The Economic and Financial Crimes Commission (EFCC) has responded to the shocking crash of CBEX, a digital trading platform that reportedly wiped out ₦1.3 trillion in Nigerian investors’ funds.
The Commission’s spokesperson, Dele Oyewale, said on Thursday, April 17, that Nigerians had been repeatedly warned about such risky platforms.
In an interview with Channels Television, Oyewale said the EFCC had already flagged CBEX-like schemes and even released a list of 58 questionable companies back on Tuesday, March 11.
“You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Mr. 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,” Oyewale said.
CBEX crashed on Monday, April 14, and left thousands of Nigerians locked out of their accounts and unable to withdraw funds. Social media has since been flooded with emotional videos of victims sharing their losses.
Oyewale said the EFCC had done its part by warning the public, adding that CBEX was a Chinese-owned company with no legitimate operations registered in Nigeria.
“We cannot lay any blame on the EFCC concerning this CBEX thing… The entire thing is online. And we have been warning Nigerians against criminal engagements online.”
“What would you expect the EFCC to do? We have given empowerment, given enlightenment, given public awareness, and raised intelligence,” he added.
He emphasized that investing in unlicensed platforms is now a criminal offense under the new Investment and Security Act of 2025.
“It is a criminal thing to engage in any digital trading activity without being licensed, without complying with all the extant laws,” Oyewale said.
As the EFCC continues its investigation, Nigerians are urged to stay alert, do proper research, and only invest in platforms regulated under Nigerian law.
