CBEX: SEC Releases 30 Signs To Identify Scam Investments

• The Securities and Exchange Commission has released a list of 30 red flags to help Nigerians identify and avoid scam investment schemes
• The development follows the decision by the CBEX Ponzi scheme scam, which left many Nigerians counting their losses
• The commission has urged Nigerians to verify any investment offer through its website and other official channels

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends

As part of its efforts to protest Nigerians from investment scams, the Securities and Exchange Commission (SEC) of Nigeria has released a guide outlining 30 signs to help spot potential investment fraud.

In a statement shared on X, the commission noted that fraudsters often lure unsuspecting victims with promises of instant wealth, high-pressure sales tactics, and requests for upfront payments via gift cards or cryptocurrency.

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A message from the SEC reads:

"If an investment opportunity sounds too good to be true, it likely is. Scammers often prey on emotions by promising quick fixes or unrealistically high returns. Always verify information, ask questions, and never feel pressured into making a financial decision. Your security and financial well-being are paramount.

"For further verification, individuals are encouraged to check the registration status of companies on the SEC Nigeria website (www.sec.gov.ng) or contact SEC Nigeria directly at 0916 772 3240.

"Stay informed, trust your instincts, and protect yourself from investment scams."

Here are the 30 signs of a scam

1. Paying money to get more money? Likely a scam.
2. Asked to share a code sent to your phone? Be cautious.
3. Promised instant wealth with no effort? Red flag.
4. A deal that sounds too good to be true? It probably is.
5. Pressured to act fast without time to think? Be wary.
6. Unnecessary requests for personal info? Think twice.
7. A "secret millionaire" offering you money? Unlikely.
8. Something "free" but requires payment first? Scam alert.
9. Won a prize but need to pay to claim it? It's fake.
10. Inheritance from an unknown relative? Highly suspicious.
11. A job offer with no interview or documents? Not legit.
12. Urgent emails requesting money? Ignore them.
13. Guaranteed profits with no risk? No such thing.
14. Payment only via gift cards or crypto? Walk away.
15. A shady-looking website? Don't trust it.
16. Asked to transfer money abroad for business? Big risk.
17. The sender won't provide verifiable contact info? Scam.
18. The deal is too secretive? Watch out.
19. Told to keep money matters "confidential"? Be skeptical.
20. High-pressure tactics, threats, or guilt trips? Say no.
21. Fees or taxes required upfront for a prize or loan? Scam tactic.
22. No time to verify details before deciding? Not a good sign.
23. A random business opportunity out of nowhere? Likely fake.
24. Someone claims to be an expert but lacks proof? Don't believe them.
25. Need to send money to receive a loan? Not legit.
26. A "miracle" cure or investment? Highly doubtful.
27. Told to avoid legal channels? It's illegal.
28. Overly complicated deal with no clear answers? Be suspicious.
29. Asked to use an unfamiliar payment method? Think again.
30. Overly friendly but avoids discussing business clearly? Walk away.

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Wanted promoter of CBEX surrenders to EFCC

Ealier, Legit.ng reported that one of the wanted Crypto Bridge Exchange (CBEX) promoters, Adefowora Abiodun Olaonipekun, has surrendered himself to the Economic and Financial Crimes Commission (EFCC).

Adefowora, accompanied by his lawyers, turned himself in at the EFCC headquarters in Abuja on Monday, April 28, 2025.

Counsel to the CBEX promoter, Babatunde Busari, explained the reason his client decided to submit himself to the EFCC.

Source: Legit.ng