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EFCC, SEC Crack Down on CBEX After ₦1.3 Trillion Ponzi Collapse
Following the sudden collapse of CBEX, a digital asset investment platform that lured investors with promises of 100% returns within 30 days through artificial intelligence-based crypto trading, Nigerian authorities have pledged decisive action.....KINDLY READ THE FULL STORY HERE▶
The Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) are now pursuing individuals responsible for the alleged scam that has left investors counting losses estimated at ₦1.3 trillion.
In a press statement on Wednesday, SEC Director-General, Dr. Emomotimi Agama, reassured the public of the commission’s resolve to identify and apprehend those behind CBEX. Although no formal complaints had been lodged with the SEC at the time, Agama emphasized that investigations would proceed regardless. “We sympathize with the victims and will do all within our power to trace and prosecute the culprits,” he stated.
Agama also issued a strong warning to Nigerians about the risks of investing in schemes that appear too good to be true. He advised potential investors to verify the registration status of platforms via the SEC’s website or official contact lines. He also disclosed that the Senate had recently approved ₦10 billion to enhance investor education and expand SEC’s national outreach to prevent future fraud.
Meanwhile, EFCC spokesperson Dele Oyewale revealed that the commission had been monitoring CBEX even before public complaints emerged. Alerts had been raised in March, and EFCC operatives were already profiling the platform.
Oyewale further confirmed that recovery efforts were underway. “We are working to recover the stolen funds and ensure investors are reimbursed. It may take time, but we are committed to holding the perpetrators accountable,” he noted. He added that EFCC is collaborating with international partners, including Interpol, to locate and prosecute those involved.
The joint response from the SEC and EFCC underscores the federal government’s commitment to eradicating financial crimes and protecting investors from fraudulent digital investment schemes.
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