Senate Probes N1.3tn CBEX Crash, Declares Export Emergency

The Nigerian Senate on Wednesday, July 9, 2025, initiated a comprehensive probe into the collapse of the Crypto Bridge Exchange (CBEX), a digital investment platform that allegedly defrauded Nigerian investors of over ₦1.3 trillion.

The upper legislative chamber also declared the situation a national emergency, citing growing rates of depression, suicide, and public distrust in the nation’s financial systems as immediate consequences of unchecked digital Ponzi operations.

The motion, spearheaded by Senators Tokunbo Abiru (Lagos East) and Osita Izunaso (Imo West), received unanimous approval as lawmakers across party lines condemned Nigeria’s lax financial regulation and called for sweeping reform.


Presenting the motion, Senator Abiru noted that CBEX was able to amass over ₦1.3tn from unsuspecting Nigerians by exploiting regulatory blind spots in agencies like the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Nigerian Financial Intelligence Unit (NFIU), and Economic and Financial Crimes Commission (EFCC).

“Over N1.3tn was lost to CBEX alone. This is not an isolated case. It’s part of a disturbing trend, from MMM in 2016 to MBA Forex in 2020,” Abiru stated. “The public keeps falling victim while institutions meant to protect them remain complicit or asleep.”

Senator Tahir Monguno (Borno North) described the situation as “alarming” and urged immediate legal reform to punish offenders. “Enough is enough,” he said, demanding greater transparency from regulators.

Backing the motion, Senator Sadiq Umar (Kwara North) lamented the breakdown in public trust. “Our people trust regulators to protect them, not abandon them to digital vultures,” he warned.

Senator Solomon Adeola (Ogun West) extended the conversation beyond Ponzi platforms, warning about unlicensed fintechs operating unchecked under the guise of innovation.

“The CBN must tell us how many of these digital investment firms are actually licensed and what safeguards exist to protect the public,” he demanded.

Senator Abdul Ningi (Bauchi Central) proposed invoking Sections 88 and 14 of the 1999 Constitution to compel a sweeping investigation across Nigeria’s digital financial landscape.

Even Senate President Godswill Akpabio revealed a personal connection to such schemes, recounting his own loss to a Ponzi scam in Port Harcourt during the 1990s.

“History is repeating itself—but now with digital tools and even greater consequences,” Akpabio said. “N1.3tn vanished. Families ruined. Lives lost. This is a national emergency, and we must act swiftly.”

The Senate resolved to empower four key committees—Capital Market, Banking and Insurance, ICT and Cybersecurity, and Anti-Corruption and Financial Crimes—to conduct nationwide public hearings and recommend urgent reforms within four weeks.

The probe will not only scrutinize CBEX but also examine other digital investment platforms operating under questionable licenses, identify regulatory lapses, and propose new legislation to prevent similar disasters.


Lawmakers also stressed the importance of launching financial literacy campaigns to educate the public on the risks of high-yield digital investments. The move is intended to rebuild trust in formal financial institutions and stem the rising tide of financial crimes.

With Nigerians still reeling from the shock of the CBEX debacle, the Senate’s actions may be the first step toward restoring confidence in the economy and reining in a digital Wild West that has gone unregulated for too long.

> “We cannot watch while Nigerians are being robbed blind,” Akpabio concluded. “This is about justice, accountability, and the soul of our economy.”