In a significant development amid ongoing investigations into suspected fraudulent investment schemes, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has disclosed that the anti-graft agency has recovered a portion of funds linked to Cbex, an alleged Ponzi-style investment outfit.
Speaking to newsmen, Olukoyede confirmed that the EFCC has made notable progress in its probe into the controversial investment platform, which has come under intense scrutiny over alleged financial misconduct and the defrauding of unsuspecting Nigerians. According to him, some arrests have already been effected in connection with the case, and efforts are underway to trace and recover more of the funds allegedly siphoned through the scheme.
While he did not disclose the exact amount recovered so far, Olukoyede assured the public that the Commission is determined to pursue the matter to its logical conclusion, with a focus on justice, restitution, and the protection of investors from predatory financial schemes.
He reiterated that the EFCC remains committed to safeguarding Nigeria’s financial space and advised citizens to exercise caution before engaging with any investment platform that promises unrealistic returns without clear regulatory backing.
Cbex has been the subject of multiple petitions from individuals who claim to have lost substantial sums after investing in what was marketed as a high-yield opportunity. The EFCC’s intervention, according to insiders, is being backed by forensic analysis and collaboration with financial institutions to trace transactions linked to the scheme.
As the investigation unfolds, the EFCC has urged affected individuals to come forward with credible information that could support the ongoing case.
