CBEX Ponzi Scheme: EFCC Boss Slams Investors Over Silence During 100% Returns

Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has urged Nigerians affected by the failed CBEX investment platform to manage their expectations regarding full recovery of their lost funds.

Speaking during an interview on Channels Television, Olukoyede expressed concern over how investors stayed quiet while the platform promised and allegedly delivered 100% returns, only to turn to the EFCC when the scheme collapsed.

He emphasized that the Crypto Bridge Exchange (CBEX) case is complex, involving an international network of perpetrators, many of whom are foreign nationals, making the investigation more difficult. The EFCC has already traced leads to at least three or four countries and is collaborating with international partners to track the culprits and frozen assets.

CBEX: A Case Outside EFCC’s Radar Until the Crash

Olukoyede pointed out that CBEX was not listed among the 58 fraudulent investment platforms recently flagged and published by the EFCC. He said that many investors joined quietly while reaping large returns, failing to report suspicious activity. According to him, “Nobody came forward when they were receiving 100% returns. It’s only when it collapsed that the EFCC was pulled into the matter.”

The anti-graft agency has secured convictions in numerous other investment fraud cases and is currently investigating three individuals linked to CBEX, who are now in custody and cooperating.

Major Hurdle: Cryptocurrency Transactions

One of the challenges in recovering investors’ funds is that most transactions were crypto-based, making tracing more complicated. However, Olukoyede confirmed that the EFCC has made progress by freezing several accounts and tracing suspicious funds with the help of foreign intelligence agencies.

He cautioned victims not to assume that a full refund is guaranteed. “We will do everything possible, but I cannot promise full restitution for every investor,” he said.

While many victims are in anguish over their losses, Olukoyede reassured the public that efforts are ongoing to trace digital footprints, freeze assets, and collaborate internationally to bring justice to those responsible.