N1.3tn CBEX scam: Forfeiture process begins as EFCC recovers funds
The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has disclosed that funds lost to the fraudulent CBEX investment scheme have been recovered, with the process of final forfeiture already in progress.
No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.3tn after it collapsed in April 2025.
Olukoyede, who did not state the amount recovered, assured Nigerians that the EFCC had taken decisive action against the promoters of the scheme.
Speaking at an event to mark the Africa Anti-Corruption Day in Abuja, the EFCC boss stressed that those found culpable were already facing prosecution.
He said, “We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested.
“So at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it.”
The EFCC chairman condemned the CBEX scheme as a prime example of virtual asset and investment fraud, which he said was spreading like wildfire across Africa.
He noted that fraudsters continued to exploit the desperation of investors to defraud them through Ponzi schemes and similar fraudulent arrangements.
“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors.
“The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable.
“Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.
N1.3tn CBEX scam: Forfeiture process begins as EFCC recovers funds
July 11, 2025
6:10 am
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N1.3tn CBEX scam: Forfeiture process begins as EFCC recovers funds
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The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has disclosed that funds lost to the fraudulent CBEX investment scheme have been recovered, with the process of final forfeiture already in progress.
No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.3tn after it collapsed in April 2025.
Olukoyede, who did not state the amount recovered, assured Nigerians that the EFCC had taken decisive action against the promoters of the scheme.
Speaking at an event to mark the Africa Anti-Corruption Day in Abuja, the EFCC boss stressed that those found culpable were already facing prosecution.
He said, “We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested.
“So at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it.”
The EFCC chairman condemned the CBEX scheme as a prime example of virtual asset and investment fraud, which he said was spreading like wildfire across Africa.
He noted that fraudsters continued to exploit the desperation of investors to defraud them through Ponzi schemes and similar fraudulent arrangements.
“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors.
“The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable.
“Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.
He blamed the rising trend of investment fraud not only on the fraudulent actors but also on the carelessness of many investors, who, according to him, often failed to report suspicious activities until it was too late.
“When the going was good with CBEX when people were collecting 100 per cent returns in one week or one month, nobody complained. Nobody reported to EFCC.
“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money,” he said.
Olukoyede emphasised that while the EFCC remained committed to its mandate of enforcement and recovery, the public must also take responsibility by verifying investment platforms before participation.
He advised Nigerians to “shine their eyes” and not fall for too-good-to-be-true offers.
The EFCC boss also confirmed that some foreign nationals had been linked to the CBEX fraud, revealing that they were part of a larger network building cybercrime cells across Africa.
In a the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions.
Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he said.
He reiterated the EFCC’s resolve to pursue every case to its logical conclusion, adding that even cases requiring international collaboration would not be abandoned.
We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish.
“Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he added.
Olukoyede urged the public to remain vigilant, avoid unregulated investment schemes, and support the anti-corruption fight by promptly reporting suspicious financial activities to the appropriate authorities.
