EFCC Seeks Four Individuals for Promoting CBEX Platform

SaharaReporters disclosed how the Osun State Broadcasting Corporation (OSBC), a government-owned radio station, actively endorsed the collapsed CBEX Ponzi scheme, luring vulnerable Nigerians to invest in it under the guise of a legitimate poverty alleviation program. Through a video provided by SaharaReporters, the OSBC showcased CBEX Trading Exchange Global officials making outlandish assertions about the fraudulent platform’s ability to uplift Nigerians from poverty.

The deceptive scheme was promoted without any critical evaluation of its legitimacy or regulatory approval. The presenter at OSBC enthusiastically advocated for CBEX on air, painting a picture of prosperity and success for potential investors without any reservations.

The ensuing fallout from the collapse of CBEX saw numerous Nigerians, especially young individuals, lose their life savings to the scheme’s deceitful promises. Victims resorted to social media as a platform to share their heart-wrenching experiences, including videos and posts on platforms like TikTok and X (formerly Twitter). The emotional toll of the scam was evident in the tearful videos posted by victims like Pretty Nikky Babe and Bola, who openly expressed their anguish at losing their hard-earned money, with Bola revealing how she even invested her friends’ funds, all amounting to $1,000.

Another victim, Oguonu Nchedo Esther, narrated her despair online, highlighting the devastating impact the scheme had on her family and children. Despite the warning issued by the Securities and Exchange Commission (SEC) cautioning against investing in CBEX due to its lack of registration, many Nigerians still fell victim to the allure of quick riches offered by the fraudulent scheme.

The Economic and Financial Crimes Commission (EFCC) has now declared four individuals wanted in connection with the fraudulent activities carried out on the cryptocurrency exchange, CBEX. The suspects identified as Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede are being pursued for their involvement in the scam that has left many Nigerians financially devastated.

The debacle surrounding CBEX serves as a cautionary tale against falling prey to Ponzi schemes and fraudulent investment opportunities promising unrealistic returns. It underscores the importance of conducting thorough due diligence and seeking regulatory approval before parting with hard-earned money in any investment venture. Victims of such scams are left to pick up the shattered pieces of their financial security, emphasizing the need for heightened public awareness and education to prevent future occurrences of such tragic events.