The Economic and Financial Crimes Commission (EFCC) has guaranteed that investors in the CBEX digital trading platform will recover their funds following the platform’s recent crisis.
CBEX, which had promised users a 100% return on investment, faced a major issue over the weekend, with many investors unable to access their funds, triggering widespread anger on social media.
This led to protests, with angry investors reportedly looting the office of Smart Treasure, a CBEX affiliate, in Ibadan, Oyo State.
EFCC spokesperson, Dele Oyewale, reassured the public during an interview on Channels TV’s Morning Brief, confirming that the commission had been tracking CBEX before the crisis broke out. Oyewale highlighted that the EFCC had warned Nigerians about the risks of potential Ponzi schemes, including CBEX, as early as March 11, when EFCC Chairman, Ola Olukoyede, instructed the agency to alert the public.
Additionally, Oyewale reminded that the EFCC had previously issued a list of 58 companies suspected of running Ponzi schemes in March, emphasizing their proactive approach.
“The EFCC wasn’t waiting for public complaints to act; we’ve been monitoring the platform for a while,” Oyewale explained. “We’ve been tracking it, and we’ve been actively working to protect the public from such schemes.”
Despite the ongoing recovery process, Oyewale assured that the EFCC was collaborating with international agencies, including Interpol, to track down the perpetrators and ensure investors recover their funds.
However, he cautioned that while the process might be lengthy, the EFCC remains committed to safeguarding investors’ interests.
“We are not helpless in this situation; we are working tirelessly with global agencies to ensure that investors will get their money back,” he stated.
The EFCC spokesperson also emphasized the importance of educating the public on how to identify fraudulent schemes, adding that recovery efforts are already in progress, albeit with no immediate promises of full restitution.
As the investigation continues, the EFCC remains focused on bringing those responsible to justice while working to restore the funds of affected investors.
