CBEX: We warned Nigerians against investing in Ponzi Schemes, says EFCC

The Economic and Financial Crimes Commission (EFCC) says it warned Nigerians against investing in Ponzi schemes.
This is coming amid growing concerns over the alleged fraud perpetrated by a digital investment platform, CryptoBank Exchange (CBEX), which reportedly led to the loss of N1.3tn belonging to Nigerians investors.
CBEX was reported to have crashed on Monday, leaving many Nigerians unable to access their funds.
Speaking on Channels TV’s The Morning Brief, the spokesman for the EFCC, Dele Oyewale, said that the Commission had taken steps to enlighten Nigerians about the dangers of the criminal schemes.
Oyewale explained “You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Mr. Ola Olukoyede, had cause to instruct us to alert Nigerians about 58 Ponzi scheme companies; we came out with a list–that shows that we’re proactive and we have our hands on what is happening. So, concerning this CBEX thing, we’re on it; it’s not that we didn’t know, and you know we’ve been alerting Nigerians about ways and means to separate themselves from this type of shenanigans. So, before the calls came, we were working; while the calls were coming, we were working, and even after the calls, we’re still working. We cannot lay any blame on the EFCC concerning this CBEX thing. I’m sure we know that that business venture is a Chinese digital trading company with no jurisdictional link with Nigeria; all the area offices that people are saying are in Ibadan and in some other locations are not functional offices. The entire thing is online.
“And we have been warning Nigerians against criminal engagements online. So, what would you expect the EFCC to do? We have given empowerment, given enlightenment, given public awareness, and raised intelligence. It is to the credit of the EFCC chairman that he came forward to say that there are 58 companies that Nigerians are patronising that they should no longer patronise. So, if the commission is as proactive as that, then the rest is for the people concerned to be more vigilant and to ensure that they guard their investment in line with the information that is available.”
He further explained that the Investment and Security Act 2025 is a very important, well-conceived and responsive Act of the government to check illegal investment schemes.
He, however, assured that the EFCC is working with its international partners, including Interpol, to ensure that the victims get their money back.
“It would be very irresponsible and unprofessional of the EFCC to say you have lost your money and there is nothing the commission can do about it; we’re already working with Interpol and we’re already working with our international development agencies to ensure that these people are brought to book. Investors are going to get their money back and we’re already working on that. All I’m saying is that this kind of thing could have been averted, but we’re not going to throw our hands up helplessly to say that there’s nothing the EFCC can do about it. No, we’re more responsible; we are more professional than that,” Oyewale said.