The Economic and Financial Crimes Commission (EFCC) has announced that it has recovered a portion of the funds lost in the now-defunct CBEX investment scheme, which allegedly defrauded over 600,000 Nigerians of approximately ₦1.3 trillion.
At anti-corruption event in Abuja, EFCC Chairman Ola Olukoyede disclosed that legal steps toward final forfeiture of the recovered funds are underway, though he did not specify the exact amount retrieved.
Olukoyede confirmed that several suspects, including foreign nationals linked to the scheme, have been arrested and are currently facing prosecution. He described the CBEX collapse as a clear case of virtual asset fraud and warned that similar schemes are rapidly gaining ground across the continent.
“The promoters of the scheme have been arrested and are being prosecuted. We have recovered money and are pushing for final forfeiture,” he said.
He attributed the persistence of such scams to both regulatory challenges and the negligence of investors who fail to investigate platforms before putting in their money. He stressed that many victims only seek help when the damage has been done.
“When people were getting 100% returns in a month, no one asked questions. It’s only when the bubble bursts that we’re called to act,” he remarked.
The EFCC also revealed that ongoing investigations have resulted in nearly 150 convictions, including foreign nationals involved in the CBEX fraud and other cybercrime rings. These individuals, Olukoyede noted, will be deported after serving their sentences.
As part of a broader crackdown dubbed Operation Flush, the agency has intensified efforts to dismantle online fraud networks operating within and outside Nigeria.
Olukoyede urged Nigerians to be cautious and verify any investment opportunity before participation. He assured the public that the EFCC remains committed to prosecuting financial crimes to the end, including those requiring international cooperation.