- ‘You’ll get your money back,’ EFCC assures CBEX investors
The Federal Government on Wednesday sympathised with victims of the digital investment platform CBEX, stressing that Nigerians must work together to put an end to the rise of Ponzi schemes in the country.
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, made the appeal in his keynote address at the second edition of The Spokespersons Summit organised by the Nigerian Institute of Public Relations in collaboration with the Federal Ministry of Information and National Orientation in Abuja.
According to Oyedele, ridding the country of such a menace is a collective task for all citizens.
He said, “To put your hard-earned money in an investment that collapses a few months later is very painful. It’s more painful than paying taxes because when you pay taxes, there’s actually the hope that they will fix your road, pay the salaries of civil servants, and the government will provide security. But when it’s a Ponzi scheme, the benefit is zero.
“We also want to encourage Nigerians to take the opportunity to learn, including learning about the tax reform, because you may find that one knowledge in one area helps you in another area. I also believe that our regulators, professional bodies, including NIPR and you guys in the media need to educate our people more so they don’t lose their hard-earned money to Ponzi schemes.
“So people shouldn’t fall for all these ‘you get 100 cents in one month.’ If anybody can make 100 percent returns in one month, they won’t come to you. They’ll go to the bank and take a loan of 30 per cent, make the money and keep it for themselves. If you’re not too sure and you don’t understand it, ask people around before you stake your money into it.”
Continuing, the Presidential Fiscal Policy chair assured that the Economic and Financial Crimes Commission and the Securities and Exchange Commission are rolling out the development.
When asked if he had fallen victim to such a scheme even as a teenager, Oyedele kicked.
“I’ve never fallen victim. I just feel like you can’t come to me with an investment proposition that does not make sense and leave convincing me it’s almost totally impossible. Even for credible platforms like banks and investment institutions, I challenge them every time before I invest.
“They have to tell me the activity behind the money, the risk I’m taking, and what guarantees you have. The EFCC are also playing their part. So I think it’s a collective assignment for all of us. If it looks too good to be true, it is most likely not true,” he stated.
On Tuesday, the digital investment platform CBEX suddenly collapsed, with reports indicating that investors incurred losses amounting to over N1.3 trillion.
The incident has sparked widespread reactions, with users expressing frustration, criticism, and concern.
In a related development, the Economic and Financial Crimes Commission, however, assured individuals who invested in the crashed investment platform that they would get their money back.
Speaking on national television on Wednesday, the spokesperson for the EFCC, Dele Oyewale, said the anti-graft agency has been receiving numerous calls from Nigerians seeking information and remedies regarding CBEX.
He said before the recent outcry and calls, EFCC had profiled the platform and alerted Nigerians about potential ponzi schemes.
“We were not waiting for Nigerians to call us before we started our work, of course, we have been working.
“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 recalled that about 58 ponzi scheme companies were listed by the commission in March for Nigerians to be wary of.
“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 were coming, we were working; And even after the calls, we were 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 further assured investors that their money will be recovered, though it 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 said.
Oyewale said the investments might not be recovered in the short term, but the EFCC will not allow investors to lose their money.
Also, the Securities and Exchange Commission has issued a fresh warning to Nigerians, declaring that all investment and digital asset platforms not registered with the Commission are operating illegally.
The warning came to light as digital investment platform CBEX allegedly collapsed, with reports indicating losses amounting to over N1.3trn incurred by investors.
The platform became inaccessible after users experienced persistent withdrawal failures, followed by sudden account balance wipes.
CBEX has since locked its Telegram channels and postponed its withdrawals while giving investors the lifeline of $2,000 for $200 verification and $1,000 for $100 verification.
The Head of External Relations, SEC, Nigeria, Efe Ebelo, reiterated that the provisions of the newly signed Investments and Securities Act 2025 enables the Commission to act decisively in matters like this.
Quoting the SEC Director-General, Emomotimi Agama, Ebelo said the Act has established clear rules and regulations for digital asset platforms, including registration requirements to promote transparency and trust.
This, she said, “allows the SEC to crack down on illicit activities, such as Ponzi schemes, pump and dump tokens, and unregistered exchanges, creating a safer environment for investors. It is important that even for celebrities, we must be cautious about what we do. Becoming influencers or introducing meme coins that do not mean well for the generality of Nigerians is not going to be tolerated.
“The ISA 2025 is intended to promote FinTech growth and innovation, specifically within the digital asset space, while ensuringv regulatory compliance. However, I want to say this very clearly: if it is not registered, it is illegal. The law will be enforced. Therefore, everyone that is going to be involved in this space must endeavour to fulfill the requirements of the law,” she said.