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After public anger after the sudden collapse of the Cryptobank Exchange (CBEX), a digital investment platform allegedly responsible for the loss of more than N1.3 trillion in Nigerian investment, the Economic and Financial Crime Commission (EFCC) has repeated a consistent warning to the public against Ponzi and cheating investment scale.
Speaking at The Channels Television’s The Morning Brief on Wednesday, EFCC spokesman Dele Oyewale stressed that the commission had been proactive in reminding Nigerians about such criminal operations long before the CBEX crisis appeared.
“You will remember that on March 11 this year, EFCC executive chairman, Mr. Ola Olukoyede, directed us to release public warnings about 58 cheating investment platforms. The list includes CBEX type operations,” Oyewale said. “This shows that we are not caught unconscious. We have worked behind the scenes – before, during, and after public complaints emerged.”
CBEX, reportedly as Chinese online digital trading company, is thought to captivate thousands of Nigerian investors with unrealistic high return promises before crashing on Monday. Since then, many have not been able to access their funds, with the emotional videos of the victims flooded social media platforms.
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Oyewale, however, states that EFCC cannot be held accountable for individual decisions to protect digital platforms without permission. He stressed that the agency had issued repeated warnings and educational content about the dangers of online investment that were not regulated.
“The CBEX scheme is fully virtual. The so -called local offices in Ibadan and in other places are not functional or can be verified. This is operated outside the Radar of Nigeria regulations,” he explained. “We have educated the Nigerians about the need to verify compliance with laws such as law laundering, the results of crime laws, and laws of terrorism financing before making funds for any investment scheme.”
He also appointed the Investment Law and Securities that had just been ratified in 2025, describing it as a strong legal framework that criminalized all forms of digital trade that were not licensed or regulated by Nigerian authorities.
Remind the public of rich promises, Oyewale said, “There is no credible financial institution can guarantee a 100% investment return in 30 days. Even the current central bank interest rate is 27.5%. So when someone promises double returns in a month, it is clearly a red flag.”
Apart from the amount of CBEX fraud, EFCC assured Nigerians that everything was not lost. According to Oyewale, the Commission cooperates with international partners, including Interpol, to track the perpetrators and restore stolen funds.
“Not responsible for us to fold our hands and declare the case closed,” he said. “We are involved with Interpol and other global institutions to bring the perpetrators to the court. Restitations for the victims can take time, but we are determined. Investors will not be abandoned.”
He added, “This situation can be avoided. But our commitment is now not only to investigate and demand, but to restore as many as possible and protect investors in the future. Piercuties are not an option.”
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