The Economic and Financial Crimes Commission (EFCC) has pledged to recover the staggering N1.3 trillion lost by Nigerians in the alleged CryptoBank Exchange (CBEX) scam, assuring investors that they will not be abandoned. This commitment comes amidst growing concerns and distress from thousands who saw their investments vanish overnight.
EFCC spokesman, Dele Oyewale, unequivocally stated in a Channels Television interview, “Investors are going to get their money back. And we are already working on that.” He dismissed any notion that the commission would disregard the victims, emphasizing the EFCC’s resolve to pursue justice and financial restitution.
The CBEX platform, promising unrealistic 100% returns within 30 days, abruptly collapsed, leaving investors stranded. The scheme, operated by foreign nationals in collaboration with Nigerians, initially restricted withdrawals on April 9, 2025, before completely shutting down. Prior to the shutdown, users were bizarrely instructed to deposit further funds, ranging from $100 to $200, to “verify” their accounts, a clear red flag that many sadly ignored.
International Collaboration for Justice
Oyewale highlighted the EFCC’s active collaboration with Interpol and other international agencies to track and apprehend the perpetrators. “We are already working with Interpol, and we are already working with our international development agencies to ensure that these people are brought to book,” he affirmed. This international cooperation underscores the global nature of cybercrime and the necessity for cross-border collaboration in combating it.
“We are talking to all the necessary agencies across the world to be able to bring all the actors, we are going to bring them to book. And investors, they are going to have their money back. It may not be in the short term, but I can assure you that the Commission, as the leading anti-corruption agency in Nigeria, is not going to allow investors to just lose their money like that,” Oyewale assured.
A Call for Investor Vigilance
While the EFCC’s commitment offers a glimmer of hope, Oyewale also stressed the importance of public awareness and caution in future investments. “To avoid future occurrence of this kind of thing, there are some things that Nigerians also need to pay attention to,” he advised, urging thorough scrutiny before investing in any platform promising unusually high returns.
The CBEX case serves as a stark reminder of the risks associated with unregulated digital investment platforms. Many users, enticed by the promise of quick profits, ignored warning signs and continued to invest even after withdrawals were restricted. This highlights the emotional vulnerability that scammers exploit, preying on the desire for financial gain.
The Human Cost
The collapse of CBEX has had a devastating impact on countless individuals, many of whom invested their life savings. The sudden loss of funds has caused immense financial hardship and emotional distress. As I analyze this situation, I see the very human cost, the broken trust and the deep sense of betrayal. The EFCC’s promise of recovery is not just about retrieving money; it’s about restoring faith in the system and providing a measure of justice to those who have been wronged.
The EFCC’s commitment to recovering these funds, and the international cooperation they have forged, is a crucial step towards addressing this significant financial crime. While the road to recovery may be long, the promise of justice offers a crucial lifeline to those who have lost so much.
