The Economic and Financial Crimes Commission has begun investigating a massive fraud involving over N1.3 trillion linked to a digital investment platform known as CryptoBank Exchange.
The platform, which promised high returns, collapsed on Monday, leaving many Nigerians and foreigners unable to access their funds.
The EFCC has confirmed that it is working with the International Criminal Police Organisation to track down those behind the fraud. According to the commission’s spokesperson, Dele Oyewale, the agency had already begun investigating CBEX before its sudden crash.
“We had our intelligence before the incident. We were already working on it, but now that the scheme has collapsed, the major actors and their collaborators will be brought in,” Oyewale told The PUNCH.
He added, “We are partnering with INTERPOL to trace the foreign operators while we go after their local collaborators. Where recovery is possible, we will recover. Where prosecution is needed, we will prosecute.”
CBEX was operated by foreign nationals with the help of Nigerians. The platform reportedly offered 100 per cent returns within 30 days through online trading. But on April 9, it stopped users from making withdrawals, claiming accounts needed to be verified with a new deposit. Many users were shocked to find their account balances wiped out, and they were asked to deposit more money to regain access.
Some users thought the problem was temporary and kept signing up. But on Monday, the platform went offline, and offices in cities like Ibadan, Lagos, and Abuja were shut down.
In Ibadan, angry investors stormed CBEX’s office in Oke Ado, breaking in and carting away furniture and office equipment. Security officers from the police and Amotekun were later deployed to restore order. A witness told News men, “As you can see, some security agents have been stationed at the office to prevent breakdown of law and order.”
In Abuja, CBEX’s office in Jahi was under lock and key on Tuesday. A security guard at the gate said, “We were told to lock the gate and make sure the facility is safe. No staff came to work today.”
Many victims shared their stories in pain. One woman, who asked to remain anonymous, said she lost $10,000. “I was introduced by a friend who showed me proof of the money she made. It’s been a tough time,” she said, begging security agencies to help recover her funds.
Another victim said he introduced three friends who lost $8,000. “I feel bad. My own $100 is stuck, but at least I didn’t lose much. I don’t know how to face those I brought in,” he said.
On Instagram, a user named the_real_aduke posted, “I lost $1,000. That was my bridal savings. I don’t even know how to tell my fiancé.”
On Facebook, Chinenye Nduka wrote, “My brother invested his school fees and now he can’t even face my parents. God, this country keeps dealing with us.”
Meanwhile, the Minister of the Federal Capital Territory’s spokesman, Lere Olayinka, wrote on X, “As for victims of CBEX, police and EFCC should be on the lookout. I don’t have sympathy for greed and foolishness.”
Last month, the EFCC released a list of 58 companies allegedly involved in illegal investment schemes. Some of these companies have already been prosecuted, while others are still under investigation.
Oyewale warned Nigerians to be careful before investing. “Verify any investment opportunity with the CBN and SEC before engaging. We urge victims to come forward. We will continue to protect the public from fraudulent platforms,” he said.
The Securities and Exchange Commission also warned the public recently. The new Investment and Securities Act 2025, signed by President Bola Tinubu, makes it illegal for any company to run an online trading platform without SEC registration.
SEC Director-General Dr. Emomotimi Agama said, “This new law will help protect investors and ensure that digital platforms are properly regulated.”
Financial experts have blamed greed and poor knowledge for the massive losses.
Kelechi Godfrey, a banker, shared how he was invited to promote CBEX. “They told me they use AI to trade crypto and give 100 per cent returns in 30 days. I said it’s not realistic. But people don’t want to do their research. Greed is the problem,” he said.
Another analyst, Segun Aremu, added, “Every Ponzi victim is a victim of greed. Nigerians want big returns without understanding the risks. If someone is saving for school fees, they should not invest in risky platforms.”
He warned that promises of high returns usually mean high risks. “If someone is promising you 100 per cent profit, know that your money can also disappear. We must learn to ask questions and seek financial advice.”
The investigation continues as more victims come forward and Nigerians wait to see if their money can be recovered.
