The Economic and Financial Crimes Commission (EFCC) has pledged to recover funds for individuals who invested in CBEX, a controversial digital trading platform that recently collapsed under the weight of investor complaints.
According to the commission, CBEX had long been on its radar even before the public outcry erupted. The platform, which promised investors a 100 per cent return on investment, came under intense scrutiny over the weekend after users reported being unable to withdraw their funds. The situation quickly escalated on Monday when furious investors stormed and reportedly looted the Ibadan office of Smart Treasure, a CBEX affiliate.
Speaking on Channels TV’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale revealed that the agency had received numerous calls from concerned Nigerians and had already begun investigating CBEX before the recent crisis.
“We weren’t waiting for the complaints to act. We had already started our work,” Oyewale said. “Our intelligence network is robust, and we have been monitoring the platform closely.”
He noted that on March 11, EFCC Chairman Ola Olukoyede had issued a directive to warn Nigerians against suspicious investment platforms. Around that time, the commission also released a list of 58 suspected Ponzi schemes as part of efforts to prevent public exploitation.
“We’ve consistently cautioned Nigerians about fraudulent schemes. This wasn’t new to us—we had been tracking CBEX and gathering intelligence,” Oyewale added.
On the matter of investors’ funds, Oyewale gave a firm assurance that efforts are underway to recover the lost money. He emphasised that the EFCC is working in collaboration with international partners, including Interpol and other global financial crime agencies, to bring the perpetrators to justice.
“It would be irresponsible for the EFCC to say investors’ funds are lost and nothing can be done. We’re on top of it,” he said. “Though recovery may take time, we are committed to ensuring that investors get their money back.”
He also stressed that public education remains key in preventing future scams. “We’ll continue to guide Nigerians on how to identify and avoid fraudulent investment schemes.”
Oyewale concluded by urging the public to be patient as investigations continue. “It may not happen overnight, but we are doing everything possible to ensure justice is served and funds are recovered.”
