The Nigerian Senate has ordered a full-scale investigative public hearing into the Crypto Bullion Exchange (CBEX) scam, which left thousands of Nigerians financially devastated with reported losses exceeding ₦1.3 trillion.
The resolution was reached during Wednesday’s plenary session following a motion jointly sponsored by Senator Mukhail Adetokunbo Abiru (Lagos East), Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, and Senator Osita Bonaventure Izunaso (Imo West).
In addition to CBEX, the Senate said the forthcoming investigation would extend to other notorious Ponzi schemes that have wrecked the fortunes of countless Nigerians.
While presenting the motion, Senator Abiru noted, “The economic wellbeing and financial security of Nigerian citizens are essential pillars of national stability and growth, and that it is the duty of government to protect the populace from exploitative, predatory and fraudulent financial practices and schemes”
He further expressed concern over the rising number of fraudulent investment platforms, citing past schemes such as MMM Nigeria in 2016, MBA Forex in 2020, and most recently CBEX, which lured millions with promises of unrealistic returns on digital assets.
During the debate, lawmakers painted a grim picture of the impact of the CBEX collapse, warning that the scam had led to widespread psychological trauma, family disintegration, and, in extreme cases, suicide.
The Senate expressed shock that CBEX was able to operate freely and at scale for months, despite its heavy online presence, without intervention from key regulatory agencies such as the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC).
Senators called for urgent institutional accountability and stronger protections for citizens investing in financial products and platforms.
The joint committee leading the investigation is expected to conduct public hearings in the coming weeks and submit its findings within one month.
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