|By Adejumo Adekunle-
-EFCC, INTERPOL Move to Arrest CBEX Operators over N1.3 Trillion Fraud
– Digital Trading Platform Collapses, Leaves Thousands of Nigerian Investors Stranded
The Economic and Financial Crimes Commission (EFCC) in collaboration with INTERPOL has launched a full-scale investigation into the crash of the online digital trading platform, CBEX, which has allegedly defrauded Nigerian investors of over ₦1.3 trillion.
The anti-graft agency confirmed the development on Tuesday through its spokesperson, Dele Oyewale, who stated that the commission had already commenced investigations before the platform’s sudden collapse on Monday.
The crash of CBEX sent shockwaves across social media, as distraught Nigerians vented outrage and disappointment, claiming they had lost life savings to the now-defunct scheme.
According to Oyewale, CBEX was run by a syndicate of foreign nationals and Nigerian collaborators who operated offices in Lagos, Ibadan, Abuja, and other cities across the country.
“We are actively working to handle the CBEX situation,” Oyewale said in the statement.
“We will collaborate with other regulatory agencies to ensure that Nigerians are protected from this kind of scheme. We will do our job—where recovery is possible, we will recover; where prosecution is possible, we will prosecute.”
He added that while local accomplices are being tracked, INTERPOL is working with Nigerian authorities to locate and apprehend the foreign operators behind the massive fraud.
Oyewale also issued a stern warning to the public, urging Nigerians to verify all financial platforms through the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) before investing.
“The EFCC remains committed to safeguarding the public from predatory operators and ensuring a corruption-free economic environment,” he added.
The platform, CBEX, allegedly promised a 100% return on investment within 30 days, an offer experts have described as unsustainable and clearly fraudulent.
Speaking during an X (formerly Twitter) Space session, cryptocurrency expert and security analyst, Taiwo Owolabi, estimated the stolen funds to be around $847 million in USDT. However, other sources argue that at least $6.1 million has so far been traced to fake exchange accounts linked to the platform.
Reacting to the crisis, an X user, Steve Fred, wrote:
“Are we not just fantastically stupid in Nigeria? Nigerians are as gullible as their leaders. How many times will they be scammed before they have sense?”
Meanwhile, the Securities and Exchange Commission (SEC), while yet to issue a fresh statement on CBEX, reiterated its commitment to clamp down on unregistered trading platforms and Ponzi schemes.
The Commission’s Director-General, Dr. Emomotimi Agama, stressed that under the newly signed Investment and Securities Act (ISA) 2025, it is now a criminal offence for any entity to operate an online forex trading platform without formal registration with the SEC.
