EFCC also noted that the Investment and Security Act of 2025 was enacted to check illegal investment schemes.
By Kehinde Okeowo
The Economic Financial Crimes Commission (EFCC) has claimed it warned Nigerians not to invest in digital trading platforms, CBEX before it crashed.
EFCC spokesperson, Dele Oyewale made this known recently while featuring on a Channels Television programme.
According to him, the anti graft agency advised Nigerians against patronising such platforms but many failed to listen.
He went on to say prior to the crash of CBEX, the Commission had taken steps to enlighten citizens about the dangers of such a criminal scheme.
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Speaking during the chat, Oyewale said, “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.
“So, 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.
“We cannot lay any blame on the EFCC concerning this CBEX thing. I’m sure we know that that business venture is a Chinese digital trading company with no jurisdictional link with Nigeria; all the area offices that people are saying are in Ibadan and in some other locations are not functional offices. The entire thing is online.
“And we have been warning Nigerians against criminal engagements online. So, what would you expect the EFCC to do? We have given empowerment, given enlightenment, given public awareness, and raised intelligence.
“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.
“So, if the commission is as proactive as that, then the rest is for the people concerned to be more vigilant and to ensure that they guard their investment in line with the information that is available.”
He further explained that the Investment and Security Act 2025 is a very important, well-conceived and responsive Act of the government to check illegal investment schemes.
He also said with the act, it is a criminal thing to engage in any digital trading activity without being licensed or complying with all the extant laws.
CBEX, a digital trading platform crashed on Monday, leaving many Nigerians unable to access their funds.
Several videos which surfaced on social media after the incident showed some netizens lamenting the loss of their funds to the scheme.
The crash reportedly led to the loss of N1.3tn belonging to Nigerian investors.
