The Economic and Financial Crimes Commission (EFCC) has stated that it had already begun monitoring the CBEX digital trading platform prior to the recent public uproar.
Reports on social media platform X indicate that CBEX, which had promised investors a 100% return on their investments, started facing difficulties last weekend when users began encountering issues with fund withdrawals. On Monday, frustrated investors allegedly stormed and looted the office of Smart Treasure, a subsidiary of CBEX, located in Oke Ado, Ibadan, Oyo State.
During an appearance on Channels TV’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale confirmed that the commission had received a surge of inquiries from Nigerians regarding the CBEX situation. He emphasized that the EFCC had already flagged the platform and issued warnings about potential Ponzi schemes before the recent outcry.
“We didn’t wait for public complaints before taking action. Our operations were already underway,” Oyewale said, noting the agency’s robust intelligence network. He mentioned that back in March, EFCC Chairman Ola Olukoyede had directed the commission to warn the public, adding that CBEX had already been profiled and monitored.
Oyewale highlighted that the EFCC had previously identified and listed 58 suspicious Ponzi scheme operations in March to caution Nigerians, showcasing the agency’s proactive approach.
He reassured affected investors that efforts are underway to recover their funds, although the process might take time. “It would be unprofessional for EFCC to say the money is gone and nothing can be done. We’re collaborating with Interpol and international partners to apprehend those responsible,” he said.
While acknowledging that recovery may not be immediate, Oyewale affirmed that the commission is committed to ensuring that no investor permanently loses their money.
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FAITH KEGH _ faith.kegh@tokinpoint.com
Manager – Oversees the daily operations, editorial planning, and strategic direction of the platform. A graduate with a solid academic foundation in media and communication, Faith brings a wealth of experience to the TokinPoint.
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