As Nigerians reel from shattered dreams and empty bank accounts, anti-graft agency collaborates with Interpol to hunt down fraudsters behind fraudulent digital trading platform
The Economic and Financial Crimes Commission (EFCC) has declared an all-out war on the perpetrators of the now-collapsed CBEX digital trading platform, a Ponzi scheme that duped scores of Nigerians out of their hard-earned money.
In a fiery interview on Channels Television’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale assured the public that the commission is aggressively pursuing justice for the victims and will stop at nothing to recover investors’ funds.
> “We are working with Interpol to ensure that these criminals are brought to justice and investors get their money back,” Oyewale vowed. “This could have been prevented, yes, but now that it has happened, we will not fold our arms helplessly. The EFCC is not a spectator in this matter.”
Oyewale stressed that while the road to recovery may not be immediate, the commission is fully committed to ensuring restitution for all victims of the fraudulent platform.
> “It might not happen overnight,” he said, “but I can assure Nigerians that the EFCC, as the country’s foremost anti-corruption agency, will not allow these fraudsters to disappear into thin air. We will not allow investors to lose their life savings without a fight.”
CBEX, which falsely paraded itself as a Canada-registered crypto exchange, allegedly lured thousands of unsuspecting Nigerians with promises of high returns. However, a deeper probe into its legitimacy reveals a well-orchestrated deception.
Despite claims by its Chief Executive Officer, Yahaya Ibrahim, that CBEX was headquartered in Canada, investigations by SaharaReporters showed no official registration for such a company in Canadian business directories. The only remotely similar entity, “CBEX Capital Corp,” had its license revoked over a year ago.
The name “CBEX” itself appears to have been a smokescreen. It shares an acronym with the China Beijing Equity Exchange, a reputable, state-owned platform in China used for mergers, acquisitions, and restructuring of state enterprises. Online searches for “CBEX” primarily return results linked to the Chinese government-run firm — a digital mirage that may have falsely reassured and misled thousands of Nigerian investors.
The fallout from the collapse of CBEX has been nothing short of chaos.
Earlier this week, infuriated victims stormed the company’s office in Oke Ado, Ibadan, Oyo State. The crowd forcefully entered the premises, carting away furniture and equipment in a desperate act of rage and frustration.
Eyewitnesses recounted scenes of despair as investors, some of whom had staked their entire savings, watched their balances vanish overnight. Social media platforms have since been flooded with heart-wrenching testimonies of dashed hopes and financial ruin.
In response to the crisis, Nigeria’s Securities and Exchange Commission (SEC) has issued a stern warning to the public. During a virtual meeting with fintech stakeholders on Monday, SEC Director-General Emomotimi Agama emphasized that any investment platform not registered with the Commission is operating illegally.
> “Recently, a post went viral concerning a certain platform and its activities,” Agama noted. “The fallout includes news of its closure and financial losses. Let me be very clear: if a platform is not registered with the SEC, it is illegal.”
Though Agama stopped short of directly naming CBEX, the timing and context left little doubt as to the target of his warning.
Meanwhile, the EFCC has expanded its dragnet internationally, vowing to hunt down every last conspirator connected to the Ponzi scheme.
> “We’ve spread out our wings,” Oyewale concluded. “We are engaging Interpol and liaising with agencies across the globe. This isn’t just a Nigerian issue—it’s a global fraud. And the actors behind it will face the full wrath of the law.”
As the saga unfolds, thousands of Nigerian investors wait anxiously—hoping for restitution, demanding justice, and praying they will someday reclaim the funds they were cruelly robbed of.
PIONEER NEWS 