By Bosun Obafemi, Abuja
The Economic and Financial Crimes Commission (EFCC) has confirmed the launch of a full-scale investigation into the alleged ₦1.3 trillion investment fraud linked to digital trading platform, CryptoBank Exchange (CBEX), in collaboration with the International Criminal Police Organisation (Interpol) and other global partners.
CBEX, which collapsed earlier this week, is believed to have defrauded thousands of Nigerian investors, with social media flooded with distress calls and video clips of affected individuals recounting their losses.
Appearing on The Morning Brief, a Channels Television programme, on Wednesday, EFCC spokesperson Dele Oyewale revealed that the commission was already tracking the operations of CBEX prior to public reports and is intensifying efforts in the wake of the platform’s crash.
“We’re on it. It’s not like we were caught unawares,” Oyewale said. “Even before the public outcry, we had begun our work. During and after the influx of calls and reports, our efforts have continued without pause.”
He affirmed that the EFCC is actively profiling those connected to the scheme and has initiated engagement with Interpol and development partners to trace the perpetrators and bring them to justice.
“We’re in contact with Interpol. We’re working with relevant development partners. All profiling, contacts, and collaboration required are already in progress,” Oyewale stated.
New Investment Law Empowers EFCC
The EFCC spokesperson also highlighted the recently enacted Investment and Securities Act (ISA) 2025, describing it as a potent legal tool that strengthens the Commission’s authority to clamp down on unlicensed and fraudulent digital investment platforms.
He emphasized that any entity offering investment services without proper licensing is in direct violation of the law and will be prosecuted accordingly.
“With the ISA 2025, it is now easier for us to take decisive action. If you are running an investment platform and you’re not licensed or compliant with extant regulations, you’re engaging in a criminal act. We will act and ensure justice is served,” he said.
EFCC Urges Public Vigilance
Oyewale also used the opportunity to caution Nigerians against falling prey to unrealistic investment offers. He advised the public to exercise due diligence before committing funds to any business that promises unusually high returns within a short period.
“When a platform promises 100% returns within 30 days, that’s a red flag. Even the current interest rate in Nigeria is just 27.5%. So, such offers are neither feasible nor legal,” he noted.
He urged Nigerians to take advantage of the various awareness campaigns and public education programmes organized by the EFCC to avoid becoming victims of Ponzi schemes.
“It is not enough to act after losses have occurred. Public vigilance is key. Nigerians must critically assess investment opportunities, especially those that promise quick and unrealistic profits,” he concluded.
The EFCC reiterated its commitment to ensuring that those behind the CBEX scheme are brought to justice and assured the public that no effort will be spared in the ongoing investigation.
