In the wake of one of Nigeria’s most staggering digital investment scandals, the Economic and Financial Crimes Commission (EFCC) has pledged to recover the N1.3 trillion reportedly lost by unsuspecting investors to the now-defunct CryptoBank Exchange (CBEX).
Speaking on Channels Television’s The Morning Brief, EFCC spokesperson Dele Oyewale assured the public that the agency is not only aware of the situation but has been actively working behind the scenes to bring justice to those affected.
“You’ll recall that on March 11, our Executive Chairman, Mr. Ola Olukoyede, raised the alarm about 58 suspected Ponzi schemes. We issued a public advisory, warning Nigerians of fraudulent platforms like CBEX,” Oyewale said. “So, when this particular case started gaining attention, we weren’t caught unaware. We were already on it.”
Oyewale made it clear that CBEX operated entirely online and had no legal presence in Nigeria. While some believed the platform had physical offices in cities like Ibadan, he revealed those were non-functional spaces — essentially just facades. “This company has no legal standing in Nigeria. Everything about them was virtual,” he stressed.
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Platforms like CBEX lured investors with promises of absurdly high returns — some even claimed investors would double their money in just 30 days. Oyewale didn’t mince words when addressing these unrealistic claims.
“If someone tells you they’ll give you massive returns in just one month, you should immediately be suspicious,” he warned. “Let’s not forget the current interest rate in Nigeria stands at 27.5%. Anyone offering way more than that is clearly operating outside reality.”
The EFCC isn’t handling this alone. According to Oyewale, the agency has begun collaborating with international partners, including Interpol and other global enforcement bodies, to track down the culprits.
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“We’re not just sitting on our hands,” he said. “We’re spreading our wings, reaching out across borders. Those behind this scam won’t go unpunished.”
Perhaps the most comforting revelation from the interview was Oyewale’s assurance that victims of the CBEX scam will eventually get their money back.
“It might not happen immediately, but I can confidently say that investors won’t be left high and dry,” he said. “We’re professionals, and we take our responsibilities seriously. People trusted these platforms, and while it’s unfortunate, we won’t abandon them.”
This incident is yet another stark reminder for Nigerians to exercise caution when dealing with online investment schemes. The EFCC continues to urge the public to verify the legitimacy of platforms before committing funds — especially those offering suspiciously high returns.
As Oyewale aptly put it: “Escapism is not a solution. We must all take responsibility for protecting ourselves, while institutions like the EFCC do everything within the law to safeguard the public.”
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