Interpol Collaborates with EFCC in N1.3 Trillion CBEX Investigation
Interpol Collaborates with EFCC in N1.3 Trillion CBEX Investigation
The Economic and Financial Crimes Commission (EFCC) has initiated an investigation into alleged fraud amounting to N1.3 trillion linked to the digital investment platform, CryptoBank Exchange (CBEX). The platform, operated by a group of foreign nationals in partnership with Nigerian associates, reportedly collapsed on Monday, leaving countless investors unable to access their funds.
EFCC spokesperson Dele Oyewale confirmed that the commission intends to collaborate with the International Criminal Police Organisation (INTERPOL) in probing the case. He noted that the EFCC had already been investigating CBEX prior to its collapse.
Oyewale emphasized that actions are being taken to apprehend both the local and international operators involved in the scheme. “We had already gathered intelligence on this case, and although the incident has escalated, we are determined to bring the key players and their accomplices to justice,” he stated. He reassured the public: “We are committed to protecting Nigerians from the dangers of Ponzi schemes. We have previously issued warnings about 58 companies, and are continuing our investigations into other potential frauds.”
The EFCC is also focused on identifying and addressing other Ponzi schemes operating within Nigeria. “We are actively managing the CBEX situation and collaborating with other regulatory agencies to safeguard the interests of Nigerians. Our goal remains to recover funds where feasible and to prosecute violations when possible,” he added.
CBEX had promised investors a 100 percent return on investments within 30 days through online trading but restricted withdrawals on April 9, 2025. Investors were dismayed to find their account balances cleared, with the platform demanding deposits of $100 to regain access to their funds. Many users, misled into believing the withdrawal restrictions were a temporary glitch, continued to sign up in the days following the announcement.
Before locking users out, the platform communicated a verification requirement, stating that accounts with funds below $1,000 would need a deposit of $100, while those exceeding $1,000 would need a $200 deposit. Users were also advised to keep deposit receipts for future withdrawal verifications.
Throughout early 2025, CBEX reportedly changed its domain name multiple times, and it aggressively promoted its services on social media and peer networks, attracting significant investments from Nigerians lured by the promise of high returns.
This collapse occurred shortly after the Securities and Exchange Commission (SEC) issued a warning urging the public to avoid unregistered trading platforms. The SEC pointed out that, following the recent enactment of the Investment and Securities Act of 2025, it is now illegal for any entity to operate an online forex trading platform or related services without registration with the commission. Dr. Emomotimi Agama, Director-General of the SEC, described the law as a significant advancement towards making Nigeria’s capital market more inclusive, robust, and aligned with global standards
