CBEX NOT REGISTERED WITH US, BUT WE WILL HUNT DOWN OPERATORS – SEC 17-04-25
By Sadiq Aminu The Director-General (DG) of the Security and Exchange Commission (SEC), Dr Emomotimi Agama, says the CBEX digital trading platform is not registered with the regulatory agency.
Africa247 reports that Nigerians who invested in the platform which crashed on Monday have been counting their losses.
About N1.3trillion was reportedly wiped out from the investors’ account after the digital trading platform which boasted of giving investors 100 per cent Return On Investment in 30 days crashed on Monday.
Speaking on Arise Xchange on Wednesday, Agama said the platform did not register with the regulator.
He also said the SEC had not received any formal complaint on the operations of the CBEX trading platform.
The DG said the commission has consistently warned that any investment scheme that is not registered is illegal.
He said: “It’s important to state clearly that the SEC was not aware of the illegal operation of CBEX and what happened often with schemes like this is that most people will always try to keep it away from the regulator and even keep it away from their friends except a few group of persons whom they are interested in.
“For us at the SEC, as we speak today, at this hour, we have not received any formal complaint from anyone regarding CBEX because if we had received any formal complaint regarding CBEX, the team at the SEC would have actually swung into action, trying to get who and who is involved.”
He sympathised with the victims and vowed that the regulator would immediately begin a probe with a view to hunting down the operators.
“However, we sympathise very much with the victims because they are Nigerians and of course SEC, we would commence investigation as to where these people are and make sure we hunt them down because the law actually has given us the power to take them down, find them, sanction them by fining and also sending them to prisons for ten years. That’s the provision of the law,” he said.