EFCC Investigates CBEX Investment Scheme Collapse

The Economic and Financial Crimes Commission (EFCC) is actively investigating the collapse of the CBEX online investment platform, which promised investors a 100% return within 30 days. The scheme, which began to show signs of trouble on April 9, 2025, led to over 600,000 Nigerians investing approximately 1.3 trillion naira.

The platform restricted withdrawals and allegedly wiped user account balances, prompting suspicions of fraud. EFCC officials, who spoke anonymously, noted that a large portion of the funds is traced to fraudulent activities and remains outside Nigeria.

The agency has made requests to foreign authorities for assistance in tracing and recovering these funds, but responses have not yet been received. The investigation involves cross-border legal processes, which have slowed progress.

The EFCC has declared 14 individuals wanted in connection with the fraud, with several suspects already arrested and currently standing trial. The recovery of stolen funds heavily relies on cooperation with international partners.