The EFCC, in collaboration with Interpol, has launched a full investigation into the N1.3tn CBEX Ponzi scheme, promising arrests and possible fund recovery as nationwide outrage mounts.
The Economic and Financial Crimes Commission (EFCC) has commenced investigations into the alleged N1.3 trillion fraud involving digital investment platform, CryptoBank Exchange (CBEX), in collaboration with Interpol.
CBEX, reportedly operated by foreign nationals and Nigerian partners, abruptly collapsed, locking investors out of their accounts and demanding suspicious “verification” deposits. The EFCC confirmed it had been monitoring the platform before the crash and is now pursuing both local and international suspects.
Spokesperson Dele Oyewale emphasized the Commission’s commitment to recover funds and prosecute offenders. The Securities and Exchange Commission (SEC) had earlier warned Nigerians against unregistered platforms, citing the new Investment and Securities Act 2025.
Victims have begun sharing distressing stories, including wedding savings, school fees, and business capital lost. Protests erupted in Ibadan and Abuja, with security forces deployed to prevent further unrest.
Analysts blame unchecked greed and lack of due diligence for the rising trend in Ponzi investments, calling for greater financial literacy and regulatory enforcement.
