EFCC Warns Nigerians As CBEX Reportedly Defrauds Investors Of N1.3tn
THECONSCIENCE NG reports that amid rising concerns over the alleged N1.3 trillion fraud involving digital investment platform CryptoBank Exchange (CBEX), the Economic and Financial Crimes Commission (EFCC) has reiterated its warning to Nigerians about the dangers of Ponzi schemes.
EFCC spokesperson, Mr. Dele Oyewale, stated in an interview that the Commission had consistently taken steps to educate Nigerians on the risks associated with fraudulent investment platforms.
CBEX reportedly collapsed on Monday, leaving thousands of Nigerians unable to access their funds. Multiple videos circulating online show distressed investors lamenting their losses.
Oyewale emphasized that the EFCC had been proactive. “You’ll recall that on March 11, the Executive Chairman of the EFCC, Mr. Ola Olukoyede, issued a directive for us to alert the public about 58 identified Ponzi schemes. We released a list to raise awareness and show our commitment to tackling these threats.”
Regarding the CBEX case, he stated, “We’re fully on top of the situation. We had been monitoring it even before the public outcry. We’ve continuously warned Nigerians to avoid such schemes.”
Oyewale also clarified that CBEX is a Chinese-owned digital trading company with no legal or operational ties to Nigeria. “Those so-called offices in Ibadan and other cities are not real operational branches; the entire operation exists online. We’ve repeatedly cautioned against engaging with such anonymous digital platforms.”
He further stressed that Nigerians must take responsibility by staying informed. “The EFCC has empowered the public through education and intelligence sharing. If we’ve gone as far as naming 58 suspicious platforms, the rest is up to individuals to be vigilant.”
On legal enforcement, Oyewale highlighted the importance of the Investment and Securities Act 2025, which makes it a crime to engage in digital trading without proper licensing and regulatory compliance.
He explained, “Any claim promising a 100% return on investment in 30 days should be a red flag. With Nigeria’s interest rate at 27.5%, such promises are simply unrealistic.”
He urged investors to check whether any platform complies with key laws like the Money Laundering (Prevention and Prohibition) Act 2022, Proceeds of Crime Act, and the Terrorism Financing Act.
Despite the scale of the fraud, Oyewale assured that the EFCC is actively working to recover lost funds and bring perpetrators to justice. “It would be unprofessional of us to say there’s nothing we can do. We are already collaborating with Interpol and international partners to track the culprits and recover funds.”
He added, “Investors will get their money back, though it might take some time. What matters is that we are not standing idle. We are taking action, both locally and internationally, to ensure justice is served.”
