CBEX's Alleged Crash: Timi Agbaje Explains Nigerian Laws on Ponzi Schemes, Video Triggers Reactions

• CBEX has been trending on the Nigerian social media space following reports that the platform has crashed
• Several Nigerians who have invested their money in a scheme have taken to social media to cry out
• Content creator and celebrity lawyer Timi Agbaje, reacting to the social media outcry, in a video, has shared what Nigerian law says about Ponzi scheme

Popular content creator and lawyer Timi Agbaje has reacted to the viral outcry on social media about a trending scheme known as CBEX.

Legit.ng recalls reporting that the CBEX platform reportedly collapsed, leaving investors with substantial Naira trapped.

This comes after a request by the platform for additional deposits from its users, raising concerns about the platform's legitimacy and its operations within the country.​

Legit.ng checks also disclosed that CBEX has changed its domain name several times between January 2024 and February 1, 2025.

Read also

CBEX allegedly collapses, traps trillions of naira days after requesting additional deposits

Nigerian law on Ponzi explained

Timi Agbaje, known for making content about Nigerian laws, knocked Nigerians who are looking for shortcuts to evade poverty.

"Many of you have dedicated your life to escaping poverty through shortcuts, that is to say you want to use back door to become Bill Gate," he said.

According to Agbaje, before the commencement of investment business in Nigeria, it must first be registered with the Security Exchange Commission (SEC) and abide by its rules.

Agbaje also disclosed that anyone who attempts to defraud Nigerians through an investment scheme is liable to at least five years imprisonment and five million naira in fine or both, without considering other penalties, in line with section 344 (E) of the Investment and Securities Act 2025.

He also revealed that promoters, influencers and bloggers who promote Ponzi schemes, which lead to Nigerians losing their money, have to make a refund within one month.

Read also

Cbex: Catholic priest makes observation about alleged crash of investment platform

"Poverty and ponzi are like twin brothers as long as there is poverty there will be ponzi," he added.

Watch Timi Agbaje's video below:

In related news, Legit.ng reported that a Catholic Priest shared his observations about Nigerians who invested in CBEX.

Reactions trail Timi Agbaje's video

Several Nigerians in reaction claimed the laws were not applicable in Nigeria, as they cited previous experiences.

Legit.ng compiled some of the reactions, read them below:

nobftpoi said:

"Abeg na so Davido make me do racksterli nothing happen But still my 001."

fresh_oyebola reacted:

"Which one Davido write to the SEC before pulling crypto fraud many times? Stop quoting law in a lawlessness country. That country was built on fraud and only fraud can thrive there. No single legitimate individual with hush money without fraud in it."

NehemsE said:

"So, cbex don crash be that?"

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citadelmedia24 reacted:

"There was a certain artist in this country that promoted Racksterli oo."

sparkle_brand

"Davido promoted racksterli in 2021 Sha. Just a reminder that nothing happened to both promoter and owner. Nah those who invest late know wetin them lose."

Lizzy Anjorin speaks with Timi Agbaje

Legit.ng previously reported that actress Lizzy Anjorin, during a chat with Timi Agbaje, disclosed she owns 23 businesses.

She also debunked the allegation that she stole gold and made a fake money transfer at the Idumota market on Lagos Island.

The Yoruba actress described the incident as a set-up.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng