The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has clarified that the controversial CBEX digital trading platform is not registered with the Commission.
Speaking during an interview on Arise News Wednesday night, Agama stated that the SEC has not received any formal complaints from victims of the alleged fraudulent activities associated with CBEX.
“For us at the SEC, our primary responsibility is investor protection, and that begins with registration and regulation,” he said. “Any scheme not registered with the SEC is considered illegal. Investors must always ask whether a platform is registered with us before engaging.”
He noted that CBEX had not come under the Commission’s regulatory radar prior to now. “Most of the time, operators of such schemes keep them hidden from regulators and even from the wider public, limiting knowledge to a small circle,” he explained.
“As of this moment, we have not received any formal complaints regarding CBEX. If we had, the SEC would have taken immediate steps to investigate and track those behind it.”
Dr. Agama expressed sympathy for those who may have been defrauded by the platform, reaffirming the SEC’s commitment to protecting Nigerian investors. He also emphasized that the Commission will now begin efforts to investigate the operators and bring them to justice.
“We sympathize with the victims — they are Nigerians, and we will act,” he said. “The law empowers us to investigate, impose fines, and even secure prison sentences of up to 10 years for those found guilty.”
The SEC urged the public to remain vigilant and report any suspicious investment schemes to the Commission for prompt action.
