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The agitation of losing money to CBEX is far from over in Nigeria, as some people have reportedly stormed the digital trading platform’s physical office in Ibadan.
But there are more significant issues. Before crashing, CBEX asked investors trying to withdraw their funds to upload two photos for account verification, one showing a clear snapshot of their NIN slip or international passport details and another where they were holding the same ID. DUBAWA confirmed this to be true.
Some investors claimed they also submitted their Bank Verification Number (BVN) and other sensitive data to CBEX during registration; however, DUBAWA did not independently verify this.
Oluwatosin Babalola, a Nigerian tech enthusiast and YouTuber, was among the few who partly recovered the money they invested in December 2024. She put in $300 but only got $240 after being forced to submit a picture of herself posing with her National Identity Number (NIN) slip.
“I had to hold my NIN like this with my face like an ex-convict. I didn’t have a choice at that point. There was nothing else I could do,” she said, narrating her experience.
Why is this an issue? Fraudsters can do a lot with personal data like NIN and BVN. This can include identity theft, in which they can attempt to open accounts or take loans in your name, use your data for phishing attacks, or sell or reuse it across multiple scam networks.
However, submitting a NIN, Passport details, or BVN does not automatically mean fraud will occur. The risk increases if scammers combine these with other data, such as phone numbers, emails, and full names, which are all present on your NIN slip.
Now that you understand what is at stake, below are four steps you can immediately take if you have exposed your sensitive data to CBEX.
- Report to NIMC or NIS immediately
While Nigeria has data protection laws, there may be little control over how your data is used, particularly because CBEX is unregistered with the Securities and Exchange Commission (SEC), which regulates investment platforms and schemes.
However, if you submitted your NIN, especially with a photo of yourself holding it, DUBAWA advises that you contact the National Identity Management Commission (NIMC) to report a possible breach.
While NINs can’t be changed, NIMC may flag your record and advise on the next steps to prevent misuse. You can use the following contact or visit the NIMC office near your location. NIMC Website: nimc.gov.ng. Email: customercare@nimc.gov.ng.
Similarly, if you used your international passport details, you may reach out to the nearest Nigeria Immigration Service (NIS) office in your location.
- Alert your bank(s)
The Bank Verification Number (BVN) links all your bank accounts. If you gave out your BVN, notify your bank right away. Request transaction alerts and ask for BVN monitoring. Ensure no new accounts or loans are opened and that you’re notified about all transactions.
This may help stop fraud before it happens.
- Report to NDPC for data breach support
If you provided sensitive information to CBEX during registration or withdrawal attempts, you can lodge a complaint with the Nigeria Data Protection Commission (NDPC), which oversees data protection in Nigeria. You could message them on X @ndpcngr, call +2349160615551 or email info@ndpc.gov.ng.
- Be alert, but don’t panic
Finally, scammers may use your data to impersonate you or attempt fraud. Be cautious of calls or emails asking for more personal information. Likewise, be careful of suspicious messages and don’t click on unknown links you may receive as text messages or WhatsApp chats.
Conclusion
CBEX may be gone, but it is your responsibility to protect your personal data and identity. Be vigilant.
