N1.3tn CBEX fraud: We warned Nigerians about Ponzi schemes—EFCC

EFCC spokesperson, Dele Oyewale, speaking during an interview today, said the Commission had taken proactive steps to educate the public on the dangers of such fraudulent investments.

CBEX reportedly collapsed on Monday, locking investors out of their accounts and causing panic among many Nigerians who lost their funds. Videos circulating online show individuals expressing anguish over the financial losses.

Oyewale stated, “On March 11, the EFCC Chairman, Mr. Ola Olukoyede, directed us to alert Nigerians about 58 fraudulent investment companies. We published a list, which reflects our proactive stance and awareness of these schemes. Regarding CBEX, we’ve been actively monitoring the situation. Long before the public outcry, we had already been at work and continue to do so.”

He added, “We cannot be blamed for what happened with CBEX. The company is a Chinese digital trading platform with no legal jurisdiction in Nigeria. The so-called offices in Ibadan and other locations aren’t operational. Everything about CBEX is online. We’ve continuously cautioned Nigerians about engaging with suspicious online platforms.”

Highlighting EFCC’s efforts, Oyewale said, “We’ve empowered the public through education and intelligence sharing. The Commission has raised awareness on how to identify and avoid such schemes. Once again, it falls to individuals to act wisely and protect their investments.”

He referenced the Investment and Securities Act 2025, describing it as a crucial legal framework designed to curb illegal investment activities. According to the Act, engaging in digital trading without proper licensing or compliance is a criminal offense.

Oyewale warned, “Any promise of a 100% return on investment in 30 days is unrealistic, especially with Nigeria’s current interest rate at 27.5%. People need to question such offers and examine the legitimacy of these platforms. Are they compliant with the Money Laundering Prevention and Prohibition Act, the Proceeds of Crime Act, and the Terrorism Financing Act? If not, it’s only a matter of time before the scheme collapses.”

Despite the setback, Oyewale assured that the EFCC is working with international partners, including Interpol and global development agencies, to recover stolen funds and bring perpetrators to justice.

“It would be unprofessional for the EFCC to shrug off the situation. We are actively pursuing justice and recovery. Investors *will* get their money back, though it might take time,” he affirmed.

“The Commission has expanded its reach, working with relevant global agencies to track down the masterminds. While prevention would have been ideal, we remain committed to ensuring accountability and justice. Investors will not be left without recourse,” Oyewale concluded.