News Highlights:
- EFCC says investors in CBEX will recover their funds, as recovery efforts and international collaborations are underway.
- The commission confirmed it had been tracking CBEX before the crisis and had earlier warned Nigerians about Ponzi schemes.
The Economic and Financial Crimes Commission (EFCC) has reassured Nigerians who invested in the embattled CBEX digital trading platform that their funds will be recovered, as it revealed it had been monitoring the platform long before the recent investor uproar.
The assurance came after a chaotic weekend saw CBEX investors unable to withdraw funds, triggering panic and outrage on social media.
The frustration escalated into a physical confrontation on Monday when aggrieved users stormed and looted the Ibadan office of Smart Treasure, an affiliate of CBEX.
Speaking on Channels TV’s Morning Brief monitored by Digital TimesNG on Wednesday, EFCC spokesperson Dele Oyewale disclosed that the anti-graft agency had been quietly tracking the platform prior to the recent complaints.
“We were not waiting for Nigerians to call us before we started our work,” Oyewale said. “Our dragnet is wide, our intelligence is very effective, and we were tracking that digital trading platform.”
The platform, which had lured investors with promises of a 100 per cent return, had been on the EFCC’s radar following early signs of fraudulent activity.
According to Oyewale, CBEX was part of a broader crackdown initiated in March, when the EFCC listed 58 suspected Ponzi scheme companies and warned the public about deceptive investment operations.
“That shows that we are proactive and we have our hands on what is happening,” he said. “Before the calls came, we were working; while the calls are coming, we are working; and even after the calls, we are still working.”
Oyewale emphasized that recovery efforts are in motion, though results may not be immediate. “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,” he said.
“We are already working with Interpol and our international development agencies to ensure that these people are brought to book.”
He further added, “Investors are going to get their money back, and we are already working on that.”
Beyond recovery, the EFCC is intensifying its public education efforts to help Nigerians identify fraudulent investment platforms before falling victim.
“We are going to recall some of the things Nigerians should be looking out for concerning these kinds of schemes,” Oyewale stated.
While the commission has not provided a timeline for restitution, its commitment to holding perpetrators accountable and restoring investor confidence remains firm.
