EFCC Promises to Recover Funds for CBEX Investors

The Economic and Financial Crimes Commission (EFCC) has reassured Nigerians who invested in the collapsed digital trading platform, CBEX, that they will eventually recover their funds.

This promise comes after widespread complaints from users who were unable to withdraw their money from the platform, sparking frustration and chaos over the weekend.

CBEX had claimed to offer investors up to 100% returns, but trouble began when users started reporting withdrawal issues. In response, some angry investors stormed the office of Smart Treasure, a CBEX affiliate in the Oke Ado area of Ibadan, damaging property in protest.

Speaking on Channels TV’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale said the commission had already been monitoring CBEX long before the public outcry.

“We didn’t wait for Nigerians to report this before we began our investigation. Our team had already profiled the platform and flagged it as suspicious,” he explained.

He noted that EFCC Chairman Ola Olukoyede had earlier, in March, instructed the agency to raise awareness about suspicious platforms. That same month, the commission released a list of 58 companies suspected of operating Ponzi schemes to warn the public.

Oyewale stressed that the EFCC has been receiving numerous calls and concerns about CBEX, and that investigations are in full swing. He added that the agency is working closely with Interpol and other international partners to track the individuals behind the platform and ensure they are held accountable.

“We want to make it clear—investors will get their money back,” Oyewale assured. “It may take some time, but we are committed to recovering those funds.”

He also warned Nigerians to be cautious of platforms that promise unrealistic returns, encouraging the public to stay informed and alert.

“We’ll continue educating people on how to spot these types of schemes before they fall victim. The EFCC is not folding its arms—we are taking action,” he said.

While recovery may not be immediate, the commission says it is doing everything possible to trace the funds and bring the operators of CBEX to justice.