The Securities and Exchange Commission (SEC) of Nigeria has disclosed that it is unable to recover the N1.3 trillion lost by investors to CBEX, a firm accused of running a large-scale investment scam. The announcement was made by the Director General of the SEC, who confirmed that efforts to retrieve the funds have been unsuccessful, leaving thousands of victims without restitution.

CBEX had been operating under the guise of a legitimate investment company, attracting funds from unsuspecting members of the public with promises of high returns. The operation eventually collapsed, and investigations revealed that the firm had been running a fraudulent scheme that affected a significant number of investors across the country.

According to the SEC, the total value of investments lost to CBEX has been estimated at over N1.3 trillion. Despite ongoing investigations and regulatory interventions, the funds remain unrecovered, largely due to the complex nature of the fraud and the methods used to conceal the money.

The SEC stated that it has been working with relevant law enforcement and financial intelligence agencies in an attempt to trace and recover the assets. However, these efforts have yielded limited results so far. The Director General expressed concern over the growing number of unregulated investment platforms in Nigeria and warned the public to be cautious of schemes that offer unrealistic returns.

The Commission reiterated its commitment to investor protection and emphasized the importance of regulatory oversight in the financial sector. It called on Nigerians to always verify the registration and status of any investment platform with the SEC before committing their funds.

Many of the victims of the CBEX scam have expressed frustration over the lack of progress in recovering their investments. Some have reported losing life savings and retirement funds in the fraudulent scheme. Advocacy groups representing affected investors have been calling for increased government intervention and stronger regulatory enforcement.

The SEC’s inability to recover the lost funds has sparked criticism from financial analysts and members of the public, who argue that more should have been done to prevent such a large-scale fraud. Questions have been raised about the effectiveness of the regulatory framework and the capacity of the SEC to monitor suspicious financial activities.

In response to the backlash, the SEC has acknowledged the limitations of its current tools and resources in tackling sophisticated financial crimes. The Commission has called for enhanced collaboration between financial regulators, security agencies, and the judiciary to ensure that fraudsters are prosecuted and that stolen assets can be traced and returned to victims.

Meanwhile, CBEX executives are reportedly under investigation, with some individuals already arrested and facing prosecution. However, the SEC noted that even with successful legal action, asset recovery remains a major challenge due to the movement of funds across borders and the use of shell companies and offshore accounts.

The Director General emphasized the need for more public awareness campaigns to educate Nigerians about the risks of unregulated investments. He urged citizens to report suspicious schemes to the SEC and avoid platforms that are not licensed to operate in the capital market.

As the investigation continues, the fate of the N1.3 trillion remains uncertain. For now, the victims of the CBEX scheme are left waiting for justice and hoping for the eventual return of their lost investments.

The Securities and Exchange Commission (SEC) of Nigeria has disclosed that it is unable to recover the N1.3 trillion lost by investors to CBEX, a firm accused of running a large-scale investment scam. The announcement was made by the Director General of the SEC, who confirmed that efforts to retrieve the funds have been unsuccessful, leaving thousands of victims without restitution.

CBEX had been operating under the guise of a legitimate investment company, attracting funds from unsuspecting members of the public with promises of high returns. The operation eventually collapsed, and investigations revealed that the firm had been running a fraudulent scheme that affected a significant number of investors across the country.

According to the SEC, the total value of investments lost to CBEX has been estimated at over N1.3 trillion. Despite ongoing investigations and regulatory interventions, the funds remain unrecovered, largely due to the complex nature of the fraud and the methods used to conceal the money.

The SEC stated that it has been working with relevant law enforcement and financial intelligence agencies in an attempt to trace and recover the assets. However, these efforts have yielded limited results so far. The Director General expressed concern over the growing number of unregulated investment platforms in Nigeria and warned the public to be cautious of schemes that offer unrealistic returns.

The Commission reiterated its commitment to investor protection and emphasized the importance of regulatory oversight in the financial sector. It called on Nigerians to always verify the registration and status of any investment platform with the SEC before committing their funds.

Many of the victims of the CBEX scam have expressed frustration over the lack of progress in recovering their investments. Some have reported losing life savings and retirement funds in the fraudulent scheme. Advocacy groups representing affected investors have been calling for increased government intervention and stronger regulatory enforcement.

The SEC’s inability to recover the lost funds has sparked criticism from financial analysts and members of the public, who argue that more should have been done to prevent such a large-scale fraud. Questions have been raised about the effectiveness of the regulatory framework and the capacity of the SEC to monitor suspicious financial activities.

In response to the backlash, the SEC has acknowledged the limitations of its current tools and resources in tackling sophisticated financial crimes. The Commission has called for enhanced collaboration between financial regulators, security agencies, and the judiciary to ensure that fraudsters are prosecuted and that stolen assets can be traced and returned to victims.

Meanwhile, CBEX executives are reportedly under investigation, with some individuals already arrested and facing prosecution. However, the SEC noted that even with successful legal action, asset recovery remains a major challenge due to the movement of funds across borders and the use of shell companies and offshore accounts.

The Director General emphasized the need for more public awareness campaigns to educate Nigerians about the risks of unregulated investments. He urged citizens to report suspicious schemes to the SEC and avoid platforms that are not licensed to operate in the capital market.

As the investigation continues, the fate of the N1.3 trillion remains uncertain. For now, the victims of the CBEX scheme are left waiting for justice and hoping for the eventual return of their lost investments.