Amid growing public concern over the alleged ₦1.3 trillion fraud linked to the digital investment platform CryptoBank Exchange (CBEX), the Economic and Financial Crimes Commission (EFCC) has reiterated that it had consistently warned Nigerians about the dangers of Ponzi schemes.

EFCC spokesperson, Dele Oyewale, stated this on Wednesday during an appearance on Channels Television’s The Morning Brief. He emphasised that the Commission had proactively sensitised the public to the risks of fraudulent investment platforms.

CBEX reportedly collapsed on Monday, leaving many Nigerians unable to access their funds. Multiple videos circulating online show victims lamenting their losses.

Oyewale said, “On 11 March this year, the Executive Chairman of the EFCC, Mr Ola Olukoyede, directed us to alert Nigerians about 58 Ponzi scheme companies. We published a list. That shows our proactive stance and awareness of these developments.

“Regarding CBEX, we have been on the matter. Before the public outcry began, we were already working behind the scenes. During the calls, we were still working. And even now, we remain actively engaged.”

He further explained that CBEX is a Chinese-run digital trading firm without any legal or jurisdictional ties to Nigeria. “The so-called offices in Ibadan and other locations are non-functional. The operation is entirely online. We’ve consistently warned Nigerians against engaging with criminal entities online,” he said.

Oyewale stressed that the Commission had provided ample public awareness, intelligence briefings, and educational campaigns. “The EFCC cannot be blamed for this. Nigerians must be vigilant and guard their investments based on the information available.”

He cited the Investment and Securities Act 2025, which makes it illegal to engage in digital trading without proper licensing and compliance with existing laws.

“You cannot expect a 100% return in 30 days. That’s not realistic. The prevailing interest rate is 27.5%, so any offer of a 100% return is clearly fraudulent. People must ask: Are these platforms compliant with the Money Laundering Prevention and Prohibition Act 2022? Are they observing the Proceeds of Crime Act? The Terrorism Financing Act? If they are not, problems are inevitable,” he added.

Oyewale assured that the EFCC is working closely with international partners, including Interpol, to recover lost funds.

“It would be irresponsible for the EFCC to declare helplessness. We are coordinating with Interpol and international development agencies to ensure the perpetrators are brought to justice and investors recover their funds. It may not happen immediately, but we will not rest until justice is served,” he concluded.