EFCC says recovery efforts underway in N1.3tn CBEX Ponzi scheme collapse
EFCC says recovery efforts underway in N1.3tn CBEX Ponzi scheme collapse
The Economic and Financial Crimes Commission (EFCC) on Thursday revealed that it is continuing efforts to recover funds tied to the collapsed CBEX Global Investment scheme.
The Ponzi scheme, which crashed in April, left hundreds of thousands of investors stranded. Reports indicate that over 600,000 Nigerians lost a total of N1.3 trillion due to the collapse.
In the aftermath, several promoters of the scheme were apprehended and have since been charged to court by the EFCC.
On July 7, Awerosuo Otorudo and Chukwuebuka Ehirim were arraigned before Justice Mohammed Umar on allegations bordering on illegal financial operations and unlicensed investment activities.
They were alleged to have collected public funds and promised up to 88 per cent returns on investment without regulatory approval.
When contacted for an update on Thursday, the commission’s Head of Media and Publicity, Dele Oyewale, said recovery efforts were ongoing.
However, he did not disclose the amount recovered so far.
Oyewale explained that it would be premature to release specific figures at this stage.
“Recovery efforts are still in progress. At this point, we can’t assign a definite amount to what has been recovered,” he said.
“As I speak, our team is actively working on it. It would be too early to say we’ve recovered N20 million or N24 million, for example.
“When the time is right, and we’re ready to make a full disclosure, we’ll inform the public accordingly,” he added.
