Many Nigerians allegedly disregarded the Economic Financial Crimes Commission’s (EFCC) warnings regarding online trading platforms like CBEX.
The Commission cautioned Nigerians from using such forums, EFCC spokesperson Dele Oyewale told Channels Television.
“The Commission has taken action to educate the public about the dangers of the criminal schemes,” he stated.
Many Nigerians were unable to access their money on Monday due to the CBEX breakdown, according to The Intercept.
Nigerians bemoaned the loss of their money to the program in a number of films that were posted online.
The crash reportedly led to the loss of N1.3tn belonging to Nigerian investors.
Oyewale said, “You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Mr. Ola Olukoyede, had cause to instruct us to alert Nigerians about 58 Ponzi scheme companies; we came out with a list–that shows that we’re proactive and we have our hands on what is happening.
“So, concerning this CBEX thing, we’re on it; it’s not that we didn’t know, and you know we’ve been alerting Nigerians about ways and means to separate themselves from this type of shenanigans.
“So, before the calls came, we were working; while the calls were coming, we were working, and even after the calls, we’re still working.
“We cannot lay any blame on the EFCC concerning this CBEX thing. I’m sure we know that that business venture is a Chinese digital trading company with no jurisdictional link with Nigeria; all the area offices that people are saying are in Ibadan and in some other locations are not functional offices. The entire thing is online.
“And we have been warning Nigerians against criminal engagements online. So, what would you expect the EFCC to do? We have given empowerment, given enlightenment, given public awareness, and raised intelligence.
“It is to the credit of the EFCC chairman that he came forward to say that there are 58 companies that Nigerians are patronising that they should no longer patronise.
“So, if the commission is as proactive as that, then the rest is for the people concerned to be more vigilant and to ensure that they guard their investment in line with the information that is available.”
He further explained that the Investment and Security Act 2025 is a very important, well-conceived and responsive Act of the government to check illegal investment schemes.
According to him, with the Act, it is a criminal thing to engage in any digital trading activity without being licensed, without complying with all the extant laws, as any form of exchange or business engagement must conform with the Act.
