The Economic and Financial Crimes Commission (EFCC) has provided reassurance to individuals who invested in the CBEX digital trading platform, affirming that their funds will be recovered.
The commission disclosed that it had been monitoring the platform prior to the recent surge of public complaints.
CBEX, which had promised investors a 100 per cent return on investment, found itself in turmoil over the weekend as numerous users reported being unable to withdraw their funds, inciting outrage across social media.
On Monday, discontented investors reportedly descended upon and looted the office of Smart Treasure, an affiliate of CBEX, situated in the Oke Ado area of Ibadan, Oyo State.
During an appearance on Channels TV’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale confirmed that the anti-graft agency had been receiving a significant number of calls from Nigerians seeking information and solutions regarding the CBEX platform.
Oyewale emphasised that the EFCC had been monitoring the platform long before the recent uproar and had previously issued warnings to Nigerians about potential Ponzi schemes. “We were not waiting for Nigerians to call us before we started our work; of course, we have been working,” he stated.
He continued, “We were not beaten by what actually happened. Our dragnet is wide, our intelligence is very effective, and we were tracking that digital trading platform.”
Furthermore, Oyewale noted, “We were tracking it, and we profiled several things concerning the platform. You will recall that on March 11 this year, the executive chairman of the EFCC, Mr. Ola Olukoyede, had called to instruct us to alert Nigerians.”
Oyewale also recalled that the EFCC had previously listed 58 suspected Ponzi scheme companies in March as a precautionary measure for the public. “That shows that we are proactive and we have our hands on what is happening. So concerning this investigation, we were on it; it’s not that we didn’t know.”
He added, “We’ve been alerting Nigerians about ways and means of how to separate themselves from this kind of shenanigans. Before the calls came, we were working; while the calls are coming, we are working; and even after the calls, we are still working.”
He stated that the commission would persist in educating the public on how to recognise fraudulent investment schemes. “The essential thing is that, of course, we are going to recall some of the things that Nigerians should be looking out for, you know, concerning this kind of investment schemes and all of that.”
Regarding the fate of investors’ funds, Oyewale assured that recovery efforts were underway, although the process might take time. “No, it will be very irresponsible and unprofessional if the EFCC says that you have lost your money; there is nothing the commission can do about it.”
He added, “We are already working with Interpol and our international development agencies to ensure that these people are brought to book. Investors are going to get their money back, and we are already working on that. Everything I’m saying is that this kind of thing could have been averted.”
Oyewale concluded, “Be it as it may, it was not averted; we are not going to throw our hands out helplessly and say that there’s nothing EFCC can do about it. We are more responsible and professional than that. We have spread out our wings by talking to Interpol and the necessary agencies across the world to be able to bring all the actors to book, and investors will have their money back.”
However, he cautioned that while the process may not provide immediate results, the EFCC remains dedicated to ensuring that investors do not suffer losses.
