The Economic and Financial Crimes Commission (EFCC) has confirmed that efforts are ongoing to recover funds tied to the now-defunct CBEX Global Investment scheme, which collapsed earlier this year, defrauding over 600,000 Nigerians of an estimated ₦1.3 trillion.
CBEX, exposed as a Ponzi operation, crashed in April 2025, leaving thousands of investors devastated after being lured with promises of up to 88% returns on investment—without proper regulatory approvals.
In the wake of the scandal, key promoters of the scheme, Awerosuo Otorudo and Chukwuebuka Ehirim, were arrested and arraigned on July 7 before Justice Mohammed Umar. They face charges relating to illegal financial operations and unauthorized investment activities.
Speaking to Hobnob News on Thursday, the EFCC’s Head of Media and Publicity, Dele Oyewale, revealed that the commission is actively pursuing asset recovery but emphasized that it is too early to disclose specific figures.
“The recovery is still ongoing. We can’t put a figure on what we have recovered now because it’s ongoing. Our teams are working across various locations,” Oyewale stated.
He assured the public that the commission would provide a comprehensive update on the total assets recovered once substantial progress has been made.
The EFCC has reiterated its commitment to holding the perpetrators accountable and restoring some level of justice to victims of one of Nigeria’s largest investment frauds in recent history.
