EFCC Breaks Silence On CBEX Scandal – “We’re Committed To Recovering Investors’ Funds

EFCC spokesperson, Dele Oyewale, gave the assurance during an interview on Channels Television on Wednesday. He revealed that the Commission had previously warned Nigerians to avoid Ponzi-style investment schemes like CBEX but noted that many ignored the caution.

According to Oyewale, the EFCC had already begun investigating the platform even before its eventual collapse. Now, in response to the fallout, the agency is working closely with international security organizations to trace the perpetrators and ensure justice is served.

CBEX, which lured investors with promises of 100 percent returns, ran into trouble last weekend when users began to report being unable to withdraw their funds.

Oyewale stated that the EFCC has been inundated with complaints from distressed investors and emphasized that the Commission is actively working on the case. However, he cautioned that while recovery is possible, it may take time.

“We didn’t wait for complaints to start coming in before taking action,” he explained. “Our dragnet is wide, our intelligence is sharp, and we had already been tracking CBEX. In fact, back on March 11, EFCC Chairman Ola Olukoyede instructed us to issue a public warning about these kinds of platforms.”

He reiterated the Commission’s earlier alert listing over 50 suspicious investment companies, urging Nigerians to remain vigilant.

Oyewale concluded by reaffirming the EFCC’s commitment to ensuring that victims of the CBEX scheme recover their investments, stressing that the Commission will not rest until justice is served.