The Economic and Financial Crimes Commission (EFCC) has launched investigations and recovery efforts following the sudden collapse of CBEX, a digital trading platform accused of defrauding Nigerian investors of over N1.3 trillion.
CBEX, which had promised investors a 100 percent return on investment, abruptly shut down earlier in the week, sparking outrage and panic among users. Many reported being unable to withdraw funds, leading to a mob attack on the Ibadan office of Smart Treasure, a firm linked to the platform.
On Wednesday, EFCC spokesperson Dele Oyewale confirmed that the anti-graft agency had already been tracking the platform prior to the public outcry.
“We had profiled CBEX and other similar schemes and even issued alerts in March warning Nigerians to steer clear. Our investigation began before the complaints started flooding in,” Oyewale said.
He assured that the EFCC, in collaboration with Interpol and other international partners, is actively tracing those behind the platform with a view to recovering investors’ funds.
“It would be unprofessional to say Nigerians have lost their money. Recovery may take time, but we are committed to ensuring justice and restitution,” he added.
In a related development, the Federal Government has urged Nigerians to remain vigilant against the rising tide of Ponzi schemes.
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, speaking at the Spokespersons Summit in Abuja, emphasised that eliminating such financial scams requires collective effort.
“To invest your hard-earned money in a scheme that collapses in a few months is devastating,” Oyedele said. “If someone claims they can give you 100 percent returns in a month, it’s almost certainly a scam. No one offering such would approach you if it were legitimate.”
He called on regulators, professional bodies, the media, and the public to step up in educating citizens and promoting financial literacy to avoid future exploitation.
Meanwhile, the Securities and Exchange Commission and the EFCC have reiterated their resolve to clamp down on fraudulent schemes while restoring investor confidence in Nigeria’s digital finance ecosystem.
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