The SEC urges the public to avoid unregistered investment platforms.
THIS DAY
Over 600,000 Nigerians who invested in the collapsed CBEX Ponzi scheme may not recover their funds as the Securities and Exchange Commission (SEC) has confirmed its limitations in recouping the N1.3 trillion lost. Director-General of SEC, Dr. Emomotimi Agama, disclosed this during a recent briefing in Abuja.
“There is no hope of recovering the money,” Agama stated, attributing the failure to the fraudulent structure of the scheme and lack of verifiable assets.
The CBEX investment scam, which promised unrealistic returns, defrauded hundreds of thousands of Nigerians, many of whom are still seeking justice. Agama emphasized the need for stricter regulation, financial education, and public vigilance to prevent future scams.