The Economic and Financial Crimes Commission (EFCC) has assured Nigerians who invested in the now-troubled CBEX digital trading platform that their funds will be recovered, even as it confirmed an ongoing investigation into the scheme.
EFCC spokesperson, Dele Oyewale, made this known on Wednesday during an interview on Channels TV’s Morning Brief. According to him, the agency had been closely monitoring CBEX long before the recent public outcry and had already profiled the platform due to suspicious activities.
CBEX, which had promised investors a 100% return on investment, came under intense scrutiny over the weekend after numerous users reported being unable to withdraw their funds. The situation sparked a wave of outrage on social media and led to protests. In Ibadan, aggrieved investors reportedly stormed and looted the office of Smart Treasure, a CBEX affiliate, located in the Oke Ado area.
“We were not caught unaware,” Oyewale stated. “Our intelligence system had already flagged CBEX, and our team had been tracking its operations. This is not new to us.”
He reminded the public that as early as March 11, EFCC Chairman Ola Olukoyede had raised an alarm about suspicious investment schemes and issued a warning to Nigerians. The commission had also published a list of 58 suspected Ponzi operations to caution the public.
Oyewale emphasized that the EFCC is working with international bodies such as Interpol and other development partners to track those behind the scheme and bring them to justice.
“It would be irresponsible for the EFCC to tell Nigerians that there is nothing we can do. That’s not who we are,” he said. “We are professional, and we are committed to recovering the stolen funds.”
While urging patience, the EFCC spokesman said the recovery process may not yield immediate results but reassured victims that efforts are ongoing. The commission, he added, would also intensify public education on how to detect fraudulent investment platforms.
“This incident could have been avoided, but since it happened, we won’t fold our arms,” Oyewale said. “Our goal is to ensure that investors are not left in the lurch.”
See also: FROM CIBEX TO SICKBED: Why Nigerians Will Always Fall for Ponzi Schemes
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