The Economic and Financial Crimes Commission (EFCC) has promised that investors defrauded by the collapsed digital investment platform, CryptoBank Exchange (CBEX), will recover their money, though not immediately.
EFCC spokesperson Dele Oyewale made the assurance on Wednesday, April 16, while speaking on Channels Television’s The Morning Brief, where he confirmed that the agency is actively pursuing the recovery of the ₦1.3 trillion allegedly lost to the fraudulent scheme.
“You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Mr. Ola Olukoyede, had cause to instruct us to alert Nigerians about 58 Ponzi scheme companies; we came out with a list–that shows that we’re proactive and we have our hands on what is happening,” Oyewale said.
“So, concerning this CBEX thing, we’re on it; it’s not that we didn’t know, and you know we’ve been alerting Nigerians about ways and means to separate themselves from this type of shenanigans.
“So, before the calls came, we were working; while the calls were coming, we were working, and even after the calls, we’re still working.”
He explained that CBEX, although it appeared to have offices in cities like Ibadan, was essentially a foreign online platform with no legal registration in Nigeria.
“All the area offices that people are saying are in Ibadan and in some other locations are not functional offices. The entire thing is online,” he noted.
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He also warned the public about unrealistic returns promised by platforms like CBEX, saying such offers should be a red flag for any investor.
“If somebody says, ‘Bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic… Even we know that the prevailing interest rate in Nigeria is 27.5.”
Oyewale stressed that ignoring financial regulations such as the Money Laundering Act, Proceeds of Crime Act, and Terrorism Financing Act should raise concerns for potential investors.
Despite the massive scale of the fraud, he maintained that the EFCC is working with international partners to bring the culprits to justice and recover funds.
“Investors are going to get their money back and we’re already working on that. All I’m saying is that this kind of thing could have been averted, but we’re not going to throw our hands up helplessly to say that there’s nothing the EFCC can do about it. No, we’re more responsible; we are more professional than that,” he said.
“So, we’ve spread our wings; we’re talking to Interpol, we’re talking to all the necessary agencies across the world to be able to bring all the actors to book and the investors are going to have their money back.
“It might not be in the short term, but I can assure you that the commission, as the leading anti-corruption agency in Nigeria, is not going to allow investors to just lose their money like that because they are not compliant. No. Escapism is not a solution to any problem,” Oyewale added.