The Economic and Financial Crimes Commission, EFCC, has assured that it is working with its international partners, including Interpol, to ensure that the victims get their money back.
EFCC spokesperson, Dele Oyewale disclosed this when he appeared on a TV programme on Wednesday, 16th April 2025 when reacting to the alleged fraud perpetrated by CryptoBank Exchange (CBEX), which reportedly led to the loss of N1.3tn belonging to Nigerians investors
CBEX was reported to have crashed on Monday, leaving many of many Nigerians unable to access their funds.
Several videos online showed some Nigerians lamenting the loss of their funds to the scheme
“It would be very irresponsible and unprofessional of the EFCC to say you have lost your money and there is nothing the commission can do about it; we’re already working with Interpol and we’re already working with our international development agencies to ensure that these people are brought to book.
“Investors are going to get their money back and we’re already working on that. Everything I’m saying is that this kind of thing could have been averted, but we’re not going to throw our hands helplessly to say that there’s nothing the EFCC can do about it. No, we’re more responsible, we are more professional than that,” the spokesperson said.
“So, we’ve spread our wings; we’re talking to Interpol, we’re talking to all the necessary agencies across the world to be able to bring all the actors to book and the investors are going to have their money back. It might not be in the short term, but I can assure you that the commission, as the leading anti-corruption agency in Nigeria, is not going to allow investors to just lose their money like that because they are not compliant. No. Escapism is not a solution to any problem,” he added.
He also noted that Nigerian investors refused to heed warnings by the anti-graft agency concerning investing in Ponzi schemes, digital investment platforms like CryptoBank Exchange (CBEX),
But Oyewale said, "Well, you know, 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 intelligence is very effective. And we were tracking the data trading platform.
"We were tracking it. We have, we've profiled quite a number of things concerning, you know, the platform. You will record that on March 11 this year. The executive chairman of the EFCC, instructed us to alert Nigerians. About 58 positive scheme companies. We came out with the list.
"So that showed that we are proactive and we have our hands on what is happening. So concerning this investing we want to need is not that we didn't know. And you know, we've been alerting Nigerians about ways that mean how to separate themselves from this kind of shenanigans.
"But the essential thing is that, of course, we are going to do some of the things that Nigerians should be looking out for. You know, concerning these kinds of investment schemes and all of that. But I can assure you that all of the profiling that we need to do, contacts that we need to make, and some collaborative engagement that we need to make.
"We are arguing that we are in contact with Interpol, we are in contact with many of our development partners. And we will, Nigerians will know that the EFCC, as usual, is on top of the matter. And we are going to come out with very, very impressive reports.
"You know the Investment and Security Act 2024, I mean 2025, the ISA as we know it, is a very, very important, well-conceived and responsive act of the government to check this kind of practice. You know, what the act is seeking to do is to regulate the licensing, the governance, the compliance of all of these actors to ensure that our laws are not empowered with. Now, with the act now, it is a criminal thing to envision any digital trading activity without being licensed, you know, without complying with all the extant laws.
But Oyewale said, “You’ll recall that in March 11 this year, the Executive Chairman of the EFCC, Mr. Ola Olukoyede, had cause to instruct us to alert Nigerians about 58 Ponzi scheme companies; we came out with a list. So, that shows that we’re proactive and we have our hands on what is happening.
“So, concerning this CBEX thing, we’re on it; it’s not that we didn’t know, and you know we’ve been alerting Nigerians about ways and means, how to separate themselves from this type of shenanigans. So, before the calls came, we were working, while the calls were coming, we were working, and even after the calls, we’re still working.”
Speaking further, he said, “We cannot lay any blame on the EFCC concerning this CBEX thing. I’m sure we know that that business venture is a Chinese digital trading company with no jurisdictional link with Nigeria; all the areas offices that people saying are in Ibadan and in some other locations are not functionals offices. The entire thing is online.
“And we have been warning Nigerians against criminal engagements online. So, what would you expect the EFCC to do? We have given empowerment, we have given enlightenment, we have given public awareness, we have raised intelligence. It is to the credit of the EFCC chairman that he came forward to say that there are 58 companies that Nigerians are patronising, that they should no longer patronise.
“So, if the commission is as proactive as that, then the rest is for the people concerned to be more vigilant and to ensure that they guard their investment in line with the information that is available.”
He further explained that the Investment and Security Act 2025 is a very important, well-conceived and responsive Act of the government to check illegal investment schemes.
According to him, with the Act, it is a criminal thing to engage in any digital trading activity without being licensed, without complying with all the extant laws as any form of exchange or business engagement must conform with the Act.
Oyewale said, “We know that every business concern, you declare your profit either quarterly, annually or bi-annually, but if somebody says that bring your money, I’m going to give you a return in 30 days, you know that is not realistic, it’s just not pragmatic.
“Or if somebody says if you bring your money, we’re going to give you 100% return on investment, that is not possible; even we know that the prevailing interest rate in Nigeria is 27.5. So, how will somebody give you 100% return on investment in 30 days?
“So if you want to go into any investment, you must look at: These fellows that are parading this, how compliant are they with the Money Laundering Prevention and Prohibition Act 2022? How compliant are they with the Proceeds of Crime Act? How compliant are they with the Terrorism Financing Act? It is very important.
“Now, if they’re operating at variance all of these laws, you know that it’s just a matter of time before a problem will come.”