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The EFCC has confirmed investigations into CryptoBank Exchange (CBEX), a collapsed platform accused of defrauding Nigerians of N1.3 trillion. Despite repeated public warnings, many fell victim to the scheme. The Commission is now working with Interpol to recover funds and bring the perpetrators to justice under new regulatory frameworks.
The collapse of a digital trading platform, CryptoBank Exchange (CBEX), has sparked national outrage after thousands of Nigerian investors were left unable to access an estimated ₦1.3 trillion in funds. In response, Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), says it had previously flagged multiple high-risk investment schemes and is now taking action.

Dele Oyewale, EFCC spokesperson, stated on Wednesday that the agency had earlier issued public advisories warning citizens about fraudulent digital platforms. He explained that CBEX, which operated solely online and claimed to have offices in Nigerian cities, lacked any legal authorization to conduct financial services in the country.

“This is not the first time we’ve raised alarms,” Oyewale said. “The EFCC published a list of suspicious companies back in March. We’ve been proactive, but unfortunately, many people ignored the warnings.”

The platform, believed to be run by foreign operators, offered investors unusually high returns in short periods—a red flag the EFCC says should have triggered concern. Oyewale urged Nigerians to cross-check investment opportunities with regulatory bodies and consider the credibility of any company promising unrealistic profits.

The Commission is now working with Interpol and other global partners to track down those behind CBEX and recover stolen funds. Although the process may take time, the EFCC insists it is committed to ensuring justice for victims.

“We’re not abandoning Nigerians,” Oyewale added. “Justice might be delayed, but it will not be denied.”