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The Economic and Financial Crimes Commission (EFCC) don start serious investigation into how people lose about N1.3 trillion through one digital investment platform wey dem call CryptoBank Exchange (CBEX).
Dem say na some oyinbo people and their Nigerian friends dey run this CBEX, and the thing just scatter on Monday, leaving plenty investors stranded and dem no fit collect their money.
The EFCC talk-talk person, Dele Oyewale, tell The PUNCH on Tuesday say dem go work with INTERPOL to investigate this matter well well.
Oyewale say even before CBEX scatter, EFCC don dey look into their activities.
E add say dem dey try to catch both the oyinbo and the Nigerian people wey dey behind this scam.
E say, “We get our information before this thing happen. We don dey work on am, but now wey the scheme don fall apart, we go bring all the main people and their helpers.”
“We go make sure we save Nigerians from all this trouble wey Ponzi scheme dey cause. No forget say we don warn people before – the 58 companies wey we tell public about. Plenty more dey we dey investigate now.”
E also say EFCC dey work to find other Ponzi schemes wey dey run for different parts of the country.
“We dey work hard on this CBEX matter. We go join hand with other government agencies to make sure Nigerians safe from this kind of scam. We go do our work – where we fit recover money, we go recover; where we fit carry people go court, we go do am.”
“Overall, we go do our best. Apart from this one, plenty other similar scams dey for the country wey people no know about, and we dey work to find dem. We dey look for the local people wey help dem, and we dey talk to INTERPOL to trace the oyinbo people,” e add.
We no fit confirm the exact amount of money wey lost immediately, but some reports say Nigerian and oyinbo investors for the platform lose about N1.3 trillion in USDT.
Some reports put the money wey dem steal from investors reach $847 million, and e fit even increase.
The investment platform claim say dem dey give 100 percent profit within 30 days through online trading, but dem stop people from withdrawing money on April 9, 2025.
Users shock when dem see say their account balance don finish. The platform come dey ask dem to put at least $100 before dem fit access their money.
Dem say plenty new people still register after dem stop withdrawal, because dem think say na small problem and e go fix within few days.
Before dem lock people out, the platform send message say, “All accounts need to do this verification to make sure dem real. For accounts wey get money below $1,000 before any loss, you need to put $100. For accounts wey get money pass $1,000, you need to put $200. Also, keep your deposit receipt to show say the account real when you want withdraw money later.”
Dem say CBEX change their website name plenty times between January 2024 and February 1, 2025.
The platform, wey dem advertise plenty for social media and among friends, promise big profit, and this one make many Nigerians put their money inside.
This thing happen few days after the Securities and Exchange Commission (SEC) warn Nigerians to stay away from trading platforms wey no register.
SEC point out say according to the Investment and Securities Act, 2025, wey President Bola Tinubu just sign, e don become crime for anybody to run online forex trading platform or do any related business without register with SEC first.
The Director-General of SEC, Dr. Emomotimi Agama, say the new law na “big step to make Nigeria’s capital market better, strong, and follow how things dey go for world market.”
Agama say, “The ISA 2025 give SEC power to make things clear, protect investors, and make market trustable, especially for new things like digital asset exchange and online forex platforms wey dem no dey control before.”
“According to this law, e be crime for Nigeria for any company wey SEC no register to run online foreign exchange trading platforms or any related business.”
“Any company wey plan to start business for any of these areas, make dem go see the HOD DRM Department of SEC to know how to register so dem no go get problem.”
Meanwhile, the way this platform scatter don make people dey vex for the whole country.
For Ibadan, Oyo State, angry investors rush go the CBEX office for Oke Ado area, force their way inside, and carry furniture and office equipment because dem dey frustrated.
Police and Amotekun come the place to keep peace.
One of our reporters go the area on Tuesday and see police and Amotekun vehicles dey park around the office.
One person wey see wetin happen say, “Dem announce say the online platform don scatter yesterday (Monday). That’s why plenty people wey put money for the scheme rush go the office to show their anger.”
“As you see, some security people don dey the office to stop any problem.”
The police talk-talk person for the state, Adewale Osifeso, dem no fit reach am to talk as dem dey write this report.
For Abuja, the CBEX office wey dey Jahi district lock when The PUNCH go there on Tuesday.
One security man wey dey guard the gate say dem lock am tight to stop any attack.
E also say no staff come work on Tuesday because dem fear say angry investors go attack dem.
The security man say, “The instruction wey dem give us this morning na to lock the gate and check well well make sure nobody enter anyhow. Dem no be the only business here, and e fit affect others.”
“That’s why we no allow una enter. People don dey come, but we no dey allow dem. Apart from this, none of their staff come work today. I think dem tell dem no come.”
One investor cry say she lose $10,000 for the scheme, and she think say the business real when she see the big profit her friend make.
