SEC don carry matter go court make Investments and Securities Tribunal (IST) freeze bank accounts of Crypto Bridge Exchange (CBEX) plus 25 others wey dem accuse of running illegal digital asset investment wey make Nigerians lose over ₦1.3tr.
Dis one happen for first sitting of sixth Tribunal for case IST/OA/02/2025: SEC & Anor v CBEX and 25 Others, wey Tribunal Chairman Hon. Aminu Jinaidu dey lead.
SEC talk say dem want make all commercial banks plus other financial institutions freeze every account wey belong to dem. Dem still want make Tribunal order say houses and other assets wey dem buy with investor money also dey seize.
According to SEC, CBEX no register with di Commission but dem dey promise investors 100 percent return inside 30 days, wey break Investments and Securities Act 2025.
SEC also reveal say international regulators don warn about CBEX before. Di Securities and Futures Commission of Hong Kong issue advisory for April 23, 2024, talk say CBEX be suspicious virtual asset platform, and dem dey use name wey resemble real property rights company for China.
Tribunal notice say CBEX plus other defendants no show for court, so Hon. Jinaidu order make hearing notice dey publish for national newspapers.
CBEX enter Nigerian market around July 2024 with website and mobile app. Dem claim say dem dey use advanced AI make huge profits for cryptocurrency trading and promise up to 100% returns within 40–45 days.
Scheme collapse later, and many Nigerians lose money. Investigations show CBEX na Ponzi scheme wey collect over ₦1.3tr ($800m) before dem disappear.
Court adjourn case to January 27, 2026.
