The Economic and Financial Crimes Commission (EFCC) has confirmed that it is still in the process of recovering funds lost by investors in the collapsed CBEX Global Investment scheme.
CBEX, a notorious Ponzi operation, crashed in April, leaving over 600,000 Nigerians stranded and resulting in a staggering loss of approximately ₦1.3 trillion.
The scheme had lured investors with the promise of up to 88 percent returns—without any regulatory backing.
Following the collapse, the EFCC moved swiftly, arresting and arraigning several of the scheme’s promoters.
On July 7, Awerosuo Otorudo and Chukwuebuka Ehirim were brought before Justice Mohammed Umar, facing charges related to illegal financial activities and operating without proper investment licenses.
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Speaking on the status of fund recovery on Thursday, the EFCC’s Head of Media and Publicity, Dele Oyewale, said that while recovery efforts are actively underway, it is too early to declare how much has been retrieved.
“Our teams are working round the clock, but it would be premature to quote figures at this stage,” Oyewale explained. “Once the process is complete and we are ready to make full disclosure, the public will be informed accordingly.”
The EFCC’s assurance comes amid growing calls for justice and restitution from affected investors, many of whom lost their life savings to the fraudulent scheme.
The commission reiterated its commitment to holding the perpetrators accountable and recovering as much of the stolen funds as possible.