The Nigerian Senate has mandated a full-scale investigative public hearing into the Crypto Bullion Exchange (CBEX) fraud, which allegedly defrauded thousands of Nigerians of over ₦1.3 trillion.
The resolution was adopted 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 investigation would cover other notorious Ponzi schemes that have devastated the financial wellbeing of countless Nigerians.
While presenting the motion, Senator Abiru emphasized that protecting citizens from fraudulent schemes is a critical responsibility of government. “The economic wellbeing and financial security of Nigerian citizens are essential pillars of national stability and growth. It is the duty of government to protect the populace from exploitative, predatory, and fraudulent financial practices,” he said.
Abiru highlighted the disturbing pattern of fraudulent investment platforms, citing past schemes such as MMM Nigeria (2016), MBA Forex (2020), and now CBEX, which lured unsuspecting Nigerians with promises of unrealistic returns on digital assets.
During the debate, lawmakers lamented the severe consequences of the CBEX collapse, including psychological trauma, broken families, and reports of suicide among victims.
Senators expressed outrage that CBEX operated freely and prominently online for months without intervention from key regulatory bodies, including the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC).
The Senate called for stronger regulatory oversight, institutional accountability, and enhanced safeguards to protect citizens investing in financial platforms.
A joint Senate committee has been tasked with leading the investigation and is expected to hold public hearings in the coming weeks. The committee is to submit its findings and recommendations within one month.
