The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into the alleged N1.3 trillion scam involving digital investment platform CryptoBank Exchange (CBEX). The anti-graft agency confirmed it is working in collaboration with the International Criminal Police Organisation (Interpol) to track down the perpetrators—both foreign and local.
CBEX, operated by a network of foreign nationals and Nigerian collaborators, collapsed on Monday, leaving thousands of investors stranded and unable to access their funds. The platform had reportedly offered mouth-watering returns—up to 100 percent in 30 days—before restricting withdrawals on April 9.
EFCC spokesperson Dele Oyewale told The PUNCH that the commission had been monitoring CBEX even before its collapse.
“We had intelligence before the incident. We were already working on it. Now that the scheme has collapsed, the major actors and their collaborators will be brought in,” he said.
According to Oyewale, efforts are underway to apprehend both local and international figures behind the scheme. He said the commission is also investigating other similar schemes across the country.
“We are actively working to handle the CBEX situation. We will collaborate with other regulatory agencies to protect Nigerians from this kind of scheme,” he said. “Where recovery is possible, we will recover. Where prosecution is necessary, we will prosecute.”
Although the total amount lost is still being verified, sources estimate that investors may have lost as much as $847 million—roughly N1.3 trillion—in USDT.
Investors were left confused after CBEX demanded new deposits of $100–$200 to “verify” accounts following the sudden disappearance of funds. This came after a period of multiple domain name changes and suspicious activity from the platform.
The platform, widely promoted on social media, attracted thousands of Nigerians with promises of high and fast returns. Its collapse follows a recent advisory by the Securities and Exchange Commission (SEC), warning Nigerians against investing in unregistered online trading platforms.
SEC Director-General, Dr. Emomotimi Agama, said the recently signed Investment and Securities Act, 2025 criminalizes unregistered online trading operations.
“The new law empowers the commission to regulate digital asset exchanges and online forex platforms. It’s now an offence for any unregistered entity to offer such services,” Agama stated.
Meanwhile, outrage is spreading across Nigeria. In Ibadan, angry investors stormed CBEX’s Oke Ado office, breaking in and carting away furniture in protest. Police and Amotekun operatives were later deployed to restore order.
In Abuja, the company’s Jahi office was found locked and deserted. A security guard told The PUNCH that staff had been warned not to show up amid fear of reprisals from furious investors.
One investor said she lost her entire $10,000 bridal savings to the scheme. “I don’t even know how to tell my fiancé. I feel numb,” she said.
Another lamented introducing three friends who collectively lost $8,000. “I made a small profit before the collapse, but I feel terrible about those I brought in,” he said.
Some investors shared their ordeals on social media. One woman said her brother lost his tuition fees. “He can’t even face our parents,” she wrote.
The Minister of the Federal Capital Territory’s spokesperson, Lere Olayinka, weighed in on the crisis, calling for swift action by law enforcement but criticising the victims for what he described as “greed and foolishness.”
In March, the EFCC published a list of 58 companies implicated in illegal investment operations. While five have been convicted, others are still under investigation or awaiting trial. Companies such as Wales Kingdom Capital, Bethsaida Group, AQM Capital, and Titan Multibusiness were named in the statement.
Oyewale reiterated the agency’s warning to Nigerians, urging them to verify investment opportunities with the Central Bank and SEC before committing funds.
“The EFCC remains committed to safeguarding the public from predatory operators and ensuring a corruption-free financial ecosystem,” he said.
As the CBEX scandal unfolds, financial experts are offering sobering insights into the psychology behind such scams.
Kelechi Godfrey, a financial educator, said he was approached to promote CBEX but declined after reviewing its suspicious claims.
“Nigerians want to invest N100 and get N200 in one hour,” he said. “Due diligence is hardly done. A simple Google search could save people from these losses.”
Segun Aremu, an investment banker, agreed. “People want big returns with no risk. But 100 percent returns come with the risk of losing everything,” he said. “This crash should serve as a wake-up call.”
As the EFCC and Interpol intensify efforts to unravel the CBEX fraud, the fate of the billions lost—and the hopes of victims—remains uncertain.
