The Economic and Financial Crimes Commission (EFCC) has expressed concern over Nigerians’ failure to heed multiple warnings against investing in unregulated digital trading platforms such as CBEX, which recently crashed, reportedly resulting in the loss of over N1.3 trillion.
EFCC spokesperson Dele Oyewale, in an interview with Channels Television, emphasized that the commission had proactively warned the public about such platforms, including CBEX, which is reportedly a Chinese-based digital trading company operating without any recognized jurisdiction or licensing in Nigeria.
“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,” Oyewale said. “We came out with a list—that shows that we’re proactive and we have our hands on what is happening.”
Despite repeated efforts by the Commission to raise awareness, the CBEX platform crashed on Monday, leaving many Nigerian investors unable to access their funds. Hobnob News reported widespread outrage, with several videos circulating online showing devastated individuals lamenting their financial losses.
“We cannot lay any blame on the EFCC concerning this CBEX thing,” Oyewale stressed. “We have given empowerment, enlightenment, public awareness, and raised intelligence. What more could you expect?”
He reiterated that CBEX operated entirely online, with supposed local offices in places like Ibadan being non-functional. He described the scheme as one of many “criminal engagements online” that the Commission has consistently warned against.
Oyewale also referenced the newly enacted Investment and Security Act 2025, describing it as a critical legislative step toward curbing illegal investment schemes. According to him, the Act criminalizes any digital trading activity conducted without proper licensing and full compliance with Nigeria’s financial regulations.
“It is to the credit of the EFCC chairman that he came forward to say that there are 58 companies that Nigerians are patronising that they should no longer patronise,” he added. “The rest is for the people concerned to be more vigilant and ensure that they guard their investment in line with the information that is available.”
The EFCC maintains that it will continue its efforts to protect Nigerians from fraudulent financial schemes while urging citizens to be cautious and informed before committing funds to online investment platforms.
