- The Economic and Financial Crimes Commission said CBEX investors will get their money back
- The agency said it is already working with Interpol and other international agencies to ensure the operators of CBEX are brought to book
- EFCC had warned of 58 Ponzi scheme companies
The Economic and Financial Crimes Commission (EFCC) has assured that individuals who invested in the recently crashed CBEX digital trading platform will get their money back.
The commission’s spokesperson, Dele Oyewale, disclosed this while speaking on Channels TV’s Morning Brief on Wednesday, April 16.
Oyewale noted that the agency is already working with Interpol and other international agencies to ensure the operators of CBEX are brought to book.
“It will be very irresponsible and unprofessional if the EFCC says that you have lost your money; there is nothing the commission can do about it.
“We are already working with Interpol and our international development agencies to ensure that these people are brought to book.
“Investors are going to get their money back, and we are already working on that. Everything I’m saying is that this kind of thing could have been averted.
“Be it as it may, it was not averted, we are not going to throw our hands out helplessly and say that there’s nothing EFCC can do about it.
“We are more responsible and professional than that. We have spread out our wings by talking to Interpol and the necessary agencies across the world to be able to bring all the actors to book, and investors will have their money back,” Oyewale said.
EFCC had warned of 58 Ponzi scheme companies
The EFCC spokesperson noted that it was already tracking the trading platform before its eventual crash, with Nigerians petitioning the EFCC to intervene and seeking information and remedies regarding CBEX.
Oyewale said the agency had profiled the platform and alerted Nigerians about potential Ponzi schemes before the recent outcry and calls.
Recall that in early March 2025, the EFCC released a list of 58 Ponzi scheme companies that Nigerians should be wary of.
Oyewale further noted that the over N1 trillion losses suffered by investors could have been averted if its warning had been heeded.
He said, “We were not waiting for Nigerians to call us before we started our work. Of course, we have been working.
“We were not beaten by what actually happened. Our dragnet is wide, our intelligence is very effective, and we were tracking that digital trading platform.
“We were tracking it, and we profiled several things concerning the platform. You will recall that on March 11 this year, the Executive Chairman of the EFCC, Mr Ola Olukoyede, had called to instruct us to alert Nigerians.
“That shows that we are proactive and we have our hands on what is happening. So concerning this investigation, we were on it; it’s not that we didn’t know.
“We’ve been alerting Nigerians about ways and means of how to separate themselves from this kind of shenanigans.
“Before the calls came, we were working, while the calls are coming, we are working; And even after the calls, we are still working.
“The essential thing is that, of course, we are going to recall some of the things that Nigerians should be looking out for, you know, concerning this kind of investment schemes and all of that.”
CBEX’s crash sparked public outcry, tears
The first hint of a potential crash of CBEX started last weekend when many investors could not withdraw their funds.
It was alleged that CBEX transferred over $822 million into an untraceable private Ethereum wallet, which made it difficult for investors to withdraw from their wallets.
CBEX, an asset trading platform that promised a 100 per cent return on investment (ROI) within one month, eventually crashed on Monday, April 14, eliciting debates among social media users. While some lamented their loss, others berated those who fell victim to the scheme.
How CBEX Crashed: The Ponzi scheme that cost Nigerians N1.3 trillion
Meanwhile, TheRadar earlier reported that the news of the crash of CBEX, an asset trading platform that promised a 100 per cent return on investment (ROI) within one month, continued to dominate conversations among Nigerians.
The platform reportedly crashed on Monday, April 14, following the inability of investors to withdraw from their wallets, with the loss estimated at N1.3 trillion.
