By Ayomide Otitoju
The Economic and Financial Crimes Commission (EFCC) has reaffirmed its earlier warnings against Ponzi schemes following the reported collapse of CryptoBank Exchange (CBEX), a digital investment platform allegedly responsible for defrauding Nigerian investors of over ₦1.3 trillion.
CBEX reportedly crashed on Monday, leaving thousands of Nigerians unable to access their funds. Social media has since been flooded with videos of distraught investors lamenting their losses.
Speaking on Channels Television’s “The Morning Brief” on Wednesday, EFCC spokesperson Dele Oyewale emphasized that the Commission had consistently cautioned Nigerians against such fraudulent schemes.
“You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Mr. Ola Olukoyede, instructed us to alert Nigerians about 58 Ponzi scheme companies. We released a list to show that we’re proactive and monitoring developments closely,” Oyewale said.
He added that the EFCC had already begun investigations into CBEX even before the public outcry and assured Nigerians that the Commission was working to bring those responsible to justice.
“We were already on it before the calls came in, while they were coming in, and we are still working on it,” he said.
According to Oyewale, CBEX is a Chinese-owned digital trading company with no verifiable operational presence in Nigeria, despite claims of having offices in Ibadan and other locations.
“All of its operations are online. We’ve consistently warned Nigerians against engaging in online criminal ventures. We’ve provided public enlightenment and raised awareness. If the EFCC has done this much, it is left for individuals to be vigilant and safeguard their investments,” he noted.
Oyewale also highlighted the significance of the new Investment and Securities Act 2025, which criminalizes digital trading without proper licensing and regulatory compliance.
“With this Act, any form of unlicensed digital investment is illegal. No business can promise a 100% return on investment in 30 days. That defies logic and prevailing economic conditions,” he stressed.
He urged investors to be cautious and scrutinize any business for compliance with key laws, including the Money Laundering (Prevention and Prohibition) Act 2022, the Proceeds of Crime Act, and the Terrorism (Prevention and Prohibition) Act.
Assuring the public of ongoing efforts to recover lost funds, Oyewale disclosed that the EFCC is collaborating with international partners, including Interpol and other global development agencies.
“It would be irresponsible for the EFCC to say there’s nothing we can do. We’re working around the clock to ensure justice is served. While recovery might not happen immediately, we are committed to ensuring victims get their money back,” he said.
Oyewale concluded by reaffirming the Commission’s commitment to protecting Nigerians from financial fraud and ensuring that perpetrators are held accountable.
“We won’t allow investors to suffer in silence. The EFCC remains focused and responsible in tackling financial crimes and bringing all actors to justice,” he added.
