By Peter Omopo
Abuja, July 10, 2025 — The Economic and Financial Crimes Commission (EFCC) has confirmed the recovery of funds linked to the collapsed CBEX investment scheme, with the process for final forfeiture now underway.
EFCC Chairman, Mr. Ola Olukoyede, made the disclosure on Thursday during an event commemorating Africa Anti-Corruption Day in Abuja. He stated that several individuals connected to the fraudulent cryptocurrency and investment platform have been arrested and are currently being prosecuted.
CBEX, a now-defunct virtual investment scheme, is alleged to have defrauded over 600,000 Nigerians of approximately ₦1.3 trillion before its collapse in April 2025.
“We have found a lot of people culpable. Those who promoted the scheme are within our jurisdiction and have been arrested,” Olukoyede said. “They are currently facing prosecution, and we can confirm that money has been recovered. The forfeiture process is in progress.”
While the EFCC chairman did not specify the amount recovered, he assured victims that the agency is making tangible progress in securing justice and recovering lost funds.
Olukoyede described the CBEX scandal as a glaring example of the growing threat posed by virtual asset fraud and Ponzi schemes in Africa. He warned Nigerians to be more vigilant and conduct proper background checks before investing in platforms promising unrealistic returns.
“Ponzi schemes remain one of the most pervasive threats to unsuspecting investors. The CBEX case is a painful reminder. We must collectively learn to verify before we invest,” he stated.
He added that many victims of such scams often fail to report suspicious activities until significant damage has been done, making recovery more challenging.
The EFCC’s crackdown on CBEX follows a surge in financial scams involving unregulated crypto and digital platforms, prompting calls for stronger regulatory oversight and public education.
