EFCC Chairman Reports Recovery of Funds Lost in CBEX Fraud, Urges Vigilance Among Investors.
In a recent statement, Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), announced the successful recovery of funds lost in the fraudulent CBEX investment scheme, which led to significant financial losses for approximately 600,000 Nigerians amounting to N1.3 trillion after its collapse in April 2025.
At an event commemorating Africa Anti-Corruption Day in Abuja, Olukoyede reassured the public that the EFCC has taken robust action, including prosecuting individuals implicated in the scheme.
He emphasized the critical need for investors to conduct diligent research before committing funds to investment platforms, highlighting that many fall prey to Ponzi schemes due to a lack of caution.
Moreover, the EFCC has linked foreign nationals to the CBEX fraud, indicating a broader network involved in cybercrime across Africa.
Olukoyede reaffirmed the EFCC’s commitment to pursuing investigations to their conclusion, encouraging the public to remain alert against unregulated investment opportunities and to report suspicious activities.
