The Economic and Financial Crimes Commission (EFCC) has assured individuals who invested in the troubled CBEX digital trading platform that they will receive full refunds. The anti-graft agency confirmed it had already initiated a probe into the platform before the recent surge in public outcry.
The CBEX platform, which promised investors a 100% return on investment, faced serious difficulties last weekend as many users were unable to withdraw their funds. This led to widespread complaints from frustrated investors, with some even resorting to violence. On Monday, a group of angry investors reportedly ransacked the office of Smart Treasure, a branch of CBEX’s crypto trading operations, located in the Oke Ado area of Ibadan, Oyo State.
Speaking on Channels TV’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale explained that the commission had been closely monitoring CBEX long before the outcry, which has since attracted widespread attention. According to Oyewale, the EFCC had already been tracking the platform and gathering intelligence about its operations, long before the public began to raise alarms. He noted that the EFCC’s proactive stance meant the agency had already alerted Nigerians to the risks of such platforms.
“We did not wait for Nigerians to report before we started investigating,” Oyewale said. “We have been actively monitoring the platform, and our intelligence was already effective. We had already profiled the platform, and the EFCC’s chairman, Mr. Ola Olukoyede, had instructed us to issue a public warning back in March.”
The EFCC spokesperson went on to reveal that, in March, the commission had publicly listed 58 companies suspected of operating Ponzi schemes, including CBEX, urging Nigerians to be cautious with such investments. “This shows that the EFCC is proactive in its actions,” Oyewale stated. “We were aware of CBEX’s activities, and even before the calls came in from concerned Nigerians, we were already on the case.”
Oyewale also emphasized that, despite the challenges faced by investors, the EFCC is committed to ensuring that the perpetrators are brought to justice and that investors are reimbursed. “It would be highly irresponsible for the EFCC to say there is nothing we can do. We are working with international agencies like Interpol to bring the culprits to justice, and investors will get their money back,” he affirmed.
While acknowledging that recovering the funds may take time, Oyewale reassured investors that the EFCC would not allow them to lose their money. He pointed out that the agency’s efforts are not limited to the immediate crisis, with the EFCC also working to prevent similar fraudulent schemes in the future.
In conclusion, the EFCC vowed to continue its efforts to track down those behind CBEX and other such platforms, ensuring that they are held accountable and that investors ultimately receive compensation for their losses. While the resolution of these cases may not be swift, the commission assured the public that their commitment to upholding justice remains unwavering.