The woman, wey no want her name for paper, say, “I put over $10,000 for the scheme. E don be tough time for me. Na my friend tell me about am, and I believe am after she show me how much she make.”
She beg security people to help dem recover their money.
“If security people fit help us get our money back, we go happy well well.”
One businessman say e introduce three friends wey put about $8,000, and e dey sad about the situation.
E say, “I lucky say dem no scam me finish. I put $100 and I don make pass wetin I put, so I no lose anything, even though my $100 still trap.
“But I feel bad say the people wey I tell about the scheme fit lose their $8,000. I no know how I go tell dem.”
For Instagram, one person wey use name #the_real_aduke post say she lose the $1,000 wey she dey save for her wedding.
She say, “I lose $1,000. Na my bridal savings. I no even know how I go tell my fiancé. My body dey weak.”
Chinenye Nduka talk for Facebook say her brother lose his school fees, say, “My brother put his school fees inside and now e no even fit face my parents. God, this country dey always do us strong thing.”
The talk-talk person for the Minister of FCT, Lere Olayinka, tell EFCC and police make dem try harder to find out how this scam happen.
But e criticize the people wey lose money say na because of their greed.
For X (formerly Twitter), Olayinka write, “For those wey lose money for CBEX, police and EFCC suppose dey look out. I no pity greed and foolishness.”
For March, EFCC release list of 58 companies wey dey do illegal investment schemes for Nigeria.
The EFCC talk-talk person say some of the companies don go court and five don get sentence for scam.
E say another five companies say dem guilty and dem dey wait for wetin court go say, but other companies for the list never even go court.
Some of the companies wey dem accuse include Wales Kingdom Capital and Bethseida Group of companies.
Others na AQM Capital Limited, Titan Multibusiness Investment Limited, and Farmforte Limited & Agro Partnership Tech, Richfield Multiconcepts Limited, Forte Asset Management Limited, and Biss Networks Nigeria Limited and others.
EFCC say the companies dey use sweet mouth promise quick and big profit for agriculture, real estate, and forex trading to trap investors.
“Dem no get proper license, dem dey lie to public with fake investment chance. Plenty investors lose big money after these companies disappear with their money. EFCC don try harder to recover the money wey dem steal from these scam companies,” EFCC say.
Oyewale warn Nigerians make dem shine their eye well well before dem put money for any company wey no register with government agencies.
“We beg public make dem check any investment chance with CBN and SEC before dem put money. EFCC still ready to protect public from these bad people and make sure our economy no get corruption,” the statement add.
E tell people wey fall for scam make dem come out with their complaints and promise dem say dem dey try to recover money where possible.
Meanwhile, as news about the CBEX scam dey spread for Nigeria finance world, the big money wey people lose make many dey ask how this kind big scam happen without anybody notice.
But for experts, the answer na mix of plenty greed and people wey close eye to truth.
One banker and money teacher, Kelechi Godfrey, tell The PUNCH how dem try to convince am to join the scheme.
E say, “Someone come meet me say make I join CBEX, say, ‘you dey do finance, you fit talk about this, find people and make dem join.’ When I ask, dem say dem dey trade crypto with AI and dem dey get plenty profit. And within 30 days, you fit get like 100 percent of wetin you put. I tell the person say even though AI good, if you allow AI trade for you, some things fit happen for market wey AI no go understand. But the person insist say na real thing.”
“One thing about us Nigerians be say, we dey greedy, we want chop our cake and still get am back. You want put N100 and get N200 for next hour, and this one don spoil plenty people money, and the funny thing be say dem no dey check well well before dem put money. Google na your friend, and ChatGPT dey there, how many minutes e go take to find information about something wey dem want put money inside?”
“We dey talk about $800 million worth of investment wey just go down the drain. This kind money if dem put am for real business fit help our economy, but e lost to Ponzi scheme wey run for how many days. Always check well well, when you see profit wey no normal, wey too good to be true, just know say something fishy dey go on. I also hear say dem dey force people to register other people. System wey dey work well no need you to bring people. Plenty things we need to do.”
One money expert and investment banker, Segun Aremu, talk the same thing say na just greed dey make Nigerians dey enter these Ponzi schemes.
“From wetin I see, our investors dey think say dem want big profit but dem no want big risk. When e come to this kind scheme, the number one reason na greed. Everybody wey lose money for Ponzi scheme na greedy person. You fit say economy hard and people dey try beat inflation, but the truth be say, real investment things dey for market for people. We dey always talk these things but people no dey listen. People dey rush without knowing the real thing.”
“Secondly, the higher the profit, the higher the risk. Anywhere dem dey tell you about 100 percent profit, just know say your money fit disappear. Plenty Nigerians no understand how much risk dem fit take compared to wetin dem want achieve with their investment. That mean if you dey save for school fees, you no go use that money for risky investment. Also, plenty Nigerians no dey look for advice from experts, and plenty of us dey for market.”