EFCC Gives Time CBEX Investors Will Get Their Money (Video)

The Economic and Financial Crimes Commission (EFCC) has promised that those who lost money to the collapsed CBEX trading platform will eventually get their funds back once the commission eventually apprehends those behind the scheme.

EFCC spokesperson, Dele Oyewale, made this assurance during an interview on Channels Television. He explained that the commission had already started investigating CBEX before it ran into trouble. According to him, the EFCC was not taken by surprise.

“We were not waiting for Nigerians to call us before we started our work, of course, we have been working,” Oyewale said. “We were not beaten by what actually happened. Our dragnet is wide, our intelligence is very effective, and we were tracking that digital trading platform.”

The CBEX platform, which had promised investors double returns, stopped working properly over the weekend. Many users suddenly found themselves unable to withdraw money. This led to confusion and anger, especially in Ibadan, where an office linked to the platform was reportedly attacked by angry investors.

Oyewale said the EFCC had already warned Nigerians back in March about 58 risky platforms they had identified. “You will recall that March 11 this year, the executive chairman of the EFCC, Mr. Ola Olukoyede, had called to instruct us to alert Nigerians,” he noted.

“That shows that we are proactive and we have our hands on what is happening. So concerning this investigation, we were on it, it’s not that we didn’t know,” he said.

He emphasized that the EFCC will not just stand by and do nothing. Instead, they are working with international partners to go after those behind the scheme. “We are already working with Interpol and our international development agencies to ensure that these people are brought to book,” Oyewale said.

Though he admitted that the process will take time, he assured victims that recovery is possible. “No, it will be very irresponsible and unprofessional if the EFCC says that you have lost your money; there is nothing the commission can do about it,” he stressed.

“Investors are going to get their money back, and we are already working on that. Everything I’m saying is that this kind of thing could have been averted. Be it as it may, it was not averted, we are not going to throw our hands out helplessly and say that there’s nothing EFCC can do about it,” he added.

Oyewale concluded by warning Nigerians once again to stay away from platforms that promise unrealistic profits, and encouraged the public to always do proper checks before putting money into any scheme.

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