EFCC Assures CBEX Investors of Fund Recovery Amid Fraud Concerns

“Investors are going to get their money back, and we are already working on that…”

EFCC Assures CBEX Investors of Fund Recovery Amid Fraud Concerns

The Economic and Financial Crimes Commission (EFCC) has assured Nigerians who invested in the controversial CBEX digital trading platform that efforts are underway to ensure the recovery of their funds.

The reassurance follows growing public concern after the platform reportedly failed to honor user withdrawal requests over the weekend, triggering panic among investors. CBEX, which had promised a 100% return on investment, came under heavy criticism as frustrated users took to social media to demand answers.

The situation escalated on Monday when a group of enraged investors allegedly stormed and vandalized the premises of Smart Treasure, an affiliate of CBEX located in Oke Ado, Ibadan, Oyo State.

Appearing on Channels Television’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale confirmed that the agency had been receiving numerous complaints and inquiries from affected individuals.

“We’ve been fielding calls from Nigerians seeking clarification and help. I can assure them that recovery efforts are in progress,” Oyewale said.

He also revealed that the EFCC had been monitoring CBEX prior to the public uproar and had previously issued warnings regarding high-risk investment schemes.

“The platform had been on our radar even before the recent crisis. We’ve consistently warned the public about Ponzi-style operations promising unrealistic returns,” he added.

The EFCC urged citizens to remain calm and report any fraudulent activity to the appropriate authorities, while reiterating its commitment to protecting Nigerians from financial crimes.

“We were not waiting for Nigerians to call us before we started our work, of course, we have been working,” he said.

“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.”

He added, “We were tracking it, and we profiled several things concerning the platform. You will recall that March 11 this year, the executive chairman of the EFCC, Mr. Ola Olukoyede, had called to instruct us to alert Nigerians.”

Oyewale also recalled that the EFCC had earlier listed 58 suspected Ponzi scheme companies in March to caution the public.

“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.”

He added that the commission would continue educating the public on how to identify fraudulent investment schemes.

“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.”

On the fate of investors’ funds, Oyewale gave an assurance that recovery efforts were underway, though the process might take time.

“No, 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, however, cautioned that while the process might not yield immediate results, the EFCC remains committed to ensuring that investors do not lose their money. Read More