EFCC Set to Get Back Money From CBEX, Shares Plan to Refund Investors
- Investors in the CBEX digital trading platform would have their money back, according to an assurance from the EFCC
- The EFCC asserted that it had been keeping an eye on the CBEX trading platform before the recent public outcry
- The commission named about 58 ponzi scam companies in March for Nigerians to be cautious of
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Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Economic and Financial Crimes Commission (EFCC) has assured that individuals who invested in the CBEX digital trading platform will get their money back.
Source: Getty Images
The EFCC claimed that prior to the recent public uproar, it was been monitoring the CBEX trading platform.
EFCC responds
According to EFCC spokesperson Dele Oyewale, who appeared on Channels TV's Morning Brief on Wednesday, the anti-graft agency has been inundated with calls from Nigerians looking for information and solutions about CBEX.
Prior to the latest uproar and calls, he added, the EFCC had profiled the platform and warned Nigerians about possible ponzi scams.
“We were not waiting for Nigerians to call us before we started our work, of course, we have been working,” Oyewale said.
“We were not beaten by what actually happened. Our dragnet is wide, our intelligence is very effective, and we were tracking that digital trading platform.
“We were tracking it, we profiled quite a number of things concerning the platform. You will recall that March 11th this year, the executive chairman of the EFCC, Mr. Ola Olukoyede, had call to instruct us to alert Nigerians.”
According to the spokesperson, the commission listed roughly 58 ponzi scheme companies in March for Nigerians to be cautious of.
“That shows that we are proactive and we have our hands on what is happening. So concerning this investigation, we were on it, it’s not that we didn’t know,” he said.
“We’ve been alerting Nigerians about ways and means how to separate themselves from this kind of shenanigans.
Investors to get their money
Even if it would take some time, Oyewale further reassured investors that their money would be returned.
“No, it will be very irresponsible and unprofessional if the EFCC says that you have lost your money; there is nothing the commission can do about it,” the spokesperson said.
“We are already working with Interpol and our international development agencies to ensure that these people are brought to book.
“Investors are going to get their money back, and we are already working on that. Everything I’m saying is this kind of thing could have been averted.
“Be it as it may, it was not averted, we are not going to throw our hands out helplessly and say that there’s nothing EFCC can do about it.
Source: UGC
“We are more responsible and professional than that. We have spread out our wings by talking to Interpol and the necessary agencies across the world to be able to bring all the actors to book, and investors will have their money back.”
Oyewale said the investments might not be recovered in the short term, but EFCC will not allow investors to lose their money.
Popular Ponzi schemes that duped Nigerians of millions
Legit.ng reported that CBEX, a digital investment platform, which promised 100% returns to investors within a 30-day time frame, has reportedly crashed, trapping N1.3 trillion of people's funds and leaving many Nigerians shattered.
CBEX joins an infamous growing list of Ponzi schemes that have all operated using the same modus operandi of offering mouth-watering payouts, paying out at their initial stages before ending in calamitous losses.
Ponzi schemes have continued to have a field day in Nigeria, despite repeated warnings from the government's regulatory and law enforcement agencies.
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Source: Legit.ng
