EFCC Speaks on Certificate Issued to CBEX Operator, Makes Clarification
- The EFCC has issued a statement clarifying the SCUML certification issued to the CBEX operator
- The Commission noted that the certificate was issued to ST Technologies, but did not serve as a clearance to operate
- Nigerians who invested in the CBEX cryptocurrency scheme, which has now collapsed, have been counting their losses
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends
The Economic and Financial Crimes Commission (EFCC) has issued a clarification regarding the issuance of a Special Control Unit against Money Laundering (SCUML) certificate to ST Technologies, amid controversy surrounding the collapsed cryptocurrency investment scheme, Crypto Bridge Exchange (CBEX).
Source: Facebook
In a statement released on Monday, April 21, the anti-graft agency explained that the SCUML certificate does not constitute regulatory approval or legal clearance to operate any business in Nigeria.
The EFCC made the clarification following reports linking the certificate to CBEX, which is alleged to have defrauded investors under various aliases, including Smart Treasure and Super Technology.
The EFCC confirmed that ST Technologies, believed to be affiliated with CBEX, was registered under SCUML in accordance with Section 17 of the Money Laundering (Prevention and Prohibition) Act, 2022.
However, it stressed that SCUML registration is a statutory requirement for all Designated Non-Financial Businesses and Professions (DNFBPs), and does not amount to an endorsement or regulatory license.
The Commission encouraged the public to remain vigilant and consult with appropriate regulatory agencies before engaging in financial or investment schemes.
The EFCC statement reads:
"ST Technologies, not CBEX, registered with the Special Control Unit against Money Laundering (SCUML) in line with Section 17 of the Money Laundering (Prevention and Prohibition) Act, 2022.
"Registration is a statutory requirement for all Designated Non-Financial Businesses and Professions (DNFBPs) in Nigeria, in accordance with the country’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime.
"The EFCC is not a clearing house or regulatory authority for online businesses.
However, financial fraud of any kind falls within the remit of the Commission, and it remains committed to ensuring justice for victims of the CBEX scam."
Source: Twitter
SEC denies approving CBEX
The Securities and Exchange Commission (SEC) has also distanced itself from the cryptocurrency platform, clarifying that neither CBEX nor any of its affiliates had been licensed or approved to operate in Nigeria's capital market.
"The attention of the Securities and Exchange Commission ("The Commission") has been drawn to recent media reports/publications on the activities of CBEX (Crypto Bridge Exchange). CBEX, which also operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology, has held itself out as a digital asset trading platform, offering high returns to investors in Nigeria.
"The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function within the Nigerian capital market."
Names, faces allegedly behind CBEX
Earlier, Legit.ng reported that various names were mentioned as part of the CBEX Ponzi scheme scam that left investors reeling from heavy losses.
Names such as Adefowora Abiodun and Oluwanisola Adefowora were mentioned as leaders and representatives of the Ponzi scheme.
Others include Seyi Oloyede and Emmanuel Uko, who are identified as members of the CBEX.
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Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.
James Ojo (Copyeditor) James Ojo is a copy editor at Legit.ng. He is an award-winning journalist with a speciality in investigative journalism. He is a fellow of Nigeria Health Watch Prevent Epidemics Journalism Fellowship (2023), WSCIJ Collaborative Media Project (2022), ICIR Health Reporting (2022), YouthHubAfrica’s Basic Education Media Fellowship (2022), Countering the Fake News Epidemic (MacArthur Foundation) 2021, and Tiger Eye Foundation Fellowship. Email: james.ojo@corp.legit.ng
