The Economic and Financial Crimes Commission (EFCC) has assured Nigerians who invested in the now-collapsed CBEX digital trading platform that efforts are underway to ensure the recovery of their funds.
In a recent television interview, EFCC spokesperson Dele Oyewale disclosed that the commission had been monitoring CBEX even before the recent outcry from the public. He confirmed that the agency had been receiving a deluge of calls and petitions from aggrieved investors seeking clarity and redress over their lost investments.
“We have been following the activities of CBEX closely. Even before the platform’s sudden collapse, there were already red flags,” Oyewale said. “The Commission is committed to ensuring that Nigerians who fell victim to this fraudulent scheme receive justice. Investigations are ongoing, and we’re pursuing every lead to trace and recover stolen funds.”
CBEX, which presented itself as a digital asset trading platform, is reported to have defrauded investors of over ₦1.3 trillion, promising high returns on cryptocurrency and forex-related trades. However, the platform abruptly ceased operations, leaving thousands of investors in distress.
Voice of the People TV’s correspondent, Matthew Ogunsuada, in a detailed report, revealed how CBEX operated under the radar for months, attracting unsuspecting Nigerians through aggressive social media marketing and referral incentives. The platform’s collapse has been described as one of the most significant financial scams in recent Nigerian history.
The EFCC has urged victims to come forward with evidence of their transactions to aid the investigation and facilitate the recovery process. Meanwhile, the agency continues to caution the public against investing in unregulated platforms that promise unrealistic returns.
