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.
An extensive investigation into an alleged ₦1.3 trillion scam that was carried out through the digital investment platform, CryptoBank Exchange (CBEX), has been launched by the Economic and Financial Crimes Commission (EFCC) in conjunction with INTERPOL.
CBEX had assured investors that they would receive returns of up to one hundred percent within a period of thirty days.
Following its collapse on April 14, 2025, thousands of investors were left without access to their funds as CBEX continued to operate without registration or supervision from Nigeria’s Securities and Exchange Commission (SEC).
Investors in Ibadan, Oyo State, were so outraged by the CBEX collapse that they stormed the company’s office in the Oke Ado neighborhood, vandalized the facilities, and stole furniture as a form of protest.
Responding quickly, security forces, including members of the Nigeria Police and Operation Amotekun, were sent in to quell the unrest.
Dele Oyewale, a spokesperson for the Economic and Financial Crimes Commission (EFCC), said that the agency had began investigating CBEX prior to the collapse of the currency exchange.
“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 echoed previous warnings about unregistered trading platforms, advising Nigerians to be wary of entrusting their money to any business that hasn’t obtained the proper registrations.
The Economic and Financial Crimes Commission (EFCC) and the International Criminal Police Organization – INTERPO are working hard to recover the stolen monies and apprehend individuals responsible for the theft.
Before depositing resources, Nigerians are strongly encouraged to maintain vigilance and make sure that the investment platforms they are considering are legitimate.