Breaking News: House of Reps Condemns CBEX Crypto Scam, Urges Crackdown

The House of Representatives has strongly condemned the CBEX cryptocurrency investment platform for defrauding thousands of Nigerians, with estimated losses of over ₦1.3 trillion.

The House has called for swift action to bring the perpetrators to justice and protect investors.

The lawmakers have also praised the recent enactment of the Investment and Securities Act (ISA) 2025, which enhances the powers of the Securities and Exchange Commission (SEC) and imposes stricter penalties for financial crimes.

In a statement, the House urged Nigerians to be cautious of unregistered investment platforms and to verify all financial schemes with the SEC or relevant regulatory bodies. The House also warned celebrities and influencers against promoting such platforms.

The Economic and Financial Crimes Commission (EFCC), Nigeria Police Force, and Interpol have launched investigations to track down the perpetrators and recover funds.

Stay tuned for further updates on this developing story.