Saturday Financial editor
Bunmi Ashafa
Inside the CBEX Deception: How Fake Certifications Deceived Over a Million Investors
The Illusion of Prosperity: How CBEX Lured Investors into a Massive Scam
What started as an enticing financial opportunity quickly turned into a devastating scam that ensnared nearly a million Nigerians. CBEX Global Investment Limited presented itself as a legitimate investment platform, offering promises of high returns and financial security. Through its extensive marketing efforts, it created an image of trustworthiness, drawing in investors from all walks of life.
At the heart of the deception were counterfeit certificates, seemingly issued by respected institutions like the Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC). These forged documents, which were prominently featured on the company’s website, social media accounts, and during public seminars, played a pivotal role in convincing people that the investment opportunity was legitimate.
For many investors, these documents were the final proof of legitimacy.
“I saw their EFCC clearance and CAC registration on a flyer and thought, ‘If the EFCC approved this, it has to be real,’” explained Chioma, a trader from Onitsha, who lost her entire savings.
However, investigations later revealed that while CBEX was indeed registered with the CAC, it had never received any clearance from the EFCC. The documents presented by the company had been fabricated to mislead the public.
The scam affected an estimated 600,000 to 1 million Nigerians, including civil servants, students, traders, and retirees. Investors were promised unrealistically high returns of 20% to 35% on a weekly or daily basis. As with most Ponzi schemes, early investors were paid from the funds of newer recruits, perpetuating the illusion of a successful business. Ultimately, the scheme collapsed, leaving a trail of financial devastation.
By the time authorities stepped in, the masterminds behind the scheme had disappeared, leaving investors with no recourse.
