EFCC moves to recover funds lost to CBEX Ponzi scheme, vows justice for victims

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.”

Despite this, Oyewale emphasized that the EFCC had consistently warned the public against online fraud and unregulated investment platforms.

He referenced earlier alerts from EFCC Chairman Ola Olukoyede, who, in 2024, published a list of 58 suspicious platforms and urged Nigerians to avoid them.

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“It is to the credit of the EFCC Chairman that he made those warnings public,” he said.
“We provided public enlightenment, intelligence, and awareness. The rest lies with citizens—to remain vigilant and make informed investment decisions.”

However, the EFCC spokesperson made it clear that the agency would not stand by while Nigerians lose their life savings.

He said the commission had been flooded with complaints from victims across the country and is actively pursuing legal channels to bring the CBEX operators to justice.

“We are already 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.