The Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has announced that funds lost in the now-defunct CBEX investment scheme have been successfully recovered, with the process for final forfeiture currently underway.
The CBEX scheme, which collapsed in April 2025, left an estimated 600,000 Nigerians defrauded, with collective losses totalling N1.3 trillion. While Mr Olukoyede did not disclose the specific amount recovered so far, he assured the public that decisive legal and enforcement actions are already in motion.
Speaking during an event in Abuja to mark Africa Anti-Corruption Day on Thursday, the EFCC Chairman confirmed that individuals identified as promoters of the fraudulent scheme have been arrested and are undergoing prosecution.
“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. At this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.
Mr Olukoyede described CBEX as a classic case of virtual asset and investment fraud, highlighting the increasing threat of such schemes across the African continent.
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“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable,” he stated, urging Nigerians to conduct due diligence before committing to any investment platform.
He attributed the surge in fraudulent investment schemes not only to criminal actors but also to the negligence of many investors, who often delay reporting suspicious activities until significant damage has been done.
“When the going was good with CBEX, when people were collecting 100% returns in one week or one month, nobody complained. Nobody reported to the EFCC. It was only when the bubble burst that people wanted EFCC to perform magic and recover their money,” Olukoyede remarked.
The EFCC Chairman also disclosed that some foreign nationals were part of the CBEX fraud network, revealing that investigations had uncovered a broader web of cybercrime operations across Africa.
“In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. As of today, we have secured close to 150 convictions,” he noted. “Some of them are already serving their jail terms, and once those are completed, we will deport them. We are closely monitoring them.”
Mr Olukoyede reaffirmed the EFCC’s commitment to pursuing every case to its conclusion, including those requiring international collaboration.
“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.
He concluded by urging the public to remain vigilant, steer clear of unregulated investment opportunities, and support anti-corruption efforts by promptly reporting any suspicious financial activity.
“Nigerians must learn to ‘shine their eyes’. If it sounds too good to be true, it probably is,” he warned.
