Lawmakers demand answers after CBEX scam wipes out ₦1.3 trillion, citing regulatory failures and tragic toll on citizens

Nigeria’s Senate has launched an urgent investigation into the collapse of Crypto Bridge Exchange (CBEX), calling it a national emergency after the scheme devastated thousands of households.

At Wednesday’s session, lawmakers revealed the fraud drained over ₦1.3 trillion from Nigerians, calling it one of the country’s worst financial scams. Senators linked the crisis to depression, suicides, and shattered trust in financial systems.

They squarely blamed regulators for the disaster. The Central Bank, Securities and Exchange Commission, and anti-graft agency EFCC were accused of failing to stop CBEX and similar unlicensed investment platforms now under scrutiny.

A special Senate committee will investigate within four weeks. Public hearings will examine how CBEX operated unchecked and propose tougher laws against financial fraud.

In a personal disclosure, Senate President Godswill Akpabio shared his own 1990s experience losing money to a similar scheme. “We must protect our people from this pain,” he stated as lawmakers pushed for swift reforms.

The probe will extend beyond CBEX to all unregulated financial technology firms targeting Nigerian investors.