The Economic and Financial Crimes Commission (EFCC) has reiterated it warned Nigerians against falling for Ponzi schemes, as outrage grows over the alleged N1.3 trillion fraud linked to the digital investment platform CryptoBank Exchange (CBEX).
EFCC spokesperson, Dele Oyewale, in an appearance on Channels Television’s The Morning Brief on Wednesday said the Commission had actively educated the public on the risks of fraudulent investment schemes before the CBEX collapse.
“In March 2024, the EFCC Chairman, Mr. Ola Olukoyede, directed us to publish a list of 58 Ponzi scheme operators to warn the public. That shows we’ve been proactive,” Oyewale said.
“We had already been monitoring CBEX, and we’ve continuously advised Nigerians to stay away from such deceptive platforms.”
Oyewale clarified that CBEX is a Chinese-owned digital trading company operating solely online, with no verifiable physical presence in Nigeria, contrary to claims of offices in places like Ibadan. He stressed that the EFCC cannot be blamed for the situation, as the agency had done its part in raising awareness.
“We’ve empowered, enlightened, and informed the public. Nigerians must take responsibility for safeguarding their investments by verifying compliance with relevant laws,” he added.
He emphasised the importance of the newly enacted Investment and Securities Act 2025, which criminalises unlicensed digital trading. “Any business promising 100% returns in 30 days is unrealistic. With Nigeria’s interest rate at 27.5%, such offers are clear red flags,” he said.
Oyewale urged Nigerians to scrutinise investment schemes and ensure they comply with laws such as the Money Laundering (Prevention and Prohibition) Act 2022, the Proceeds of Crime Act, and the Terrorism Financing Act.
“If these platforms are operating outside the bounds of these laws, it’s only a matter of time before things fall apart,” he concluded.–
