Mr. Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), has announced that the commission has successfully recovered funds lost to the fraudulent CBEX investment scheme in the country.
The process for the final forfeiture of these funds is currently underway, he broke the cheering news at an event to mark the Africa Anti-Corruption Day in Abuja on Thursday.
The CBEX scheme, which collapsed in April 2025, reportedly led to 600,000 Nigerians losing a staggering N1.3 trillion.
Persecondnews recalls that the website was shut down in April leaving investors stranded as they could not access their funds either to withdraw the funds or “trade”.
The scheme which had offices in Ibadan, Abeokuta and Lagos, among other cities, also floated about four Telegram platforms for interaction with “investors” while the operation lasted.
While Olukoyede did not disclose the exact amount recovered, he assured the public that the EFCC has taken decisive action against the scheme’s promoters.
The EFCC boss, a lawyer, said the suspects are already facing prosecution in the law courts.
He said: “We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested.
“So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it.”
The EFCC chairman condemned the CBEX scheme as a prime example of virtual asset and investment fraud, which he said is spreading like wildfire across Africa.
He noted that fraudsters continue to exploit the desperation of investors to defraud them through Ponzi schemes and similar fraudulent arrangements.
“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable.
“Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.
He attributed the increase in investment fraud not just to the perpetrators but also to the negligence of many investors. He noted that investors often fail to report suspicious activities until it is too late.
“When the going was good with CBEX, when people were collecting 100% returns in one week or one month, nobody complained. Nobody reported to the EFCC. It was only when the bubble burst that people wanted EFCC to perform magic and recover their money.”
Olukoyede emphasized that while the EFCC remains committed to its mandate of enforcement and recovery, the public must also take responsibility by verifying investment platforms before participation.
He advised Nigerians to ‘shine their eyes’ and not fall for too-good-to-be-true offers.
The EFCC boss also confirmed that some foreign nationals have been linked to the CBEX fraud, revealing that they are part of a larger network building cybercrime cells across Africa.
“In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions.
“Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.
He reiterated the EFCC’s resolve to pursue every case to its logical conclusion, adding that even cases requiring international collaboration will not be spared.
“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task.”
Olukoyede urged the public to remain vigilant, avoid unregulated investment schemes, and support the anti-corruption fight by promptly reporting suspicious financial activities to the appropriate authorities.
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