Market News
EFCC moves to recover funds lost to CBEX Ponzi scheme, vows justice for victims - NIGERIN TRIBUNE
BY Leon Usigbe
The Economic and Financial Crimes Commission (EFCC) has assured Nigerians who lost money in the collapsed CBEX digital trading scheme that efforts are underway to recover their funds and bring the perpetrators to justice.
CBEX, a Chinese-operated online investment platform, is at the center of a multi-billion-naira fraud scandal, having left thousands of Nigerian investors stranded after the platform suddenly went offline.
The scheme, widely regarded as a Ponzi operation, had promised unrealistic returns on digital asset trades before disappearing with investors’ funds.
Speaking during an appearance on Channels Television’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale said that although the commission had no jurisdiction over CBEX due to its foreign and fully digital operations, it had nonetheless launched an aggressive investigation in collaboration with INTERPOL and other international agencies.
“We cannot blame the EFCC for not stopping CBEX,” Oyewale said.
“It is a Chinese digital trading platform with no jurisdictional link to Nigeria. The so-called offices cited in Ibadan and other parts of the country are neither operational nor legally registered business premises.”
We are in contact with INTERPOL and other international development partners to track down the perpetrators,” Oyewale disclosed. “It would be irresponsible for the EFCC to say, ‘There’s nothing we can do.’ That’s not who we are.”
According to him, the newly signed Investment and Securities Act (ISA) 2025 now classifies unlicensed digital investment operations as a criminal offense, making it easier for the commission to prosecute operators of Ponzi schemes.
“If individuals or platforms fail to comply with Nigerian laws, we will bring them to book,” Oyewale said, while also warning the public against “get-rich-quick” ventures.
“The kinds of returns CBEX and similar platforms promise are not only unrealistic—they also violate our financial regulations. Anyone investing in such schemes must first examine the basics: licenses, regulatory compliance, and risk profile—before committing their money.”
Although Oyewale did not give a timeline for the recovery process, he expressed confidence that CBEX investors would eventually be refunded.
“It might not happen in the short term, but I can assure Nigerians that they will get their money back. We’re not helpless. We’re responsible, professional, and we will not allow these crimes to go unpunished.”
The EFCC’s statement comes amid growing public outrage over the CBEX scandal and calls for stronger regulatory oversight of digital financial platforms operating in Nigeria.
