PONZI: Hope Beams As EFCC Says CBEX Investors Will Get Their Money Back

The Economic and Financial Crimes Commission (EFCC) has pledged to investors affected by the troubled trading platform CBEX that they will be reimbursed. This commitment was made on Wednesday by EFCC spokesperson Dele Oyewale during an interview with Channels Television.

He mentioned that prior to the platform’s downfall, the EFCC had cautioned Nigerians to be cautious of such Ponzi schemes; however, many individuals did not heed this advice.

Oyewale emphasized that, as a responsible agency, the EFCC had begun investigating the platform before its collapse. Following the recent events, the agency is collaborating with various international security organizations to identify those responsible for the scheme and to facilitate the recovery of investors’ funds.

CBEX made news headlines on Monday after the platform which had promised investors a 100 percent return on their investments, encountered difficulties last weekend, leaving many unable to withdraw their funds.

Regarding this situation, the EFCC spokesperson stated that numerous Nigerians have been reaching out to the agency through calls and visits, and the EFCC is diligently working on a plan to ensure that the many investors receive their money back.

Oyewale also noted that the recovery process may require some time.

“We were not waiting for Nigerians to call us before we started our work, of course, we have been working.

Don’t miss out on any real-time information. Join our WhatsApp group to stay updated.

CLICK HERE TO JOIN

“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, and we profiled several things concerning the platform. You will recall that March 11 this year, the executive chairman of the EFCC, Mr. Ola Olukoyede, had called to instruct us to alert Nigerians,” Oyewale said.

The spokesperson reminded the public that the EFCC had cautioned Nigerians to be vigilant regarding approximately 58 Ponzi scheme companies.
He further stated that the EFCC would actively pursue all available measures to recover the funds lost by investors in the collapsed CBEX platform.

“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.

“We’ve been alerting Nigerians about ways and means of how to separate themselves from this kind of shenanigans.

“Before the calls came, we were working, while the calls are coming, we are working; And even after the calls, we are still working.

“The essential thing is that, of course, we are going to recall some of the things that Nigerians should be looking out for, you know, concerning this kind of investment schemes and all of that,” he said.

Oyewale said, despite the assurances, the recovery is not a short-term process and may take time.

“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.

“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 that 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.

“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,” the spokesperson added.