CBEX Scam: EFCC, Interpol move against perpetrators for justice, warn Ponzi schemes illegal, unrealistic

*The Economic and Financial Crimes Commission confirms the Nigerian anti-graft Commission, International Criminal Police Organisation (Interpol), and other international partners have launched a joint investigation into the alleged N1.3 trillion fraud perpetrated by the CryptoBank Exchange (CBEX) in the West African country

Isola Moses | ConsumerConnect

Following the recent crash of the digital investment platform, the Economic and Financial Crimes Commission (EFCC) has disclosed the Commission launched a joint investigation with the International Criminal Police Organisation (Interpol) and other international partners, into the alleged fraud perpetrated by the CryptoBank Exchange (CBEX) in Nigeria.

ConsumerConnect had reported CBEX, which crashed Monday, April 14, 2025, reportedly led to the loss of N1.3 trillion ($847 million) on investors’ funds.

Subsequently, some furious customers ransacked a CBEX office, located at Oke Ado, in Ibadan, Oyo State capital, South-West Nigeria.

The angry investors also carted off chairs, air-conditioners and a solar panel in the process, according to report.

Nonetheless, members of the Nigeria Police and Amotekun security outfit later moved in to secure the office from further looting by the fuming groups of investors, and their sympathisers.

Several videos on diverse on a number of social media platforms also indicated that some Nigerians raised the alarm over the loss of their funds in the Ponzi scheme.

Affirming the financial loss of several Nigerian investors to the sudden crash of the CBEX scheme, Mr. Dele Oyewale, Spokesman of EFCC, while featuring in a Channels TV programme aired Wednesday, April 16, and monitored in Lagos, said the anti-graft Commission received phones calls from different quarters over the incident.

He stated the EFCC is already tracking the digital trading platform to bring perpetrators to justice.

Oyewale said: “Concerning this CBEX thing, we’re on it; it’s not that we didn’t know, and you know we’ve been alerting Nigerians about ways and means to separate themselves from this type of shenanigans. “So, before the calls came, we were working; while the calls were coming, we were working, and even after the calls, we’re still working.”

The EFCC Spokesman asserted: “I can assure you that all of the profiling we need to do, contacts that we need to make, and some collaborative engagement that we need to make, we’re already doing that.

“We’re in contact with Interpol. We’re in contact with our development partners.”

We’re tracking CBEX digital trading platform, assures EFCC

Asked whether the EFCC was somewhat caught off-guard over the sudden crash and loss of investment funds with CBEX, Oyewale insisted that Commission was not caught off guard by the scheme.

He explained: “Expectedly, we’re receiving quite a number of calls from Nigerians from all walks of life, from the media, from some of the victims, and from those who are not yet victims and who would want to be properly educated about what can be done to avert this kind of thing.

“Of course, we have been working; we’re not beaten by what happened.”

Oyewale further said: “Our dragnet is wide; our intelligence is very effective.

“We’re tracking that digital trading platform. We profiled quite a number of things concerning the platform.”

Investment and Security Act 2025 and investors’ safeguards

Highlighting the relevant provisions against illegal financial schemes in the Nigerian economy, Oyewale explained the Investment and Security Act (ISA) 2025 is a very important, well-conceived and responsive Act of the government, aimed at checking illegal investment schemes.

Referencing the provisions in the Act, he noted that it is criminal to engage in any digital trading activity without being licensed and complying with all the extant laws, as any form of exchange or business engagement must conform to the provisions of the Act.

The Spokesman of EFCC stated: “And that has empowered us as a Commission because we know that with the ISA 2025, it’s so easy for us if you’re involved in some kind of engagement and you’re not licensed and you’re not compliant with extant laws; I mean, it’s a straight thing.

“We will act accordingly, and we’ll bring such people to justice.”

He also said: “Be it as it may, I think Nigerians also need to know that yes, we’re gaining strength with the ISA, but there is also a need for public vigilance because there are a lot of things that go with this Ponzi scheme thing. So, Nigerians also need to be very vigilant.

“There is a need to critically look at some basic indices before going into any investment or any business engagement.”

Oyewale said: “For example, the Returns on Investment that all of these Ponzi schemes are parading are not only unrealistic, but they are also at variance with our laws, with the existing system in Nigeria.”

‘100 percent ROI not possible’

In regard to the Ponzi scheme operators offering investors huge returns on investments, Oyewale averred: “We know that for every business concern, you declare your profit either quarterly, annually or bi-annually.

“But if somebody says, ‘bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic; it’s just not pragmatic.

“Or if somebody says, ‘If you bring your money, we’re going to give you a 100% returns on investment,’ that is not possible; even we know that the prevailing interest rate in Nigeria is 27.5.”

The Commission cautioned Nigerians against investing in a business without considering the legal framework that regulates it.

Oyewale noted: “But the essential thing is that it is not too good for Nigerians to be falling victim to this kind of arrangement, when we have a lot of enlightenment programmes that we’ve been doing.

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