By Abiola Olawale
The Economic and Financial Crimes Commission (EFCC) has pledged to recover funds for investors affected by the recent collapse of the CBEX digital trading platform, a cryptocurrency scheme that promised a 100% return on investment.
The assurance comes after widespread public outcry and reported looting of CBEX’s office in Ibadan, Oyo State, as frustrated investors demanded refunds.
Speaking with Channels TV, EFCC spokesperson Dele Oyewale confirmed that the agency was already investigating CBEX before the platform’s issues gained public attention.
However, he cautioned that recovery may not be immediate, urging patience as the agency works to trace and secure the funds.
He stated: “We were not waiting for Nigerians to call us before we started our work, of course, we have been working.
“We were not beaten by what happened. Our dragnet is wide, our intelligence is very effective, and we were tracking that digital trading platform.
“We were tracking it, and we profiled several things concerning the platform. You will recall that on March 11 this year, the executive chairman of the EFCC, Mr. Ola Olukoyede, called to instruct us to alert Nigerians.
“That shows that we are proactive and we have our hands on what is happening. So, concerning this investigation, we were on it; it’s not that we didn’t know.
“We’ve been alerting Nigerians about ways and means of how to separate themselves from this kind of shenanigans.
“Before the calls came, we were working, while the calls are coming, we are working; And even after the calls, we are still working.
“The essential thing is that, of course, we are going to recall some of the things that Nigerians should be looking out for, you know, concerning this kind of investment schemes and all of that.
“No, it will be very irresponsible and unprofessional if the EFCC says that you have lost your money; there is nothing the commission can do about it.
“We are already working with Interpol and our international development agencies to ensure that these people are brought to book.
“Investors are going to get their money back, and we are already working on that. Everything I’m saying is that this kind of thing could have been averted.
“Be it as it may, it was not averted, we are not going to throw our hands out helplessly and say that there’s nothing EFCC can do about it.
“We are more responsible and professional than that. We have spread out our wings by talking to Interpol and the necessary agencies across the world to be able to bring all the actors to book, and investors will have their money back.”
This comes as Nigerians across the country expressed their anger following the sudden crash of CBEX.
The platform, which promised a 100% return on investment within 30 days, collapsed on Monday, leaving thousands unable to access their funds and igniting a firestorm of reactions on social media.
The CBEX saga began gaining traction in mid-2024, marketed as a revolutionary trading platform offering staggering returns and referral bonuses.
On Monday, panic erupted as CBEX locked its Telegram channels, suspended withdrawals, and reportedly wiped investors’ account balances to zero.
This development made several individuals take to their social media platforms to lament the fraud.
Social media platforms, particularly X, became a battleground of grief, blame, and frustration.
