The Director General of the Securities and Exchange Commission, Dr Emomotimi Agama, has confirmed that the CBEX digital trading platform is not registered with the Commission. Speaking in an interview on Arise News, Dr Agama stated clearly that CBEX has no legal standing under SEC regulations, and as such, any investment activity linked to the platform is considered illegal.
According to him, the Commission has not received any formal complaints from those affected by the platform’s suspected fraudulent operations. He explained that SEC’s primary duty is to protect investors, and that begins with registration and regulation. Any platform or investment scheme that operates without proper registration, he said, is operating outside the law and will not be tolerated.
Dr Agama emphasized that before investing in any scheme, Nigerians should ask a simple but critical question — is it registered with the SEC? He added that if the answer is no, then that platform or scheme should be treated as illegal and approached with extreme caution.
He noted that many fraudulent operations often remain hidden from regulators and even from the general public until a small group of people is affected. In the case of CBEX, he explained that SEC was unaware of the platform’s operations and that no victims had come forward with complaints as of the time of the interview.
Despite the absence of formal reports, Dr Agama expressed deep sympathy for Nigerians who may have fallen victim to CBEX. He gave assurances that the Commission is now set to begin investigations to trace those behind the platform. He explained that once identified, those responsible will face legal consequences, including fines and imprisonment, as provided under existing laws.
He concluded by reinforcing the SEC’s commitment to investor protection, warning that schemes like CBEX will be actively pursued and dismantled in accordance with the law.
