s Legislative Agenda, particularly Agenda 4 on Economic Growth and Development, the House pledged continued efforts to foster safe, inclusive, and well-regulated capital markets in Nigeria.
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