Abuja, Nigeria – April 16, 2025 – Thousands of Nigerian investors who lost their savings in the collapsed CryptoBank Exchange (CBEX) may soon get justice as the Economic and Financial Crimes Commission (EFCC) teams up with INTERPOL to track down the operators behind the alleged N1.3 trillion fraud.
The digital investment platform, which promised 100% returns in 30 days, suddenly shut down on Monday, locking users out of their accounts and wiping out their funds. Many victims, including a bride-to-be who lost her wedding savings, are now pleading for help.
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EFCC Already Investigating Before Collapse
EFCC spokesman Dele Oyewale confirmed to The PUNCH that the agency had been monitoring CBEX before its collapse.
“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 said.
He added that the EFCC is working with INTERPOL to arrest both local and foreign operators behind the scam.
How CBEX Lured Investors Before Vanishing
CBEX, widely promoted on social media, attracted Nigerians with promises of huge profits from AI-powered crypto trading. However, on April 9, the platform suddenly blocked withdrawals, telling users to deposit 100–200 to “verify” their accounts before accessing their funds.
Many desperate investors paid, only to discover their balances had been wiped clean.
Nationwide Outrage as Investors Protest
Angry crowds stormed CBEX offices in Ibadan and Lagos, vandalizing properties in frustration. Police and Amotekun security forces were deployed to maintain order.
One victim, who lost $10,000, said: “I was shown proof of profits by a friend. Now, I don’t know how to recover my money.”
Another, a businessman, lamented: “I introduced three friends who lost $8,000. I feel terrible.”
SEC Warns Against Unregistered Platforms
The Securities and Exchange Commission (SEC) had earlier warned Nigerians to avoid unregistered trading platforms.
SEC Director-General Dr. Emomotimi Agama stated that under the new Investment and Securities Act 2025, operating an unlicensed forex or crypto platform is now a criminal offense.
Experts Blame Greed, Lack of Due Diligence
Financial analyst Segun Aremu said greed played a major role in the scam.
“Nigerians want big returns without risk. If an offer promises 100% profit in 30 days, it’s most likely a scam,” he warned.
Banker Kelechi Godfrey added: “People ignored red flags. $800m lost—imagine what that money could have done for our economy.”
EFCC’s Advice to Nigerians
The EFCC has urged the public to:
✔ Verify investments with CBN and SEC before paying.
✔ Avoid unrealistic profit promises.
✔ Report fraud to authorities immediately.
“We will recover funds where possible and prosecute those responsible,” Oyewale assured.
As investigations continue, many hope this crackdown will bring justice—and possibly some recovery—for the victims of one of Nigeria’s biggest financial scams.
