The Economic and Financial Crimes Commission (EFCC) has assured Nigerians that efforts are ongoing to recover funds lost to CryptoBank Exchange (CBEX), a now-collapsed digital investment platform accused of defrauding investors of approximately N1.3 trillion.
Speaking on Channels Television’s The Morning Brief, EFCC spokesperson Dele Oyewale emphasized that the agency had previously warned the public about the risks of Ponzi schemes.
“You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Ola Olukoyede, had cause to instruct us to alert Nigerians about 58 Ponzi scheme companies; we came out with a list—that shows that we’re proactive and we have our hands on what is happening,” he said.
“So, concerning this CBEX thing, we’re on it; it’s not that we didn’t know, and you know we’ve been alerting Nigerians about ways and means to separate themselves from this type of shenanigans. So, before the calls came, we were working; while the calls were coming, we were working, and even after the calls, we’re still working.”
Oyewale also clarified that CBEX is a foreign company operating entirely online and without legal standing in Nigeria.
“All the area offices that people are saying are in Ibadan and in some other locations are not functional offices. The entire thing is online,” he explained.
He went on to caution Nigerians against falling for investment platforms promising unrealistic returns.
“If somebody says, ‘Bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic… Even we know that the prevailing interest rate in Nigeria is 27.5.”
He stressed the need for financial operators to comply with regulations such as the Money Laundering Act, Proceeds of Crime Act, and Terrorism Financing Act, noting that non-compliance is a red flag.
Oyewale added that the EFCC is collaborating with international partners to ensure justice is served.
“Investors are going to get their money back and we’re already working on that. All I’m saying is that this kind of thing could have been averted, but we’re not going to throw our hands up helplessly to say that there’s nothing the EFCC can do about it. No, we’re more responsible; we are more professional than that.”
“So, we’ve spread our wings; we’re talking to Interpol, we’re talking to all the necessary agencies across the world to be able to bring all the actors to book and the investors are going to have their money back. It might not be in the short term, but I can assure you that the commission, as the leading anti-corruption agency in Nigeria, is not going to allow investors to just lose their money like that because they are not compliant. No. Escapism is not a solution to any problem,” he said.
