Nigeria: EFCC, Interpol collaborate to probe N1.3 Trillion CBEX scam
By Zuleihat Owuiye, Mamos Nigeria
The Economic and Financial Crimes Commission (EFCC) has launched an investigation into the alleged N1.3 trillion fraud perpetrated through CryptoBank Exchange (CBEX), a digital investment platform. The platform, operated by foreign nationals in collaboration with Nigerian partners, collapsed on Monday, leaving thousands of investors unable to access their funds.
The EFCC confirmed it would work with the International Criminal Police Organisation (Interpol) to investigate the incident. According to Dele Oyewale, EFCC spokesman, the agency had already begun probing CBEX before its collapse and is working to arrest local and international operators behind the scheme. “We will ensure that we save Nigerians from all these troubles associated with Ponzi schemes,” Oyewale stated.
CBEX promised 100% returns within 30 days via online trading but restricted withdrawals on April 16 2025. Users were shocked to find their account balances wiped out, and the platform asked them to deposit at least $100 to access their funds. CBEX reportedly changed its domain name several times between January 2024 and February 1, 2025, and was widely promoted on social media, promising high returns on investment.
The platform’s collapse triggered nationwide outrage, with aggrieved investors storming CBEX offices in Ibadan and Abuja. In Ibadan, investors forced their way into the office, carting away furniture and equipment, while in Abuja, the office was under lock and key, with private security guards limiting access.
Financial experts attribute the massive fraud to unchecked greed and willful ignorance. Kelechi Godfrey, a banker and financial educator, emphasized the importance of due diligence, stating, “When you see returns that are not normal, that is too good to be true, just know that there is something fishy going on there.” Segun Aremu, a financial analyst, echoed similar sentiments, saying basic human greed forces Nigerians into Ponzi schemes.
The EFCC warned Nigerians to exercise caution before committing funds to unregistered financial entities. Oyewale urged the public to verify investment opportunities with the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) before engaging. The commission remains committed to safeguarding the public from predatory operators and ensuring a corruption-free economic environment.
The SEC recently warned Nigerians to stay clear of unregistered trading platforms, pointing out that operating an online forex trading platform without registration is now an offense in Nigeria. According to Dr. Emomotimi Agama, SEC Director-General, the new law provides clarity, ensures investor protection, and enhances market confidence.
The EFCC is working to recover stolen funds and prosecute those behind the CBEX scheme. As news of the collapsed platform continues to ripple through Nigeria’s financial space, many are questioning how such a massive fraud flew under the radar. The EFCC’s efforts to uncover other Ponzi schemes operating across the country are ongoing.
