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In a major development following the collapse of the CBEX digital trading platform, the Economic and Financial Crimes Commission (EFCC) has assured aggrieved investors that their funds will be recovered.
The platform, which promised a 100% return on investment, has come under fire in recent days as thousands of Nigerians reported being unable to withdraw their money. The outrage reached a boiling point on Monday, when furious investors stormed and looted the office of Smart Treasure, an affiliate of CBEX, located in the Oke Ado area of Ibadan, Oyo State.
EFCC: “We Were Already Tracking CBEX”
Speaking on Channels TV’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale disclosed that the anti-graft agency had been monitoring CBEX well before the public outcry erupted.
“We were not waiting for Nigerians to call us before we started our work, of course, we have been working,” he said.
“We were not beaten by what actually happened. Our dragnet is wide, our intelligence is very effective, and we were tracking that digital trading platform.”
According to Oyewale, the EFCC had already profiled the platform and was aware of suspicious activities. He recalled that on March 11, 2025, the EFCC Chairman, Mr. Ola Olukoyede, had instructed the commission to issue public alerts about the dangers of Ponzi schemes.
“You will recall that March 11 this year, the executive chairman of the EFCC, Mr. Ola Olukoyede, had called to instruct us to alert Nigerians.”
Proactive Measures Already in Place
Oyewale pointed out that in March, the EFCC listed 58 suspected Ponzi scheme companies to warn the public, reinforcing the agency’s proactive approach.
“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.”
He emphasized the EFCC’s ongoing efforts to educate Nigerians on identifying fraudulent schemes.
“We’ve been alerting Nigerians about ways and means of how to separate themselves from this kind of shenanigans.
“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.”
Investors Will Be Repaid
On the critical question of whether investors would recover their lost funds, Oyewale was emphatic.
“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.”
He revealed that the EFCC is already collaborating with Interpol and international development agencies to track the perpetrators and secure the recovery of stolen assets.
“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.”
While acknowledging that the process may take time, Oyewale assured the public of the EFCC’s unwavering commitment.
“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.”
A Wake-Up Call
The EFCC’s swift action and firm assurance come as a relief to thousands of Nigerians affected by the CBEX scandal. However, the incident also underscores the urgent need for increased public awareness and vigilance when it comes to online investment platforms promising too-good-to-be-true returns.
As the investigation unfolds, many will be watching closely to see if the promises of justice—and refunds—will be fulfilled.
