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.
