The Economic and Financial Crimes Commission (EFCC) has assured that individuals who invested in the CBEX digital trading platform will be refunded.
The commission revealed that it had been monitoring CBEX even before the recent surge of public complaints.
Multiple posts on X indicated that CBEX, which had promised investors a 100 percent return, started facing issues over the weekend, as users suddenly found themselves unable to withdraw funds.
Read Also: Things You Don’t Know About Digital Trading Platform CBEX
On Monday, angry investors reportedly stormed and vandalized the office of Smart Treasure, a subsidiary of CBEX, located in the Oke Ado area of Ibadan, Oyo State.
EFCC spokesperson Dele Oyewale, speaking on Channels TV’s Morning Brief on Wednesday, said the agency has been flooded with calls from Nigerians looking for answers and solutions.
He added that the EFCC had already investigated and flagged the platform, warning the public about the risks of such Ponzi-like schemes before the recent complaints emerged.
“We were not waiting for Nigerians to call us before we started our work, of course, we have been working.
“We were not beaten by what actually happened. Our dragnet is wide, our intelligence is very effective, and we were tracking that digital trading platform.
“We were tracking it, and we profiled several things concerning the platform. You will recall that March 11 this year, the executive chairman of the EFCC, Mr. Ola Olukoyede, had called to instruct us to alert Nigerians,” Oyewale said.
The spokesperson noted that in March, the commission had identified and listed around 58 Ponzi scheme companies, warning Nigerians to be cautious of them.
“That shows that we are proactive and we have our hands on what is happening. So concerning this investigation, we were on it, it’s not that we didn’t know.
“We’ve been alerting Nigerians about ways and means of how to separate themselves from this kind of shenanigans.
“Before the calls came, we were working, while the calls are coming, we are working; And even after the calls, we are still working.
“The essential thing is that, of course, we are going to recall some of the things that Nigerians should be looking out for, you know, concerning this kind of investment schemes and all of that,” he said.
Oyewale further assured investors that their money will be recovered, though it may take time.
“No, it will be very irresponsible and unprofessional if the EFCC says that you have lost your money; there is nothing the commission can do about it.
“We are already working with Interpol and our international development agencies to ensure that these people are brought to book.
“Investors are going to get their money back, and we are already working on that. Everything I’m saying is that this kind of thing could have been averted.
“Be it as it may, it was not averted, we are not going to throw our hands out helplessly and say that there’s nothing EFCC can do about it.
“We are more responsible and professional than that. We have spread out our wings by talking to Interpol and the necessary agencies across the world to be able to bring all the actors to book, and investors will have their money back,” the spokesperson said.
Oyewale stated that while it may take some time to recover the investments, the EFCC is committed to ensuring that investors do not lose their money.
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