Senate Probes N1.3tn CBEX Scam, Declares National Emergency

Senate Probes N1.3tn CBEX Scam, Declares National Emergency

The Senate has launched a probe into the collapse of Crypto Bridge Exchange, which defrauded Nigerians of over N1.3tn, calling it a national emergency.

Lawmakers blamed weak regulation for the rise in Ponzi schemes, citing rising suicides and public mistrust. A multi-committee investigation will examine regulatory failures and recommend reforms.