How Ponzi Scheme CBEX Misled Nigerians With Fake Canadian Ties and a Stolen Chinese Identity

Dozens of angry investors recently stormed the Ibadan office of CBEX, a suspected Ponzi scheme, making off with furniture and office equipment in a show of frustration. Many Nigerians say they’ve lost their life savings to the platform, which presented itself as a legitimate global crypto trading company.

CBEX operated as a digital trading platform and claimed to be registered in Canada. Its CEO, Yahaya Ibrahim, allegedly told investors the company was headquartered there. But checks by Aqila Media found no trace of CBEX on Canadian business registries. The closest match—a company called “CBEX Capital Corp”—was dissolved over a year ago.

The name “CBEX” itself appears to be a deliberate deception. It’s widely associated with the China Beijing Equity Exchange, a state-owned platform in China used for mergers and acquisitions. The Nigerian CBEX is not connected to this government entity, but the name and digital footprint may have fooled investors into thinking otherwise.

The fallout has been swift. After the platform crashed—wiping out user balances and making investments vanish overnight—a crowd of investors looted CBEX’s Oke-Ado office in Ibadan. Eyewitnesses say the mob forced its way in and carried away everything in sight.

On social media, victims have shared stories of financial ruin. Some expressed disbelief, others anger. The comment section turned into a space for grief, warnings, and disbelief at how such a scam gained traction.

In response, the Securities and Exchange Commission (SEC) of Nigeria reminded the public that any investment platform not registered with the SEC is operating illegally. Without naming CBEX directly, SEC Director General Emomotimi Agama said in a virtual meeting: “If it is not registered, it is illegal.”

The reaction online was blunt. One user wrote, “So Nigerians fell for another scam again? No wonder politicians act with impunity.” Another warned, “Never trust anything promising 100% ROI. That’s textbook fraud. Check on your friends—some are going through it.”

The CBEX case is another reminder of the high cost of unchecked financial platforms and the ease with which names and appearances can be weaponized to build trust—and then break it.