The Economic and Financial Crimes Commission (EFCC) has reiterated that it warned Nigerians about the dangers of Ponzi schemes amid outrage over the collapse of CryptoBank Exchange (CBEX), which allegedly defrauded investors of over ₦1.3 trillion.

Speaking on Channels Television’s The Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale said the Commission had previously listed 58 suspicious investment platforms, including CBEX, as part of its proactive efforts to protect the public.

“We’ve consistently warned Nigerians,” Oyewale stated. “This platform, CBEX, operates online with no verified physical offices in Nigeria. It’s a foreign company with no jurisdictional ties to the country.”

He stressed that CBEX promised unrealistic returns of up to 100% in 30 days, which should have alerted investors. He cited the newly enacted Investment and Securities Act 2025, which criminalises unlicensed digital trading.

While distancing the Commission from blame, Oyewale assured victims that the EFCC is collaborating with Interpol and international agencies to recover lost funds and prosecute offenders.

“This could have been avoided, but we’re not helpless. We’re tracking the perpetrators and working to recover investors’ funds,” he said.