The Nigerian Senate has declared a national emergency following the collapse of Crypto Bridge Exchange (CBEX), a digital investment platform accused of defrauding Nigerians of over N1.3 trillion.
Lawmakers launched an investigation into the growing wave of Ponzi schemes in the country, describing the situation as a threat to both economic and social stability.
The motion, raised by Senators Tokunbo Abiru and Osita Izunaso, received full support across party lines.
They pointed to weak oversight from key agencies like the Central Bank of Nigeria, the Securities and Exchange Commission, and the Economic and Financial Crimes Commission, which allowed CBEX to operate unchecked.
Senators said the financial scam has not only caused massive losses but also led to depression, suicides, and rising public distrust in formal institutions.
The Senate President, Godswill Akpabio, shared a personal experience with a failed scheme in the past, warning that the CBEX case reflects a growing national crisis.
A multi-committee investigation involving banking, capital market, anti-corruption, and ICT agencies has now been launched.
The lead committee is expected to hold public hearings and submit its findings within four weeks.
The Senate also called for better financial education and stronger regulations to stop digital fraud and protect Nigerians.
